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Report
Variable Frequency Drives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Report I 2023-09-04 I 142 Pages I IMARC Group
Market Overview:
The global variable frequency drives (vfd) market size reached US$ 29.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.5% during 2023-2028.
A variable frequency drive (VFD) is an electrical device that controls the speed of an alternating current (AC) motor according to the requirements of a particular application. By changing the applied voltage supplied to the motor, it helps to control the operating speed, reduce energy consumption and minimize operational costs for a variety of motor-driven applications. VFDs are equipped with sensors that measure important parameters, such as temperature and pressure in order to streamline performance and prevent motor damage. Moreover, the usage of a VFD in conjunction with a machine allows for the utilization of software solutions to monitor the functioning of speed, thus improving overall efficiency, simplifying the system, reducing downtime and improving mechanical resonance. As a result, VFDs are extensively used in conveyors, fans, pumps, fans, blowers, compressors, coolers, grinders, crushers, and chippers.
Variable Frequency Drives Market Trends:
The market is majorly driven by the rising demand for connected devices in commercial, industrial, and residential sectors due to rapid automation. Moreover, the escalating need for stable and reliable transmission and distribution (T&D) networks due to the increasing energy demand on the global level are resulting in the modernization of power infrastructure, which, in turn, is creating a positive market outlook. Also, an enhanced focus on sustainable development is leading to a higher product uptake in a wide range of end use industries, primarily manufacturing, chemical and petrochemical, paper and pulp, and heavy machinery, for diverse applications. Some of the other factors further contributing to the market growth include the increasing penetration of the internet of things (IoT) in industrial applications, favorable government regulations promoting energy conservation, rapid industrialization and the advent of Industry 4.0.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global variable frequency drives market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, power range, application and end use.
Breakup by Product Type:
AC Drives
DC Drives
Servo Drives
Breakup by Power Range:
Micro (0-5 kW)
Low (6-40 kW)
Medium (41-200 kW)
High (>200 kW)
Breakup by Application:
Pumps
Fans
Conveyors
HVAC
Extruders
Others
Breakup by End Use:
Oil and Gas
Power Generation
Industrial
Infrastructure
Automotive
Food and Beverages
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Danfoss A/S, Eaton Corporation PLC, Fuji Electric Co. Ltd., General Electric Company, Hitachi Ltd., Honeywell International Inc., Johnson Controls International PLC, Mitsubishi Electric Corporation, Nidec Motor Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Toshiba Corporation and Yaskawa Electric Corporation.
Key Questions Answered in This Report:
How has the global variable frequency drives market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global variable frequency drives market?
What are the key regional markets?
What is the breakup of the market based on the product type?
What is the breakup of the market based on the power range?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global variable frequency drives market and who are the key players?
What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Variable Frequency Drives Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Product Type
6.1 AC Drives
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 DC Drives
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Servo Drives
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Power Range
7.1 Micro (0-5 kW)
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Low (6-40 kW)
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Medium (41-200 kW)
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 High (>200 kW)
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Application
8.1 Pumps
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Fans
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Conveyors
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 HVAC
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Extruders
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by End Use
9.1 Oil and Gas
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Power Generation
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Industrial
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Infrastructure
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Automotive
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Food and Beverages
9.6.1 Market Trends
9.6.2 Market Forecast
9.7 Others
9.7.1 Market Trends
9.7.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 ABB Ltd.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 Danfoss A/S
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 SWOT Analysis
15.3.3 Eaton Corporation PLC
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Fuji Electric Co. Ltd.
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Financials
15.3.4.4 SWOT Analysis
15.3.5 General Electric Company
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 Hitachi Ltd.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Honeywell International Inc.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.8 Johnson Controls International PLC
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
15.3.9 Mitsubishi Electric Corporation
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.9.4 SWOT Analysis
15.3.10 Nidec Motor Corporation
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.10.4 SWOT Analysis
15.3.11 Rockwell Automation Inc.
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.11.3 Financials
15.3.11.4 SWOT Analysis
15.3.12 Schneider Electric SE
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
15.3.12.3 Financials
15.3.12.4 SWOT Analysis
15.3.13 Siemens AG
15.3.13.1 Company Overview
15.3.13.2 Product Portfolio
15.3.13.3 Financials
15.3.13.4 SWOT Analysis
15.3.14 Toshiba Corporation
15.3.14.1 Company Overview
15.3.14.2 Product Portfolio
15.3.14.3 Financials
15.3.14.4 SWOT Analysis
15.3.15 Yaskawa Electric Corporation
15.3.15.1 Company Overview
15.3.15.2 Product Portfolio
15.3.15.3 Financials
Figure 1: Global: Variable Frequency Drives Market: Major Drivers and Challenges
Figure 2: Global: Variable Frequency Drives Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Variable Frequency Drives Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Variable Frequency Drives Market: Breakup by Product Type (in %), 2022
Figure 5: Global: Variable Frequency Drives Market: Breakup by Power Range (in %), 2022
Figure 6: Global: Variable Frequency Drives Market: Breakup by Application (in %), 2022
Figure 7: Global: Variable Frequency Drives Market: Breakup by End Use (in %), 2022
Figure 8: Global: Variable Frequency Drives Market: Breakup by Region (in %), 2022
Figure 9: Global: Variable Frequency Drives (AC Drives) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Variable Frequency Drives (AC Drives) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Variable Frequency Drives (DC Drives) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Variable Frequency Drives (DC Drives) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Variable Frequency Drives (Servo Drives) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Variable Frequency Drives (Servo Drives) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Variable Frequency Drives (Micro (0-5 kW)) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Variable Frequency Drives (Micro (0-5 kW)) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Variable Frequency Drives (Low (6-40 kW)) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Variable Frequency Drives (Low (6-40 kW)) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Variable Frequency Drives (Medium (41-200 kW)) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Variable Frequency Drives (Medium (41-200 kW)) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Variable Frequency Drives (High (>200 kW)) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Variable Frequency Drives (High (>200 kW)) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Variable Frequency Drives (Pumps) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Variable Frequency Drives (Pumps) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Variable Frequency Drives (Fans) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Variable Frequency Drives (Fans) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Variable Frequency Drives (Conveyors) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Variable Frequency Drives (Conveyors) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Variable Frequency Drives (HVAC) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Variable Frequency Drives (HVAC) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Variable Frequency Drives (Extruders) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Variable Frequency Drives (Extruders) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Global: Variable Frequency Drives (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Global: Variable Frequency Drives (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: Global: Variable Frequency Drives (Oil and Gas) Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: Global: Variable Frequency Drives (Oil and Gas) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Global: Variable Frequency Drives (Power Generation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Global: Variable Frequency Drives (Power Generation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Global: Variable Frequency Drives (Industrial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Global: Variable Frequency Drives (Industrial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Global: Variable Frequency Drives (Infrastructure) Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Global: Variable Frequency Drives (Infrastructure) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: Global: Variable Frequency Drives (Automotive) Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: Global: Variable Frequency Drives (Automotive) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Global: Variable Frequency Drives (Food and Beverages) Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Global: Variable Frequency Drives (Food and Beverages) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: Global: Variable Frequency Drives (Other End Uses) Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: Global: Variable Frequency Drives (Other End Uses) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: North America: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: North America: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: United States: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: United States: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Canada: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Canada: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Asia-Pacific: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Asia-Pacific: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: China: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: China: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Japan: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Japan: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: India: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: India: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: South Korea: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: South Korea: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Australia: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Australia: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Indonesia: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Indonesia: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Others: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Others: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Europe: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Europe: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Germany: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Germany: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: France: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: France: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: United Kingdom: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: United Kingdom: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Italy: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 80: Italy: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Spain: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 82: Spain: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 83: Russia: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 84: Russia: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 85: Others: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 86: Others: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 87: Latin America: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 88: Latin America: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 89: Brazil: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 90: Brazil: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 91: Mexico: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 92: Mexico: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 93: Others: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 94: Others: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 95: Middle East and Africa: Variable Frequency Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 96: Middle East and Africa: Variable Frequency Drives Market: Breakup by Country (in %), 2022
Figure 97: Middle East and Africa: Variable Frequency Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 98: Global: Variable Frequency Drives Industry: SWOT Analysis
Figure 99: Global: Variable Frequency Drives Industry: Value Chain Analysis
Figure 100: Global: Variable Frequency Drives Industry: Porter's Five Forces Analysis
Table 1: Global: Variable Frequency Drives Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Variable Frequency Drives Market Forecast: Breakup by Product Type (in Million US$), 2023-2028
Table 3: Global: Variable Frequency Drives Market Forecast: Breakup by Power Range (in Million US$), 2023-2028
Table 4: Global: Variable Frequency Drives Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 5: Global: Variable Frequency Drives Market Forecast: Breakup by End Use (in Million US$), 2023-2028
Table 6: Global: Variable Frequency Drives Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Variable Frequency Drives Market: Competitive Structure
Table 8: Global: Variable Frequency Drives Market: Key Players
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