Variable Frequency Drive Market Size, Share, and Analysis, By Product (AC Drives, DC Drives, and Servo Drive), By Power Range (Micro, Low, Medium, and High), By Application (Pumps, Electric Fan, HVAC, Extruders, Conveyors, and Others), By End User (Oil & Gas, Power Generation, Infrastructure, Food, and Beverages, Mining, and Others), By Region (North America, Europe, Asia-Pacific, And Rest of the World), And Regional Forecast 2024-2034

November 2024 | 357 pages | ID: V534E64F0260EN
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Variable Frequency Drive Market Size, Share, and Analysis, By Product (AC Drives, DC Drives, and Servo Drive), By Power Range (Micro, Low, Medium, and High), By Application (Pumps, Electric Fan, HVAC, Extruders, Conveyors, and Others), By End User (Oil & Gas, Power Generation, Infrastructure, Food, and Beverages, Mining, and Others), By Region (North America, Europe, Asia-Pacific, And Rest of the World), And Regional Forecast 2024-2034

PRODUCT OVERVIEW

Variable Frequency Drive Market is estimated to grow at a CAGR of 5.5% in the forecast period (2024-2034), with the market size valued at USD 23.1 billion in 2023 and projected to reach USD 41.7 billion by 2034.

Variable frequency drive is an electronic device, that is used for regulating the speed and torque of an electric motor by adjusting the frequency and voltage supplied to it. This technology provides precise control over motor speed and contributes to the conservation of energy and less mechanical strain. Variable frequency drive controls the rotational speed of the motor by changing the electrical supply frequency to it, thus allowing for accurate modifications needed for a variety of applications. Furthermore, variable frequency drives are instrumental in achieving different speeds and improving energy usage across industrial sectors like manufacturing, HVAC systems, and pumping applications. Their capacity to enhance the performance and operational efficiency of motors makes them integral to control operations across industries.

MARKET HIGHLIGHTS

Variable Frequency Drive Market is anticipated to reach USD 41.7 billion, growing at a CAGR of 5.5% during the forecast period, owing to the high adoption of industrial automation and increasing focus on energy efficiency across diverse sectors. This growth is driven by the rising integration of variable frequency drive into manufacturing operations, to curb energy consumption and improve the efficiency of operations. Moreover, the demand for accurate control over motor speed and torque in applications such as HVAC systems and pumps is further promoting growth in the market. Besides, strict government regulations that demand energy efficiency and sustainability are forcing businesses to invest in variable frequency drives. Thus, the variable frequency drive market will experience growth as companies are seeking innovative solutions to improve productivity and reduce additional expenses.

Variable Frequency Drive Market Segments:
  • By Product
    • AC Drives
    • DC Drives
    • Servo Drive
  • By Power Range
    • Micro
    • Low
    • Medium
    • High
  • By Application
    • Pumps
    • Electric Fan
    • HVAC
    • Extruders
    • Conveyors
    • Others
  • By End User
    • Oil & Gas
    • Power Generation
    • Infrastructure
    • Food and Beverages
    • Mining
    • Others
MARKET DYNAMICS

Growth Drivers

Technological Improvements Had a Positive Influence on the Growth of Variable Frequency Drives

Rise In Industrial Automation Has Influenced the Growth of the Industry

Restraint

High Initial Investment Costs in Comparison to Standard Motors Act as a Market Limitation

Key Players
  • ABB Ltd.
  • Eaton Corporation
  • Rockwell Automation, Inc.
  • Hitachi, Ltd.
  • Siemens AG
  • Danfoss Group
  • Schneider Electric SE
  • Mitsubishi Electric Corporation
  • Yaskawa Electric Corporation
  • Fuji Electric Co., Ltd.
  • WEG S.A.
  • Toshiba Corporation
  • Emerson Electric Co.
  • Nidec Corporation
  • Delta Electronics, Inc
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Global Laboratory Temperature Control Units Market is further segmented by region into:
  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Reasons to Purchase this Report
  • Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
  • Provision of market value (USD Billion) data for each segment and sub-segment
  • Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
  • Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
  • Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
  • Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
  • The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
  • Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
  • Provides insight into the market through Value Chain
  • Market dynamics scenario, along with growth opportunities of the market in the years to come
  • 3-month post-sales analyst support.
1.EXECUTIVE SUMMARY

1.1. Regional Market Share
1.2.Business Trends
1.3. Variable Frequency Drive Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot

2. RESEARCH METHODOLOGY

2.1.Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4.Primary Research
2.5.Secondary Research
  2.5.1.Paid Sources
  2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation

3. MARKET CHARACTERISTICS

3.1.Market Definition
3.2.Variable Frequency Drive Market: COVID-19 Impact
3.3. Key Segmentations
3.4.Key Developments
3.5.Allied Industry Data

4.VARIABLE FREQUENCY DRIVE MARKET – INDUSTRY INSIGHTS

4.1. Industry Segmentation
4.2.COVID-19 overview of world economy
4.3.Industry Ecosystem Channel Analysis
4.4.Innovation & Sustainability

5. MACROECONOMIC INDICATORS

6. RECENT DEVELOPMENTS

7. MARKET DYNAMICS

7.1.Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4.Market Restraints
7.5. Market Trends

8.RISK ANALYSIS

9. MARKET ANALYSIS

9.1.Porter's Five Forces
9.2. PEST Analysis
  9.2.1.Political
  9.2.2. Economic
  9.2.3. Social
  9.2.4. Technological

10.VARIABLE FREQUENCY DRIVE MARKET

10.1.Overview
10.2. Historical Analysis (2019-2022)
  10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast

11. VARIABLE FREQUENCY DRIVE MARKET SIZE & FORECAST 2024A-2034F

11.1. Overview
11.2.Key Findings
11.3.Market Segmentation
  11.3.1.By Product
    11.3.1.1. AC Drives
      11.3.1.1.1.By Value (USD Million) 2024-2034F
      11.3.1.1.2. Market Share (%) 2024-2034F
      11.3.1.1.3. Y-o-Y Growth (%) 2024-2034F
    11.3.1.2.DC Drives
      11.3.1.2.1. By Value (USD Million) 2024-2034F
      11.3.1.2.2.Market Share (%) 2024-2034F
      11.3.1.2.3.Y-o-Y Growth (%) 2024-2034F
    11.3.1.3.Servo Drive
      11.3.1.3.1. By Value (USD Million) 2024-2034F
      11.3.1.3.2.Market Share (%) 2024-2034F
      11.3.1.3.3.Y-o-Y Growth (%) 2024-2034F
  11.3.2. By Power Range
    11.3.2.1.Micro
      11.3.2.1.1. By Value (USD Million) 2024-2034F
      11.3.2.1.2.Market Share (%) 2024-2034F
      11.3.2.1.3.Y-o-Y Growth (%) 2024-2034F
    11.3.2.2. Low
      11.3.2.2.1.By Value (USD Million) 2024-2034F
      11.3.2.2.2. Market Share (%) 2024-2034F
      11.3.2.2.3. Y-o-Y Growth (%) 2024-2034F
    11.3.2.3. Medium
      11.3.2.3.1.By Value (USD Million) 2024-2034F
      11.3.2.3.2. Market Share (%) 2024-2034F
      11.3.2.3.3. Y-o-Y Growth (%) 2024-2034F
    11.3.2.4. High
      11.3.2.4.1.By Value (USD Million) 2024-2034F
      11.3.2.4.2. Market Share (%) 2024-2034F
      11.3.2.4.3. Y-o-Y Growth (%) 2024-2034F
  11.3.3.By Application
    11.3.3.1.Pumps
      11.3.3.1.1. By Value (USD Million) 2024-2034F
      11.3.3.1.2.Market Share (%) 2024-2034F
      11.3.3.1.3.Y-o-Y Growth (%) 2024-2034F
    11.3.3.2. Electric Fan
      11.3.3.2.1.By Value (USD Million) 2024-2034F
      11.3.3.2.2. Market Share (%) 2024-2034F
      11.3.3.2.3. Y-o-Y Growth (%) 2024-2034F
    11.3.3.3. HVAC
      11.3.3.3.1.By Value (USD Million) 2024-2034F
      11.3.3.3.2. Market Share (%) 2024-2034F
      11.3.3.3.3. Y-o-Y Growth (%) 2024-2034F
    11.3.3.4. Extruders
      11.3.3.4.1.By Value (USD Million) 2024-2034F
      11.3.3.4.2. Market Share (%) 2024-2034F
      11.3.3.4.3. Y-o-Y Growth (%) 2024-2034F
    11.3.3.5. Conveyors
      11.3.3.5.1.By Value (USD Million) 2024-2034F
      11.3.3.5.2. Market Share (%) 2024-2034F
      11.3.3.5.3. Y-o-Y Growth (%) 2024-2034F
    11.3.3.6. Others
      11.3.3.6.1.By Value (USD Million) 2024-2034F
      11.3.3.6.2. Market Share (%) 2024-2034F
      11.3.3.6.3. Y-o-Y Growth (%) 2024-2034F
  11.3.4.By End User
    11.3.4.1.Oil & Gas
      11.3.4.1.1. By Value (USD Million) 2024-2034F
      11.3.4.1.2.Market Share (%) 2024-2034F
      11.3.4.1.3.Y-o-Y Growth (%) 2024-2034F
    11.3.4.2. Power Generation
      11.3.4.2.1.By Value (USD Million) 2024-2034F
      11.3.4.2.2. Market Share (%) 2024-2034F
      11.3.4.2.3. Y-o-Y Growth (%) 2024-2034F
    11.3.4.3. Infrastructure
      11.3.4.3.1.By Value (USD Million) 2024-2034F
      11.3.4.3.2. Market Share (%) 2024-2034F
      11.3.4.3.3. Y-o-Y Growth (%) 2024-2034F
    11.3.4.4.Food and Beverages
      11.3.4.4.1.By Value (USD Million) 2024-2034F
      11.3.4.4.2. Market Share (%) 2024-2034F
      11.3.4.4.3. Y-o-Y Growth (%) 2024-2034F
    11.3.4.5. Mining
      11.3.4.5.1.By Value (USD Million) 2024-2034F
      11.3.4.5.2. Market Share (%) 2024-2034F
      11.3.4.5.3. Y-o-Y Growth (%) 2024-2034F
    11.3.4.6. Others
      11.3.4.6.1.By Value (USD Million) 2024-2034F
      11.3.4.6.2. Market Share (%) 2024-2034F
      11.3.4.6.3. Y-o-Y Growth (%) 2024-2034F

12.NORTH AMERICA VARIABLE FREQUENCY DRIVE MARKET SIZE & FORECAST 2024A-2034F

12.1.Overview
12.2. Key Findings
12.3. Market Segmentation
  12.3.1. By Product
  12.3.2.By Power Range
  12.3.3.By Application
  12.3.4. By End User
12.4. Country
  12.4.1.United States
  12.4.2. Canada

13.EUROPE VARIABLE FREQUENCY DRIVE MARKET SIZE & FORECAST 2024A-2034F

13.1.Overview
13.2. Key Findings
13.3. Market Segmentation
  13.3.1.By Product
  13.3.2.By Power Range
  13.3.3.By Application
  13.3.4. By End User
13.4.Country
  13.4.1.Germany
  13.4.2. United Kingdom
  13.4.3. France
  13.4.4. Italy
  13.4.5. Spain
  13.4.6. Russia
  13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)

14.ASIA-PACIFIC VARIABLE FREQUENCY DRIVE MARKET SIZE & FORECAST 2024A-2034F

14.1. Overview
14.2. Key Findings
14.3.Market Segmentation
  14.3.1.By Product
  14.3.2. By Power Range
  14.3.3. By Application
  14.3.4. By End User
14.4. Country
  14.4.1. India
  14.4.2. China
  14.4.3. South Korea
  14.4.4.Japan
  14.4.5.Rest of APAC

15.MIDDLE EAST AND AFRICA VARIABLE FREQUENCY DRIVE MARKET SIZE & FORECAST 2024A-2034F

15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
  15.3.1.By Product
  15.3.2.By Power Range
  15.3.3.By Application
  15.3.4. By End User
15.4.Country
  15.4.1.Israel
  15.4.2. GCC
  15.4.3. North Africa
  15.4.4.South Africa
  15.4.5. Rest of Middle East and Africa

16. LATIN AMERICA VARIABLE FREQUENCY DRIVE MARKET SIZE & FORECAST 2024A-2034F

16.1.Overview
16.2. Key Findings
16.3. Market Segmentation
  16.3.1. By Product
  16.3.2.By Power Range
  16.3.3.By Application
  16.3.4. By End User
16.4.Country
  16.4.1. Mexico
  16.4.2. Brazil
  16.4.3. Rest of Latin America

17. COMPETITIVE LANDSCAPE

17.1.Company market share, 2023
17.2. Key player overview
17.3. Key stakeholders

18. COMPANY PROFILES

18.1.ABB Ltd.
  18.1.1.Company Overview
  18.1.2.Financial Overview
  18.1.3.Key Product; Analysis
  18.1.4.Company Assessment
    18.1.4.1.Product Portfolio
    18.1.4.2.Key Clients
    18.1.4.3. Market Share
    18.1.4.4. Recent News & Development (Last 3 Yrs.)
    18.1.4.5. Executive Team
18.2.Eaton Corporation
18.3.Rockwell Automation, Inc.
18.4.Hitachi, Ltd.
18.5.Siemens AG
18.6.Danfoss Group
18.7.Schneider Electric SE
18.8.Mitsubishi Electric Corporation
18.9.Yaskawa Electric Corporation
18.10.Fuji Electric Co., Ltd.
18.11. WEG S.A.
18.12.Toshiba Corporation
18.13.Emerson Electric Co.
18.14.Nidec Corporation
18.15.Delta Electronics, Inc
18.16.Other Prominent Players

19. APPENDIX

20.CONSULTANT RECOMMENDATION



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