The global Variable Frequency Drive Market is estimated to account for US$ 18.46 Bn in terms of value in 2022. Global variable frequency drive market is expected to grow by 2030, driven by factors such as increasing demand from diverse end-use industries including cement, petrochemical, chemical, mining, oil & gas, and pulp & paper is expected to boost the global variable frequency drive (VFD) market growth over the forecast period. VFD is widely used in numerous industries as it allows pumping in a smooth regime, which reduces energy consumption as compared to multi-regime pumping.
Global Variable Frequency Drive Market: Drivers
Variable frequency drivers are used in electrical vehicle charging stations. Variable frequency drivers are used to control the charging rate of battery. The demand for electric vehicles are increasing worldwide which driving the growth of variable frequency driver market. For instance, according to International Energy Agency, in 2021, total number of electric cars on the road are 16.5 Billion.
Global Variable Frequency Drive Market: Restraints
Technical challenges related to VFDs
Technical challenges related to VFDs is expected to hamper growth of the global variable frequency drive (VFD) market during the forecast period. A majority of VFDs emit a series of pulses that are rapidly switched. In the presence of long cable between the motor and VFDs, these reflected pulses can lead to voltage production that exceeds line voltage, causing stress in motor windings and the cable. This, in turn, is leading to insulation failures, particularly for motors operating at 480 volts or higher. If these details are overlooked during installation phase, performance of VFDs can significantly hamper productivity of process systems, which can further lead to revenue losses.
Global Variable Frequency Drive Market- Impact of Coronavirus (Covid-19) Pandemic
COVID-19 is an unprecedented worldwide public health crisis that has impacted nearly every business and global variable frequency drive market. COVID -19 pandemic has a negative impact on global variable frequency drive (VFD) market. The pandemic has disturbed global supply chain leading to shortage of raw material.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/variable-frequency-drive-market-4730
Key Takeaways:
The global variable frequency drive market was valued at US$ 18.46 Bn in 2022 and is forecast to reach a value of US$ 35.72 Bn by 2030 at a CAGR of 8.6% between 2023 and 2030.
The AC Drive segment held dominant position in the market and accounted for 70.7% share in the global variable frequency drive (VFD) market in 2021.
Global Variable Frequency Drive Market: Competitive Landscape
Fuji Electric Co., Ltd, Schneider Electric, Mitsubishi Electric Corporation, Toshiba International Corporation, Siemens AG, Emerson Industrial Automation, ABB Ltd., Johnson Controls Inc., American Electric Technologies Inc. (AETI), Rockwell Automation Inc., Danfoss India, General Electric Company, Honeywell International Inc., and Hitachi Limited
Global Variable Frequency Drive Market: Recent Developments
In October 2022, Rockwell Automation Inc. U.S.-based industrial automation and digital transformation technology company announced that Rockwell Automation Inc. have Increases VFD Output Frequency for High-speed Motor Applications.
