Future Market Insights (FMI) delivers key insights on the global variable frequency drive market in its latest report titled ” Variable Frequency Drive (VFD) Market: Global Industry Analysis and Opportunity Assessment, 2016 – 2026.” According to FMI’s report, the variable frequency drive (VFD) market is expected to increase at 7.2% CAGR in terms of value during 2016-2026; volume-wise, FMI estimates the VFD market to expand at 8.5% CAGR.
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The growth of the global variable frequency drive market is mainly driven upsurge in energy prices, the introduction of variable frequency drives that can be retrofitted on existing motors, widening application areas, and tightening of energy-efficiency norms. VFD manufacturers are focusing on diversifying their variable frequency drive portfolio in order to enhance their presence in the market.
FMI’s report has segmented the variable frequency drive market on the basis of drive type, voltage range, application type, end-use application, and end-use industry.
On the basis of drive type, the market has been segmented into AC, DC and Servo variable frequency drive segments. The AC variable frequency drive segment accounted for over 70% value share of the global variable frequency drive market in 2014. However, by the end of 2026, this segment is expected to witness a decline of 110 BPS in its market share.
On the basis of voltage range, the VFD market is segmented into medium and low. Low voltage range VFDs account for a higher market share, and this segment is expected to increase at 7% CAGR in terms of revenue.
Variable frequency drives market segmentation by application type includes standard and regenerative segments. In terms of value as well as volume, the regenerative application type segment is anticipated to expand at a higher CAGR during 2016-2026.
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By end-use application, the global variable frequency drive market is segmented into pump, HVAC, fans, compressor, conveyor and ‘other’. Among these, the pump segment dominated the overall market in terms of value with over 30% share in 2014; however, this segment will witness a decrease of 90 BPS in its market share by the end of 2026.
By end-use industry, the market is segmented into oil & gas, food processing, automotive, metals & mining, pulp & paper, and other end-use industries. Of these segments, the oil & gas end-use industry segment dominated the market in terms of both value and volume contribution in 2014.
Region-wise, the Asia Pacific Excluding Japan (APEJ) market dominated the global VFD market in 2014, accounting for over 30% share in terms of both value and volume. APEJ is expected to remain the most lucrative market for variable frequency drives during the forecast period as well. Expansion of industrial base and manufacturing capacities is fuelling the growth of APEJ market.
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Key Players in Variable Frequency Drive Market
Some of the key players identified in the global variable frequency drive market are Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Siemens AG, ABB Ltd., American Electric Technologies Inc., General Electric Company, Hitachi Limited, Honeywell International Inc., Rockwell Automation Inc., Johnson Controls Inc., Emerson Industrial Automation, Toshiba International Corporation, and Schneider Electric SE. Major players in the market follow the strategy of introducing innovative and cost-effective variable frequency drives to buy out the competition.