Selbyville, Delaware – The global variable frequency drive market is anticipated to grow substantially over the forthcoming time period owing to favorable government regulations toward distribution of sustainable energy and rising customer demand in the automobile sector. High flexibility and reliability in compliance with low maintenance and installation cost will boost the market scenario further. Moreover, the replacement of conventional AC and DC drives in commercial, residential, and industrial segments is also expected to fuel the market growth.
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In addition, the main function of a variable frequency drive is to facilitate smooth control together with energy savings. The variable speed motor drive system is much more effective in comparison to other flow control methods which includes dampers, hydraulic transmissions, turbines, and valves. Additionally, variable frequency drives also considerably decrease the wear caused to the motor while increasing the lifespan of the equipment and lowering maintenance costs. Moreover, the adjustable speed motor-drive systems are considered more reliable and efficient than the conventional mechanical approaches like gears, valves, turbines.
Notable industry players operating in global Variable Frequency Drive market include Vacon, Johnson Controls, Fuji Electric, Eaton, and Siemens among others. As per a research report by Global Market Insights, Inc., global variable frequency drive market is projected to exceed annual installations of 30 million units by the end of 2026.
Below is a brief overview of key trends that are stimulating the global Variable Frequency Drive Market growth:
Expanding applicability of DC variable frequency drives
The DC variable frequency drive market size is poised to increase considerably owing to its widening applicability across industries like chemical & cement, and metal.
Characteristics such as simple circuits, constant speed, broad range of changing loads, and high start-up torque are key parameters that are likely to stimulate the applicability of grinders & cutters across the food processing sector.
The expansion of automotive sector coupled with the growing applicability of DPG & TENV DC drives across manufacturing facilities will make a positive impact on the market outlook in coming years.
Increasing R&D sector investments
Several ongoing investments toward the R&D sector, in efforts to increase the product life cycle, flexibility, and performance of voltage drives, will enhance the product landscape. Citing an example, Schneider Electric, in 2018, introduced Lexium 28 servo drives & motors with capacity between 0.4-7 Kw for the company’s PacDrive automation solution.
The solution features three separate network phases that has a supply voltage of 170-255 for a single phase and approximately 200-255 for three phases.
Moreover, the growing adoption of highly advanced technology across the sustainable energy network will further encourage the product demand in coming years.
Technological upgradation of the HVAC industry
The adoption of technological innovations by HVAC industry to stand by energy efficiency norms is anticipated to boost the global variable voltage drive market outlook over the forecast timeframe.
For example, PowerXL DH1 variable frequency drive delivered by Eaton for HVAC/ R applications, which further enables cost saving, decreases energy consumption, and a ensures reliable motor performance. Adoption of such VFD solutions across the HVAC industry is likely to open up a remunerative revenue source for the VFD market in coming years.
Growing product demand across Asia-Pacific
In 2019, the APAC region accounted for over 50% share of the global variable voltage drive market. Favorable government guidelines and policies toward renewable power sources coupled with tax rebates, financial incentives, and resiliency initiatives are expected to encourage product penetration in the region over the coming years.
Rising energy demand throughout the region’s emerging economies and the subsequent adoption of VFD units throughout the oil & gas sector will drive the product demand further.
The variable frequency drives find applications across industries for big induction motor, handling variable load, where the power ratings range from kW to a couple of MW. It is also utilized in traction system, for example in India it is being utilized by the Delhi Metro Rail Corp. The VFD is further used in modern escalators, pumping systems, and lifts. Currently these are also utilized in energy efficient AC’s, refrigerators as well as in outside air economizers.
Overall, considering the aforementioned factors the global VFD market is slated to chalk out a remunerative growth trend over the forthcoming time period.
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