Published: May, 2016
Transparency Market Research (TMR), a leading market intelligence firm, has announced the release of a new study on the global variable frequency drives market. The market has been examined from all angles in the report, allowing readers to make a comprehensive assessment of the market’s dynamics. The report, titled ‘Variable Frequency Drives Market - Global Industry Analysis, Size, Share, Growth Trends And Forecast 2014 - 2020,’ is available on TMR’s website for sale.
Browse the full Variable Frequency Drives Market by Type (AC, DC, Servo) By Voltage (Low Voltage and Medium Voltage) and For End-use Applications - Global Industry Analysis, Size, Share, Growth Trends And Forecast, 2014 - 2020 report at https://www.transparencymarketresearch.com/variable-frequency-drives-market.html
Variable frequency drives (VFD) are devices used in electromechanical systems to modulate the speed and torque of the system. VFDs achieve this by changing the voltage and frequency of the AC motor. This allows the users to enhance the energy efficiency of the machinery in question, resulting in higher energy savings. Since electric motor systems bear a major part of the total energy expenditure of the industrial sector (up to 25% of the total electrical energy around the world is, by some estimates, consumed by the industrial sector), large-scale usage of variable frequency can add up to significant savings. The growing acknowledgement of this benefit has driven the global variable frequency drives market.
According to the TMR report, the global variable frequency drives market was valued at close to US$15.5 bn in 2013. TMR analysts expect the market to exhibit a robust 7% CAGR in the forecast period from 2014 to 2020 to end up at a value of over US$24.7 bn.
TMR analysts have zeroed in on the growing use of induction motors in various industrial processes as the major driver propelling the global variable frequency drives market. Induction motors are commonly used in household items such as fans. However, the benefits imparted by the addition of a variable frequency drive have driven the usage of induction motors rapidly.
The manufacturing sector was the largest end user of variable frequency drives in 2013 and has benefitted massively from the growing incorporation of VFDs in manufacturing processes. Rising urbanization has also increased the demand for consumer electronics that utilize induction motors, increasing the demand from the global variable frequency drives market.
Apart from the reduction in energy wastage brought about by the addition of a variable frequency drives, the global VFD market is also propelled by the increased reliability of machines utilizing variable frequency drives. The combined increase in the price margins due to the increased energy savings and reliability has been enough to convince almost every major industry to adopt variable frequency drives on a large scale.
However, the high costs of variable frequency drives, which can be attributed to their technological sophistication, have hindered the VFD market, particularly in emerging regions such as Asia Pacific, Oceania, and Latin America. Nevertheless, the increasing number of governments establishing regulations to increase the efficiency of electric motors used in the industrial sector has benefitted the global variable frequency drives market in recent years. The increasing demand for smart grid infrastructure has also brought about an increase in the usage of variable frequency drives with induction motors used in ubiquitous electronics, since they help cut down on energy wastage and thus help improve the efficiency of the entire grid network. Government support is set to remain a vital factor in the development of the global variable frequency drives market in the near future.
Of the various types of variable frequency drives used in the global market, servo drives are an eye-catching segment, due to their increasing usage automated industrial processes. However, AC variable frequency drives, particularly low-voltage AC frequency drives, are expected to claim a larger share in the coming years due to the rising demand from the petrochemicals sector.
Geographically, the report segments the global variable frequency drives market into the Americas, Europe, the Middle East and Africa, and Asia Pacific, which led the market in 2013. The booming manufacturing sector in China and India has become a key factor in the growth of the APAC variable frequency drives market and is expected to keep the market dominant in global terms in the near future.
The report also profiles major players in the global variable frequency drives market such as ABB Ltd., Crompton Greaves, and Emerson Industrial Automation.
The global variable frequency drives market is segmented as follows:
Global Variable Frequency Drive (VFD) Market: Voltage Range Analysis
- Low Voltage
- Medium Voltage
Global Variable Frequency Drive (VFD) Market: Type Analysis
Global Variable Frequency Drive (VFD) Market: End-Use Application Analysis
- Chemical Processing
- Infrastructure Development
- Oil and Gas
- Power Generation
Global Variable Frequency Drive (VFD) Market: Regional Analysis
- Asia Pacific
- Middle East and Africa
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