Variable Frequency Drive Market by Phase Type, Drive Type (AC Drive, DC Drive), Voltage Rating (Low-voltage Drive), Application (HAVAC, Conveyors), End-use Industry (Oil & Gas, Power Generation) and Geography

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Variable Frequency Drive Market by Phase Type, Drive Type (AC Drive, DC Drive), Voltage Rating (Low-voltage Drive), Application (HAVAC, Conveyors), End-use Industry (Oil & Gas, Power Generation) and Geography-Global Forecast to 2031

The research report titled 'Variable Frequency Drive Market by Phase Type, Drive Type (AC Drive, DC Drive), Voltage Rating (Low-voltage Drive), Application (HAVAC, Conveyors), End-use Industry (Oil & Gas, Power Generation) and Geography-Global Forecast to 2031' provides an in-depth analysis of variable frequency drive market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The variable frequency drive market is estimated to reach $34.2 billion by 2031, at a CAGR of 5.1% during the forecast period of 2024-2031.

The growing emphasis on energy efficiency and the increasing need for variable-frequency drives in the industrial sector primarily drive the growth of the variable-frequency drive market. However, the high installation cost of variable-frequency drives may restrain its growth.

Moreover, the modernization of power infrastructure is expected to generate growth opportunities for the players operating in this market. However, a shortage of components and parts due to supply chain disruptions is a challenge impacting the growth of the variable frequency drive market.

The variable frequency drive market is categorized by phase type (single-phase VFDs, three-phase VFDs), drive type (AC drive, DC drive, servo drives), voltage rating (low-voltage drive, medium-voltage drive, and high-voltage drive), application (pumps, conveyors, fans, HVAC, extruder, mixers, blowers, chillers, and other applications), and end-use industry (oil & gas, power generation, food & beverage, pulp & paper, automotive, mining & metals, marine & offshore, chemical, water and wastewater treatment, and other end-use industries). This study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on phase type, the variable frequency drive market is segmented into single-phase VFDs and three-phase VFDs. In 2024, the three-phase VFDs segment is expected to account for the largest share of the variable frequency drive market. This segment's large market share is attributed to the growing use of three-phase VFDs in the chemical sector, the growing need for advanced control systems, and growing adoption of three-phase VFDs in water and wastewater treatment. Moreover, this segment is also expected to record a higher CAGR during the forecast period.

Based on drive type, the variable frequency drive market is segmented into AC drives, DC drives, and servo drives. In 2024, the AC drive segment is expected to account for the largest share of over 83.0% of the variable frequency drive market. This segment's large market share is attributed to the growing adoption of AC drive in oil & gas and metal & mining industries, rising need of energy efficiency, integration of AC drives in smart grids and energy storage systems, and increasing demand of AC drives in conveyors, fans and pumps, applications. Moreover, this segment is also expected to record a higher CAGR during the forecast period.

Based on voltage rating, the variable frequency drive market is segmented into low-voltage drive, medium-voltage drive, and high-voltage drive. In 2024, the low voltage drive segment is expected to account for the largest share of over 71.0% of the variable frequency drive market. However, the medium voltage drive segment is expected to register the highest CAGR during the forecast period. The increasing focus on reducing energy costs and carbon footprints and the rising demand for medium voltage drives in heavy machinery and power generation industries are expected to support the growth of this segment.

Based on application, the variable frequency drive market is segmented into pumps, conveyors, fans, HVAC, extruders, mixers, blowers, chillers, and other applications. In 2024, the pumps segment is expected to account for the largest share of over 39.0% of the variable frequency drive market. However, the HVAC segment is expected to register the highest CAGR during the forecast period. The rapid increase in residential and commercial construction activities, increasing need for effective climate management, and rising demand for modern building management systems are expected to support the growth of this segment.

Based on end-use industry, the variable frequency drive market is segmented into oil & gas, power generation, food & beverage, pulp & paper, automotive, mining & metals, marine & offshore, chemical, water and wastewater treatment, and other end-use industries. In 2024, the oil & gas segment is expected to account for the larger share of over 28.0% of the variable frequency drive market. This segment's large market share is attributed to the growing need for customized VFD solutions in the oil & gas industry, increased adoption of medium voltage drives in the oil and gas industries, and rising investment in modernizing infrastructure and improving operational efficiency. Moreover, this segment is also anticipated to register the highest CAGR during the forecast period.

Based on geography, the variable frequency drive market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 43.0% of the variable frequency drive market. Moreover, Asia-Pacific is also anticipated to register the highest CAGR of 6.5% during the forecast period. This region's rapid progress is primarily driven by rapid industrialization, growing emphasis on energy efficiency, rising need for advanced building management systems, and increased smart building and infrastructure projects. Moreover, the increasing growth of this regional market is attributed to the expansion of regional economies and rapid infrastructure development, particularly in Japan, South Korea, and India.

The key players operating in the variable frequency drive market are ABB Ltd. (Switzerland), Siemens AG (Germany), Danfoss (Denmark), Schneider Electric SE (France), Rockwell Automation, Inc. (U.S.), Fuji Electric Co., Ltd. (Japan), TMEIC (Japan), Delta Electronics, Inc. (Taiwan), Parker Hannifin Corporation (U.S.), General Electric (U.S.), Eaton Corporation plc (Ireland), Honeywell International, Inc. (U.S.), Yaskawa Electric Corporation (Japan), Nidec Motor Corporation (Japan), and Anaheim Automation, Inc. (U.S.).

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of phase type, drive type, voltage rating, application, and end-use industry?
What is the historical market size for variable frequency drives across the globe?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the variable frequency driving the market?
Who are the major players in the variable frequency drive market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the variable frequency drive market?
What are the various strategies adopted by major market players?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the variable frequency drive market? How do they compete with the other players?

Scope of the Report:

Variable Frequency Drive Market Assessment-by Phase Type

Single-phase VFDs
Three-phase VFDs

Variable Frequency Drive Market Assessment-by Drive Type

AC Drive
DC Drive
Servo Drive

Variable Frequency Drive Market Assessment-by Voltage Rating

Low-voltage Drive
Medium-voltage Drive
High-voltage Drive

Variable Frequency Drive Market Assessment-by Application

Pumps
Conveyors
Fans
HAVAC
Extruder
Mixers
Blowers
Chillers
Other Applications

Variable Frequency Drive Market Assessment-by End-use Industry

Oil & Gas
Chemical
Water & Wastewater Treatment
Power Generation
Food & Beverage
Pulp & Paper
Automotive
Mining & Metals
Marine & Offshore
Other End-use Industries

Variable Frequency Drive Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Switzerland
- Poland
- Rest of Europe
APAC
- China
- Japan
- India
- Singapore
- South Korea
- Australia & New Zealand
- Rest of APAC
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa

Product Code: MRSE - 1041306

1. Introduction

1.1. Market Definition & Scope
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Data Collection & Validation Process
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing & Forecasting
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Market Analysis, by Phase Type
3.3. Market Analysis, by Drive Type
3.4. Market Analysis, by Voltage Rating
3.5. Market Analysis, by Application
3.6. Market Analysis, by End-use Industry
3.7. Market Analysis, by Geography
3.8. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Growing Demand for Energy Efficiency
  - 4.2.1.2. Rising Demand of Variable Frequency Drive in Industrial End-use Industry
- 4.2.2. Restraints
  - 4.2.2.1. High Installation Cost of Variable Frequency Drive System
- 4.2.3. Opportunities
  - 4.2.3.1. Modernization of Power Infrastructure
- 4.2.4. Challenges
  - 4.2.4.1. Shortage of Components and Parts Due to Supply Chain Disruptions
4.4. Vendor Selection Criteria/Factors Influencing Purchase Decisions
4.5. Case Studies

5. Global Variable Frequency Drive Market Assessment-by Phase Type

5.1. Overview
5.2. Single-phase VFDs
5.3. Three-phase VFDs

6. Global Variable Frequency Drive Market Assessment-by Drive Type

6.1. Overview
6.2. AC Drive
6.3. DC Drive
6.4. Servo Drive

7. Global Variable Frequency Drive Market Assessment-by Voltage Rating

7.1. Overview
7.3. Low-voltage Drive
7.4. Medium-voltage Drive
7.5. High-voltage Drive

8. Global Variable Frequency Drive Market Assessment-by Application

8.1. Overview
8.2. Pumps
8.3. Conveyors
8.4. Fans
8.5. HAVAC
8.6. Extruder
8.7. Mixers
8.8. Blowers
8.9. Chillers
8.10. Other Applications

9. Global Variable Frequency Drive Market Assessment-by End-use Industry

9.1. Overview
9.2. Oil & Gas
9.3. Power Generation
9.4. Chemical
9.5. Water and Wastewater Treatment
9.6. Food & Beverage
9.7. Pulp & Paper
9.8. Automotive
9.9. Mining & Metals
9.10. Marine & Offshore
9.11. Other End-use Industries

10. Variable Frequency Drive Market Assessment-by Geography

10.1. Overview
10.2. North America
- 10.2.1. U.S.
- 10.2.2. Canada
10.3. Europe
- 10.3.1. U.K.
- 10.3.2. Germany
- 10.3.3. France
- 10.3.4. Spain
- 10.3.5. Italy
- 10.3.6. Switzerland
- 10.3.7. Poland
- 10.3.8. Rest of Europe
10.4. Asia-Pacific
- 10.4.1. China
- 10.4.2. Japan
- 10.4.3. India
- 10.4.4. Singapore
- 10.4.5. South Korea
- 10.4.6. Australia & New Zealand
- 10.4.7. Rest of Asia-Pacific
10.5. Latin America
- 10.5.1. Mexico
- 10.5.2. Brazil
- 10.5.3. Rest of Latin America
10.6. Middle East & Africa
- 10.6.1. UAE
- 10.6.2. Israel
- 10.6.3. Rest of Middle East & Africa

11. Competition Analysis

11.1. Overview
11.2. Key Growth Strategies
11.3. Competitive Benchmarking
11.4. Competitive Dashboard
- 11.4.1. Industry Leaders
- 11.4.2. Market Differentiators
- 11.4.3. Vanguards
- 11.4.4. Emerging Companies
11.5. Market Rankings of Key Players

12. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments, and SWOT Analysis)

12.1. ABB Ltd. (Switzerland)
12.2. Siemens AG (Germany)
12.3. Danfoss (Denmark)
12.4. Schneider Electric SE (France)
12.5. Rockwell Automation, Inc. (U.S.)
12.6. Fuji Electric Co., Ltd. (Japan)
12.7. TMEIC (Japan)
12.8. Delta Electronics, Inc. (Taiwan)
12.9. Parker Hannifin Corporation (U.S.)
12.10. General Electric (U.S.)
12.11. Eaton Corporation plc (Ireland)
12.12. Honeywell International, Inc. (U.S.)
12.13. Yaskawa Electric Corporation (Japan)
12.14. Nidec Motor Corporation (Japan)
12.15. Anaheim Automation, Inc. (U.S.)

(Note: SWOT analysis will be provided for the top 5 companies.)

13. Appendix

13.1. Available Customization