Technavio has been monitoring the global variable frequency drives market since 2016 and the market is poised to grow by USD 5.11 billion during 2019-2023, progressing at a CAGR of almost 5% during the forecast period.
The market is driven by the growing need for energy-efficient equipment. In addition, the advent of IoT in variable frequency drives is expected to boost the growth of the variable frequency drives (VFD) market.
Factors such as the growing demand for power and the shortage of electricity have compelled governments to introduce various regulations for efficient use of electricity and achieve sustainable economic growth. Hence, industrial operators are increasingly adopting energy-efficient equipment such as variable frequency drives to meet various regulatory standards and mandates. Variable frequency drives allow industry operators to adjust the voltage/frequency as per the demand and help reduce energy consumption and total energy loss. With the growing focus toward energy efficiency in industrial applications, the demand for variable frequency drives (VFD) will increase significantly during the forecast period.
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Major Five Variable Frequency Drives (VFD) Market Companies:
ABB
ABB operates its business through segments such as Electrification Products, Robotics and Motion, Industrial Automation, and Power Grids. General purpose low voltage drives, Micro low voltage drives, and Medium Voltage drives are some of the key offerings of the company.
Danfoss
Danfoss operates its business through segments such as Danfoss Power Solutions, Danfoss Cooling, Danfoss Drives, and Danfoss Heating. Some of the key offerings of the company include VLT low voltage drives, VACON low voltage drives, and VACON 3000.
Rockwell Automation, Inc.
Rockwell Automation, Inc. operates its business through segments such as Architecture & Software and Control Products & Solutions. Some of the key offerings of the company include PowerFlex 755T, Medium voltage drives, and Compact drives.
Schneider Electric
Schneider Electric operates its business through segments such as Low Voltage (Building), Medium Voltage (Infrastructure), Industrial Automation (Industry), and Secure Power (IT). Low voltage AC machine drives, Medium Voltage AC process drives, and Low voltage AC general purpose drives are some of the key offerings of the company.
Siemens
Siemens operates its business through segments such as Power and gas, Energy management, Building technologies, Mobility, Digital factory, Process industries and drives, Siemens Healthineers, Siemens Gamesa renewable energy, and Financial services (SFS). The company offers a wide range of variable frequency drives. Some of the key offerings include SINAMICS PERFECT HARMONY GH 150, SINAMICS PERFECT HARMONY GH 180, SINAMICS SM 120 CM, SINAMICS SM 150, SINAMICS GM 150, SINAMICS GL 150, and SINAMICS SL 150.
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