The variable frequency drives (VFD) market has grown significantly in recent years, owing to increased infrastructure development opportunities in emerging regions, which has increased demand for heating and ventilation systems. VFD development is currently shifting toward offering industry-specific solutions in order to reduce costs and operational downtime, prompting a slew of manufacturer innovations.
Variable frequency drives are becoming more common in Industry 4.0, particularly in critical environments and the industrial internet of things (IIot). Variable speed drives with embedded logic as onboard programmable logic controllers are becoming more common as factories embrace automation.
One of the IIoT advantages of using VFDs is improved remote access. Technicians can remotely monitor project and equipment conditions, and workers receive alerts faster, allowing them to correct anomalies on time. It is also possible to perform predictive maintenance and real-time monitoring.
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The global automotive industry has made prolific advances in the recent past. Emerging as a multibillion-dollar industry, the autonomous market is characterized by the emergence of a plethora of start-up investments. Consequently, the adoption of high-end HVAC systems and pumps has registered an impressive uptick. According to FMI’s projections, the aforementioned segments collectively accounted for nearly US$ 10 Bn as of 2019.
Prolific growth opportunities exist in the Chinese market, owing to an ever mushrooming automotive industry. Future Market Insights estimates the economic giant to produce 4.5 million variable frequency drives by 2021-end, as production cycles revert to normalcy in the aftermath of the coronavirus crisis. Hence, manufacturers are introducing a slew of technological innovations to tap this ever-expanding opportunity, thus generating powerful revenue ecosystems across the forecast period.
As a result of these advancements, leading manufacturers are increasing R&D to produce smart VFDs. For example, Applied Machine & Motion Control (AMMC) sells the Yaskawa Microdrive collections J1000 and V1000. Such developments are expected.
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- When operating with heavy loads, it is crucial to keep some parameters in account such as cost optimization, reducing total cost of ownership, and energy conservation. These attributes have registered volume sales exceeding 32 million units in 2020 in the global VFD market.
- With consistent improvements and enhanced performance, variable frequency drivers have been positively impacting industrial growth throughout the assessment period.
- Manufacturers are likely to experience widening profit margins across the South Asia & Pacific region, with China emerging at the forefront in the wake of exploding construction and automotive sectors.
- Germany and the United States are also expected to yield immense opportunities. Based on these trends, the VFD market is poised to grow at a value CAGR exceeding 5% through 2031.
“Rapidly expanding infrastructure for capital projects are attracting frequent capital investments, attributed to the increasing scale of urbanization. Hence, automotive sales are rising, leading to widening revenue pools for VFD manufacturers,” says the FMI analyst.
The variable frequency drives market is a highly competitive market, with a sizeable presence of both global as well as domestic players. However, key players account for nearly half of the market share. It is characterized by large supplier base and strong B2B networks.
The market has robust partnerships throughout the value chain. Suppliers of variable frequency drives adopt acquisition and regional expansion strategies to establish a foothold. Brand consciousness and aggressive marketing make it challenging for new entrants in the variable frequency drives market.
Variable frequency drives Market : Segmentation
- AC Drive
- DC Drive
- Low Voltage
- High Voltage
- Oil & Gas
- Food processing
- Mining & Metals
- Pulp & Paper