Boost in Construction & Automotive Sector Have Generated Massive Sales Exceeding 32 million units in 2020 in global Variable Frequency Drive (VFD) Market. US currently leads the global market for variable frequency drives. Sales in US will be over 22% of total demand throughout the forecast period 2021-2031
NEWARK, Del., July 14, 2022 /PRNewswire/ -- Over the last few years, the variable frequency drives market (VFD) has received significant stability, due to heightened opportunities regarding infrastructure development across emerging regions, spurring demand for heating and ventilation systems. VFD development is presently transitioning towards offering industry-specific solutions with the objective of minimizing costs and reducing operational downtime, prompting a slew of innovations on part of manufacturers.
Cost optimization, reducing the total cost of ownership, and energy conservation have always been the cornerstone of industry participants. When operating with heavy loads, these parameters need to be considered. Attributed to this, the global VFD market registered volume sales exceeding 32 million units in 2020.
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According to the latest study conducted by ESOMAR-certified market research and consulting firm Future Market Insights (FMI), the report tracks the global sales of variable frequency drives in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the electronics industry in general, and variable frequency drives in particular.
Key Takeaways
- 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.
Competitive Landscape
ABB Ltd, Siemens AG, Danfoss A/S, Rockwell Automation, GE Energy Power Conversion, Toshiba International Corporation, Schneider Electric, Mitsubishi Electric Corporation, Honeywell International Inc., Emerson Industrial Automation, Fuji Electric Co. Ltd, Johnson Controls Inc., Eaton PLC, Hitachi Ltd are some of the key companies profiled in the full version of the report.
A large supplier base and strong B2B networks define the robustness of the market with strong partnerships throughout the value chain. Suppliers of variable frequency drives adopt acquisition and regional expansion strategies to establish a firm foothold. Brand consciousness and aggressive marketing make it challenging for new entrants in the variable frequency drives market.
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More Insights into the Variable Frequency Drive (VFD) Market
The United States is poised to remain highly lucrative, capturing over three-quarters of the global market share throughout 2021. The presence of key OEMs is an important growth catalyst for the region's market.
According to estimations projected by Future Market Insights nearly a quarter of the revenue generated across the United States market is likely to be from the oil & gas segment. As of 2019, it extracted a record high 4.46 billion barrels of crude oil while natural gas production amounted to 34 trillion cubic feet. A volume CAGR of over 6% is projected for the U.S market.
The German variable frequency drives market is likely to expand at an annual rate exceeding 7% through 2021, attributed to heightened HVAC systems applications across the automotive segment. Globally, Germany is a leading automotive market, generating an output of nearly 6 million vehicles in 2017.
According to the China Association of Automobile Manufacturers, car sales spiked by over 6% annual growth rate to nearly 3 million units by 2020-end. Sales of new energy vehicles such as battery-powered electric, plug-in hybrid Electric Vehicles and hydrogen fuel-cell vehicles also surged by a whopping 11% compared to 2019. Hence, VFD manufacturers have been experiencing credible investment opportunities.
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Variable frequency drives Market: Segmentation
Drive Type
- AC Drive
- DC Drive
Voltage Range
- Low Voltage
- High Voltage
Application Type
- Standard
- Regenerative
End-use Application
- Pumps
- Fan
- Compressor
- Conveyor
- HVAC
- Others
End-use Industry
- Oil & Gas
- Food processing
- Automotive
- Mining & Metals
- Pulp & Paper
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
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About FMI- Industrial Automation
The industrial automation division of FMI offers a distinct and pinpoint analysis of the material industry. This elaborate coverage extends from revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, trends and pricing analysis. Our research studies serve as referencing market guidelines for industrial manufacturers' channel partners and government bodies.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
5. Global VFD Market Demand Analysis 2016-2020 and Forecast, 2021-2031
5.1. Historical Market Volume ('000 units) Analysis, 2016-2020
5.2. Current and Future Market Volume ('000 units) Projections, 2021-2031
5.3. Y-o-Y Growth Trend Analysis
TOC continued..!
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Read More:https://www.accesswire.com/625028/Variable-Frequency-Drive-VFD-Sales-Set-to-Grow-Beyond-5-by-2031-as-Automation-Penetration-Deepens-Future-Market-Insights-Study
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