Global Variable Frequency Drives Market: Overview
The variable frequency drives are also known as AC drive, speed variable drive, microdrive, adjustable speed drive and inverter. The electro-mechanical drive systems use variable frequency drives as motor controllers by varying the voltage and frequency supplied to an electric motor. They are used to ramp down or ramp up the frequency and voltage so as to meet the needs of the electric motor’s speed.
Global Variable Frequency Drives Market: Segmentation
The global variable frequency drives market is segmented into its power range, voltage, product type, application, end-users, and geography. On the basis of power range, the market is divided into high power drives, medium power drives, lower power drives and micro power drives. Based on voltage, the market is segregated into a medium voltage and high voltage generators. On the basis of product type, the market is classified into DC drives, AC drive, and servo drives. Based on application, the market is categorized into fans, pumps, conveyors, compressors, extruders and others. On the basis of end-users, the market is divided into pulp and papers, infrastructure, mining and metals, automotive industries industrial, food processing, power generation and oil and gas sectors. Diversification of the market on the basis of the region is seen into North America, Asia-Pacific, Europe, Latin America and the Middle East and Africa.
Global Variable Frequency Drives Market: Growth Factors
The variable frequency drives market is a growing market owing to factors such as emergence of industrial internet of things, high lifespan of equipment that deploy variable frequency drives, development in variable frequency drives technology which has made pumps, fans, ACs and other devices smarter, better efficiency, lower rate of errors and lower maintenance costs. These devices are capable of reducing energy costs which in turn has brought down the cost of production. This has further boosted the market growth. Product innovations, acquisitions, mergers, partnerships, and collaborations are being increasingly adopted by the key market players which will enhance the market conditions and support the growth rate. The vulnerability of smart variable frequency drives to cyber-attacks might cause a hindrance in the market growth but this restrain can be overcome by the technological advancements made in this field.
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Global Variable Frequency Drives Market: Regional Analysis
The largest shareholder in the variable frequency drives market is held by North America. This can be attributed to factors such as packaging, pumping, and machinery equipment, deployment of VFDs across several industries and Initiatives aimed at the reduction of carbon emissions and energy footprint. The U.S. and Canada are the major countries showing a significant growth in this region. Following North America in its growth is Asia pacific. The urbanization, rapid growth in infrastructure and the favorable developments in the industrial sector in several countries of Asia-Pacific is the major reason for the growth in this region. Europe has also provided a fair share of the market growth. New legislations and the changing regulatory policies are fuelling the market growth especially in countries such as the U.K. and Germany.
Global Variable Frequency Drives Market: Competitive Players
The major market players in the variable frequency drives the market to include ABB Ltd., Schneider Electric, Rockwell Automation, Inc., Eaton Corporation Plc., and others.
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