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NEW YORK , March 7, 2023 /PRNewswire/ -- The global variable-frequency drive market revenue will touch USD 35.34 billion by 2030, advancing at a CAGR of 5.20% during 2022–2030, as per P&S Intelligence.
This is because of the growing demand for energy-efficient machines, including pumps, motors, and fans, and the implementation of stringent government guidelines on electricity conservation.
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The world is in the midst of the clean energy transition, which will support in attaining the target of net-zero emissions by 2050. These measures are being strengthened by the initiatives for material efficiency, electrification, and digitalization.
Rapid Industrialization Boosts Demand for Variable-Frequency Drives
The rapid industrialization is one of the major reasons behind the increasing demand for these drives. With an increasing number of businesses being set up worldwide, the requirement for variable-frequency drives is growing, as they are utilized in many pieces of equipment, including mixers, conveyors, pumps, welders, grinders, ventilation fans, and cutting machines.
AC Drive Demand Is Higher than for DC Variants
In 2022, the AC drive category held the larger market share, of approximately 69%. This is mainly because the majority of the traditional DC drives are being replaced with AC drives because of the former's higher maintenance and operational expenses and generation of carbon dust. DC variants also produce poor power factors, which can be harmful to electrical systems.
In 2022, the low-voltage drive category held the largest revenue share, and it is projected to continue with the dominance in the future. This is because such drives offer several general and industry-specific solutions with a range of applications.
Furthermore, they are utilized for the automation of the machinery in several industries, including cement, metal & mining, oil & gas, sugar, water & wastewater, pulp & paper, and plastics.
Additionally, the requirement for such drives is growing because of their suitability for both high- and low-power applications.
Browse detailed report on Variable-Frequency Drives Market Insights, Segment Analysis, Growth and Demand Forecast to 2030
APAC Hosts Largest Consumer Base for VFDs
In 2022, APAC accounted for the largest revenue share, of 35%, and the regional market is also projected to experience the fastest growth in the future. This can be credited to the fast industrialization in India , Australia , Japan , and Australia .
The government steps to lessen power consumption and the increasing expenditure in the enhancement of the technology, for the high dependability of the drives and low energy spending, also propel VFD sales.
VFD Demand Rising in Oil & Gas Industry
The oil & gas industry is the largest user of VFDs, as these drives are integrated into a range of E&P equipment, such as pumps and motors. With the increasing E&P activities, driven by new discoveries in new areas, the industry's demand for VFDs will continue to surge.
Variable-Frequency Drive Market Segmentation Coverage in the Report
Variable-Frequency Drive Market Analysis by Type
Variable-Frequency Drive Market Analysis by Application
Variable-Frequency Drive Market Analysis by Voltage
Variable-Frequency Drive Market Analysis by Power Rating
Variable-Frequency Drive Market Analysis by End User
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