Market Scenario
With
increasing demand for the appliances owing to rising infrastructure and
buildings, the demand for energy efficient devices has increased.
Besides, governments in various nations are promoting energy efficiency
through technologically advanced devices and cutting cost for energy.
For an instance, in 2015, China government has enacted Energy Efficiency
Leader Scheme, which aims to provide incentives to those manufacturers,
or builders that exceed efficiency benchmarks that are already set by
China Energy Label. This will increase the market size of energy
efficient systems and thus, variable frequency drive market will be
benefitted.
Variable
frequency drive (VFD) is a power electronic device that is capable of
regulating the speed of an alternating current motor, by adjusting the
frequency along with the voltage of the electrical power, supplied to
that motor. With the help of VFDs the otherwise high power consuming
appliances and motors can save energy. VFD is mainly used in high
voltage alternating current devices, which do not require continuous
flow of current, and there is high requirement for speed control. The
main advantages of VFD include, energy savings, low motor starting
current, managing devices at various speeds, easy installations,
operations at high power factor, and others.
Rising
industrialization and increasing construction of infrastructure and
buildings are factors that drive the market for VFD. In the developing
countries such as India, Indonesia, China, Nigeria, South Africa, there
is high demand for infrastructure to meet the demand for
industrialization and urbanization. This has resulted into higher FDI
investments in infrastructure projects. According to IBEF, in India,
total foreign direct investment in the construction sector including
infrastructure sector reached USD 12.3 billion by the end of 2017. Along
with this, there has been high demand for VFD owing to energy
efficiency, which has been mandatory for manufacturers, offices,
industries and commercial buildings.
VFD
market is segmented on the basis of type, application, end-use, and
region. On the basis of type, the market is segmented as AC, DC, and
Servo. AC segment is dominating the market due to their high efficiency,
longer lifespan and lower maintenance cost. By application, the
variable frequency drive market is segmented as pumps, fans,
compressors, extruders, and others. Amongst, these, the compressors
segment is expected to dominate the market owing to increasing use of
refrigeration systems, which is driven by expanding food & beverage
industry. The variable frequency drive market, based on end-use, is
segmented as oil & gas, industrial, infrastructure, power
generation, and others. The infrastructure segment is anticipated to
capture the largest market size, due to increasing urbanization and
smart cities projects from the growing nations. For an instance, in the
Middle East region, the smart cities projects are enhancing, thus,
increasing the variable frequency drive market, which is widely used in
district cooling and centralized HVAC applications.
The global variable frequency drive market is expected to expand at ~6.3% CAGR during the forecast period.
Global Variable Frequency Drive Market
The
VFD market is expected to expand at a phenomenal pace during the
forecast period owing to automation in power industry and increasing
infrastructure sector. Asia Pacific region is expected to dominate the
market share in the variable frequency drive market. China, India, South
Korea, Japan, and Indonesia are the fastest growing nations, which are
the largest markets for infrastructure and industrial sectors.
Industries including oil & gas, metals, and mining are adopting the
drives to reduce the energy consumption and to limit the CO2 emission.
The Middle East region will follow the Asia Pacific region in variable
frequency drive market by virtue of rising construction industry. In
Europe region, the progressing automotive sector is expected to lead the
market growth.
Key Players
The
key players of global variable frequency drive market are ABB Ltd.
(Switzerland), Siemens AG (Germany), Rockwell Automation, Inc. (U.S.),
WEG (Brazil), Yaskawa Electric Corporation (Japan), and Eaton
Corporation Plc. (Ireland). General Electric (U.S.), Emerson Electric
Co. (U.S.), Hitachi, Ltd. (Japan), Mitsubishi Electric Corporation
(Japan), Schneider Electric (U.S.), and Honeywell International (U.S)
are among others.
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