Global Variable Frequency Drive (VFD) Market: Overview
Also known as speed variable drive, AC drive, adjustable speed drive, microdrive, and inverter, variable frequency drives (VFDs) are used in electro-mechanical drive systems as motor controllers by varying the frequency and voltage supplied to an electric motor. Depending upon the application, the VFD can ramp up or ramp down the voltage and frequency so as to meet the needs of the electric motor’s speed.
The global variable frequency drive market can be segmented based on end user, application, voltage, and geographical region. By end-use industries, pulp and papers, oil and gas, mining and metals, food processing, and automotive industries are the key segments of the global market for variable frequency drives.
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Global Variable Frequency Drive (VFD) Market: Key Trends
The emergence of Industrial Internet of Things (IIoT) has brought about the development of advanced VFD technologies that make fans, pumps, ACs, and other devices smarter. Effecting efficiency, these devices can boost the production rate via fewer errors. Lower maintenance costs and high lifespan of equipment that deploy variable frequency drives are some other benefits of these devices.
As these devices are capable of significantly reducing energy costs, consequently bringing down the cost of production, the demand for variable frequency drives will increase substantially. Moreover, as no other method of AC electric motor control can harmonize the speed of the motor with the load requirement, the market will witness a further impetus.
On the other hand, vulnerability of smart variable frequency drives to cyber-attacks might impede the growth of the market. However, the impact of this restraint will be nullified by the emergence of cutting-edge VFD technologies.
Global Variable Frequency Drive (VFD) Market: Market Potential
Product innovations, mergers, acquisitions, collaborations, and partnerships are being increasingly adopted by a number of market players. For instance, in March 2016, Ideal Power Inc. announced the successful testing and demonstration of its new variable frequency drive that uses its patented Power Packet Switching Architecture (PPSA). The new VFDs are apt at controlling the speed of electric motors used across numerous products such as conveyor motors, pumps, HVAC blowers and compressors, and cranes.
Similarly, in July 2016, a new family of VFDs for pumps that supply continuous water pressure throughout the selected location was introduced by Franklin Electric Co., Inc.
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Global Variable Frequency Drive (VFD) Market: Regional Outlook
The changing regulatory policies and new legislations in different countries of Europe have been fuelling the market in this region. The North America market is expected to hold a major share of the global market thanks to the deployment of VFDs across several industries such as HVAC, packaging, pumping, and machinery equipment. Initiatives aimed at the reduction of carbon emissions and energy footprint by regions such as California have also been aiding growth.
The expeditious growth in infrastructure and urbanization backed by the propitious industrial development in several countries of Asia Pacific are likely to station the region at the fore during the forecast period. Latin America appears to be the fastest growing region. The Middle East and Africa (MEA) is also slated for considerable expansion.
Global Variable Frequency Drive (VFD) Market: Competitive Analysis
Several manufacturers are receiving orders for their variable frequency drives. For instance, in March 2017, WE Tech Solutions, a prominent provider of energy efficient solutions, received an order for its permanent magnet shaft generator solution from the China State Shipbuilding Corporation (CSS). Likewise, Simark Controls Ltd., a leading supplier of hybrid power solutions to the mobile and stationary power generation markets, entered an agreement with an oil producer based in Alberta under which it will deliver its variable frequency drive systems to the oil producer.
Some of the major companies operating in the global market for variable frequency drive market are WEG, Mitsubishi Electric Corporation, Siemens AG, General Electric, Fuji Electric Co., Ltd., Rockwell Automation, Inc., ABB Ltd., Crompton Greaves, Emerson Electric Co., and Danfoss.
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