The global variable frequency drive market is projected to witness a CAGR of 5.3% during the forecast period 2024-2031, growing from USD 23.28 billion in 2023 to USD 35.06 billion in 2031. The market thrives at a healthy growth rate, attributed to adopting Industries 4.0 technologies. Variable frequency drives play a crucial role in achieving energy-efficient solutions. They are commonly used in pumps, electric fans, HVAC systems, and conveyors. By incorporating variable frequency drives, power consumption can be reduced by 20 to 25%. Governments worldwide are emphasizing energy efficiency, which will boost product sales. For instance, ‘Building a Better Grid’ initiative in the United Staes aims to invest over USD 20 billion in modernizing and expanding long-distance, high-voltage transmission and distribution systems.
A shift in the industrial power sources and motor equipment to generate adjustable power frequency is putting forward new smart manufacturing solutions. The evolution of variable frequency drives (VFDs) comprises the creation of static VFDs composed of power electronic devices that are now becoming active participants in industrial automation and smart manufacturing units. A VFD, also known as a frequency inverter and variable speed drive (VSD), not only accelerates and decelerates the motor speed but also varies the power and torque of a connected induction motor. Among the various applications of frequency inverters, comparatively new industries are expected to add value to the market such as wastewater treatment plants and the pharmaceutical sector.
Since the creation of the first low-voltage VFD in the year 1988, these VFDs have been used in a wide range of industrial automation applications, from small to large scale. It is an adjustable speed drive that is used in electromechanical drive systems to regulate AC motor speed and torque by changing motor input frequency and voltage. Furthermore, VFD vendors also design and build new drive inverters for specific applications to target a certain vertical.
For instance, in October 2023, a major VFD vendor, Invertek Drives Ltd., launched a new frequency inverter designed to enhance elevator motor control. The VFD, Optidrive Elevator Core, is a game-changer in lift motor control technology, offering unparalleled dimensions, performance, and power. The key features include USB C-Connectivity, a universal encoder module, and the capability of operating with a 10KHz full current at 50°C.
Industrial Automation, Smart Manufacturing, and Sustainable Applications to Fuel Market Growth
The market is witnessing rapidly transforming manufacturing and industrial landscape on the lines of automation and integration of major elements of the fourth industrial revolution like artificial intelligence and Internet of Things (IoT). AI technologies anticipate load variations, detect system faults, and automatically adjust VFD settings. Manufacturers are creating VFDs that have adaptive control systems that learn and improve performance over time, eliminating the need for human intervention and increasing productivity. Hence, automation has become the center point of VFD market expansion.
These variable speed drives have become smarter and more connected, enabling remote monitoring and operation. While AI enables VFD to predict and adapt, integration with IoT platforms has allowed for predictive maintenance, real-time data analysis, and optimization of energy consumption. These technological advancements also facilitate compact and modular designs, enhanced safety features, and customization. Apart from the long list of end users, VFD’s sustainable applications, such as water treatment plants and solar-powered water pumping solutions, also fuel the market growth.
For instance, in April 2024, ABB Ltd. introduced an innovative solar drive for sustainable water pumping. The company launched a new ACQ80 variable speed drive (VSD). The drive comes with a maximum power point tracking (MPPT) logic that ensures the maximum power output from solar panels for maximized pump performance. Dual supply mode allows the drive to operate with both a DC supply from PV solar panels and an AC supply from the grid or generator for pumping 24/7.
Rising Demand for Energy-Efficient Motor Solutions to Expand Market Size
Energy efficiency is crucial in manufacturing space and makes all the difference. The VFDs have evolved to deliver the required power for any operation, be it conveyor belt operations or automotive operations. Variable frequency drives can gradually increase the speed of system component motors, thereby minimizing the mechanical stress that occurs during ramp-ups or accelerations, as well as minimizing energy usage. VFDs have an advantage over VSDs in terms of efficient process control, operational excellence, and enhanced efficiency. This allows accurate speed adjustments during start-up running conditions or stopping the motor.
The VFD manufacturers use regenerative modules to help VFD deliver higher efficiency. These drives deliver precision, sustainability, and efficiency across the application. However, industrial and manufacturing spaces require these more to scale productivity and ROI.
For instance, in March 2024, Darwin Motion Pvt. Ltd. introduced its Regenerative Drive DR Matrix 880. The motion control system comes with matrix intelligence that equips the drive with advanced algorithms and machine-learning capabilities. DR Matrix 880 caters to various applications across industries, such as machine manufacturing, robotic positioning, and dynamic control.
Industrial Usage and High Durability and Performance to Fuel Low Power Range Segment
Based on the power range, the low power range segment holds a decent market share. The factors fueling the segmental growth comprise a wide range of its operations. Its widespread use in general applications and position as a top alternative across numerous industrial verticals are attributed to its simplicity of configuration and quick installation time. In industries, low-voltage frequency drives are widely utilized to power equipment such as compressors, fans, belt conveyors, and centrifugal pumps. One of the main factors contributing to the low power range segment's supremacy is its widespread use across industrial verticals. Low voltage variable frequency drives (VFDs) provide precise motor speed control by altering the frequency and voltage supplied to the motor.
For instance, in April 2023, Danfoss A/S introduced a new generation of VLT low harmonic VFD. With as few components as possible used in the main current circuit design, the Danfoss VLT Low Harmonic VFD combines an active filter with a typical AC VFD, active suppression.\
Asia-Pacific Dominates Variable Frequency Drive Market
Asia-Pacific holds the major share of the global VFD market. The growth is attributed to the rapid industrialization and infrastructure expansion in the region's emerging nations. Alongside, the dominance of key industries like power generation, oil gas, metals and mining, and food processing is advancing the region’s space in the market. The rising population and increased disposable income have given birth to wider HVAC operations, fueling the market growth. Also, Asia-Pacific is home to several significant VFD manufacturing brands, including ABB, Danfoss, Eaton, GE, Mitsubishi Electric, Schneider Electric, and Yaskawa. Other than these industrial giants, local companies are also building VFDs using a solution-based approach.
For instance, in March 2023, a new generation of industrial transmission equipment, the HSF6 series high-performance VFD, was introduced by Sunwoele (Chengdu Forest Electric Co., Ltd.), a well-known automation firm in China. Variable frequency drives at the engineering level are created and built to meet the demands of sophisticated applications, such as precision machining equipment.
Click here: https://www.marketsandata.com/industry-reports/variable-frequency-drive-market
About Us:
Markets and Data provides a comprehensive/ panoramic understanding of markets at global, regional, and country levels. Examine changing consumer preferences, emerging challenges, underlying trends, and growth prospects to accelerate your business strategies.
Contact
Mr. Vivek Gupta
5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343-3258
Email: info@marketsandata.com
Website: https://www.marketsandata.com
