01 November 2019
Variable Frequency Drive (VFD) Market Report 2020-2030: Forecasts by Product (AC Drives, DC Drives, Servo Drives), By Range (Low, Medium, High), By Application (Pumps, Fans, Compressors, Conveyors, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and profiling of leading international and domestic companies.
In 2019, the market size of the international variable frequency drive (VFD) was USD 21 billion. It is expected to advance in the forecast period at a CAGR of 8.2 percent. Increasing government regulations to reduce energy consumption to achieve a Net Zero Energy goal are one of the key trends in encouraging growth in the market. In addition, growing penetration of connected devices in the home, commercial and industrial sectors, combined with technological advances, is expected to increase worldwide demand for variable frequency drives.
In 2016, global energy intensity, calculated as the primary energy demand needed to produce one unit of GDP, dropped by about 1.8%. On a global scale, energy efficiency could contribute to about 40.0 percent reduction in greenhouse gas emissions and around 70.0 percent of global power generation is generated by electric drives. Thus, variable frequency / speed drives are integrated into the system to reduce this energy consumption across different electrical drives. Therefore, various initiatives are in the position of spreading awareness regarding energy efficiency.
Through device pressure, flow was regulated by valves prior to the use of VFDs for pump applications. This has adversely affected the performance of the generator. By operating the pump motor at variable speeds, the technology incorporating variable frequency drives into pump systems has helped to achieve desired flow, resulting in reduced energy consumption.
Increasing energy efficiency expenditures are also likely to increase demand for energy quality, thus enhancing market growth. For example, total energy efficiency investment in 2016 amounted to USD 231 billion, where HVAC and control, lighting and appliances recorded USD 22.86 billion, USD 27.42 billion, and USD 13.94 billion, respectively.
With increasing energy consumption and unit rate, operational engineers in different process industries are more inclined to use variable frequency drives to optimize machine operation, productivity, and energy efficiency. This is supposed to boost VFD demand through applications including HVAC and elevators.
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