Global Variable Frequency Drive Market Size By Power Range (Micro, Low, Medium, High), By Drive (AC, DC, Servo), By Voltage (Low, Medium), By Technology (Standard, Regenerative), By Application (Pump, Centrifuges, Conveyor, Evaporators, Mixers, Grinders, Cutters, Fans, Others), By End-Use (Oil & Gas, Power Generation, Food Processing, Automotive, Mining & Metals, Pulp & Paper, Others), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
Global variable frequency drive market is anticipated to record a substantial growth rate over the coming years owing to the wide usage of these products across several lucrative end-use industries. A variable frequency drive can be defined as a motor controller that runs an electric motor through the varying of frequency as well as voltage supplied to that electric motor.
The device also has the capacity to control ramp up & down of the motor during start or stop. A typical variable frequency drive system generally comprises an AC motor, operator interface, and a controller.
Variable frequency drive is also known as microdrive, inverter, adjustable frequency drive, AC drive, and variable speed drive. It provides several benefits as well as offers the greatest energy savings for various applications, the most common of them being fans and pumps.
The variable frequency drive market is segmented in terms of power range, drive, voltage, technology, application, end-use, and regional landscape.
With respect to power range, the market is divided into micro, low, medium, and high. It is observed that increasing electricity cost along with shifting focus toward energy savings has increased the penetration of low power drives primarily across HVAC industry. The ability to provide a quick return on investment and enhancement of user’s profitability by improving the process will strengthen the product adoption for medium power range.
Based on application, the market is bifurcated into cutters, conveyor, mixers, fans, pump, evaporators, grinders, and centrifuges. Among these, evaporators will witness growth owing to ongoing modifications in applicable codes and standards that have effectively made the use of VFDs as an indispensable requirement across HVAC applications. The capability to eliminate separate gear sets along with simplifying the power transmission across the motor will propel the demand for mixers.
The ability to change motor speed in line with the applicability of VFD units to control high tension will enhance the product requirement for grinders. Flexible product configurations including speed control as well as safe & reliable operations will complement the industry growth for the cutters. Increasing modulation of motor speed along with a wide range of applicability of VFD's across HVAC systems will boost the product demand for fans.
With respect to end-use, the market is segmented into mining & metals, food processing, oil & gas, pulp & paper, power generation, and automotive. Among these, the ongoing investments in R&D and technological advancements are positively impacting the product demand in mining & metals.
High reliable control over torque and speed as well as improved efficiency and reduced production cost are some of the key parameters which are accelerating the adoption of variable frequency drives in pulp & paper industry.
From a regional frame of reference, in the Middle East & Africa VFD market, the restoration of electric grid infrastructure throughout war affected GCC nations to sustain their economic growth will propel product demand. Increasing energy demand coupled with large-scale urbanization across Latin America will considerably drive the demand for the integration of a sustainable transmission infrastructure.
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