Global Variable Frequency Drive Market was valued at USD 9.41 billion in 2019 which is expected to reach USD 15.44 billion by 2027 at a CAGR 4.5%.
Variable frequency drive is solid state regulators or controllers which drive the motor by varying frequency and voltage transmitted through electric motor. These drives are widely installed in industrial infrastructure on AC electronic Motors. Variable frequency drives market is growing due to rapid industrialization and urbanization, along with increase in usage of VFDs across major industry vertical.
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Increase in demand for renewable energy integration along with stringent directives & standards toward energy efficiency is expected to drive the global variable frequency drive market growth. Furthermore, Rapid industrialization and Urbanization across the developing economics will have the positive impact on global variable frequency drive market growth. Moreover, rise in investments towards smart and reliable infrastructure is expected to propel the demand for variable frequency drive across the world. Also, continuous technological advancements will boost the global variable frequency drive market growth during this forecast period.
However, technical concerns and high cost of equipment is the challenging factor for market which is expected to hamper the global variable frequency drive market growth.
Impact of COVID 19 on Market
As China is one major raw material supplier and finished products due to COVID 19 pandemic many government implemented travel restrictions across the world which have led to declining the global variable frequency drive market growth.
Global Variable Frequency Drive Market is segmented into product type such as DC Drives, AC Drives, and servo Drives, by application such as Extruders, HVAC, Conveyors, Electric Fans, Pumps, and Others. Further, Global Variable Frequency Drive Market is segmented into end user such as Food & Beverages, Automotive, Infrastructure, Industrial, Power Generation, and Oil & Gas.
Also, Global Variable Frequency Drive Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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By Product Type
• DC Drives
• AC Drives
• Servo Drives
• Electric Fans
By End Use
• Food & Beverages
• Power Generation
• Oil & Gas
• North America
• Latin America
• Asia Pacific
• Middle East & Africa
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