- The low-voltage segment is expected to hold the largest share of the VFD market, by voltage, during the forecast period.
- The pump segment is expected to hold the largest share of the VFD market, by application, during the forecast period.
- The infrastructure segment of the VFD market, by end-user, is expected to grow at the highest CAGR during the forecast period.
The variable frequency drive market is expected to grow from an estimated $20.73 billion in 2018 to $27.57 billion by 2023, at a CAGR of 5.87%, from 2018 to 2023. Increase in industrialization and urbanization and rising need of energy efficiency across various industries such as oil & gas and power generation are likely to drive the variable frequency drive market.
Low-voltage VFDs are used in various industrial applications such as building automation, pulp & paper, power, water & wastewater, and oil & gas, and especially in process industries, which would drive the low-voltage segment during the forecast period.
Pump is one of the most important equipment in most industries such as oil & gas, chemical & petrochemical, and pulp and paper as it provides huge potential for energy savings, improved performance, and reliability. Increase in oil and shale gas productions are driving the pump market.
Rapid infrastructure development in the developing companies and growing concerns over energy efficiency in the developed countries are likely to drive the infrastructure segment. For instance, in December 2017, the government of Japan planned to invest $57.97 million on development projects, including housing and commercial facilities, as per Japan Overseas Infrastructure Investment Corporation. Such investments toward the infrastructure activity would boost the VFD market during the forecast period.
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China and Japan are the largest markets for VFD in the region. The government of China plans to invest heavily on clean energy production, which would drive the VFD market in the country. In order to accomplish its target, the Chinese government planned to invest about $361 billion in clean energy by 2020, as China aims to supply 20% of power from non-fossil sources by 2030. Meanwhile, Japan is actively focusing on infrastructure development. For instance, as per the Japan Overseas Infrastructure Investment Corporation, Japan planned to invest $57.97 million for development projects, including housing and commercial facilities. Therefore, factors such as increasing investments in renewable energy and infrastructure development in China, Japan, and India are driving the VFD market in the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the variable frequency drive market. The key players include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (US), and Rockwell (US). The leading players are adopting various strategies to increase their shares in the VFD market.