HOME Top Market Reports Variable Frequency Drives Market by Power Range (Micro, Low, Medium, High), Voltage (Low & Medium), Application (Pump, Fan, Compressor, Conveyor, Elevator, Extruder & Others) and Region - Global Trends & Forecasts to 2021

Variable Frequency Drives Market by Power Range (Micro, Low, Medium, High), Voltage (Low & Medium), Application (Pump, Fan, Compressor, Conveyor, Elevator, Extruder & Others) and Region - Global Trends & Forecasts to 2021

By: marketsandmarkets.com
Publishing Date: March 2016
Report Code: EP 2653

 

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The size of the global variable frequency drives market is projected to reach USD 27.11 Billion by 2021, at a CAGR of 6.9% during the forecast period. Asia-Pacific was the largest market in 2015, and this trend is projected to continue till 2021. The variable frequency drives market has been segmented on the basis of type, power range, voltage range, application, and region. The years considered for the study are:

  • Historical Year – 2014
  • Base Year – 2015
  • Estimated Year – 2016
  • Projected Year – 2021
  • Forecast Period – From 2016 to 2021

For company profiles, 2015 has been considered as the base year for calculating market share and the competitive landscape. Where information is unavailable for the base year, the prior year has been considered.

Research Methodology:

  • Major regions have been identified along with countries contributing the maximum share, based on the prevalence of relevant applications
  • Secondary research has been conducted to find the market size for different regions, calculated by taking into account the regional break-up of demand and consumption, further validating it with region-wise presence of variable frequency drive product and service companies in those regions and their corresponding revenues.
  • Primary interviews from manufacturers and suppliers helped to obtain and verify critical qualitative & quantitative information as well as assess future market prospects. Information obtained has been used to estimate the share of different segments of variable frequency drives in regional markets.
  • The revenue of the top companies (regional/global), product pricing, and industry trends along with top-down, bottom-up, and MnM KNOW have been used to estimate the market size.

The figure below shows the breakdown of the primaries on the basis of company type, designation, and region, conducted during the research study.

Variable Frequency Drives Market

To know about the assumptions considered for the study, download the pdf brochure

Market Ecosystem:

Variable Frequency Drives Market

The market ecosystem of variable frequency drives includes raw material suppliers, comprising electronic/electrical components, metals, and sensors among others. In the later stage, manufacturing of variable frequency drives takes place where all raw materials are assembled. These devices are then distributed to distribution utilities, industries, and T&D companies.

Stakeholders:

The report caters to following stakeholders:

  • Variable frequency drive manufacturers, dealers, and suppliers
  • Manufacturing, oil & gas, mining, and process industries
  • Consulting companies in the energy and power sector
  • State and national regulatory authorities

“Study answers several questions for the stakeholders, primarily which market segments to focus in the next 2-–5 years for prioritizing efforts and investments”.

Scope of the report:

  • By Voltage Range:
    • Low Voltage (0–690 V)
    • Medium Voltage (>691 V)
  • By Power Range
    • Micro Power (0–5 kW)
    • Low Power (6 kW–40 kW)
    • Medium Power (41 kW–200 kW)
    • High Power (>200 kW)
  • By Application
    • Pumps
    • Compressors
    • Extruders
    • Fans
    • Motors
    • Conveyors
    • Elevators
    • Others
  • By Region
    • North America
    • Europe
    • Asia-Pacific
    • Middle East
    • South America
    • Africa

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for the report:

  • Further segmentation and analysis of variable frequency drives based on end-use industry
  • Detailed analysis and profiling of additional market players (Up to 5)

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Years Considered for the Study
    1.4 Currency & Pricing
    1.5 Limitation
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Introduction
    2.2 Secondary Data
           2.2.1 Key Data From Secondary Sources
    2.3 Primary Data
           2.3.1 Key Data From Primary Sources
           2.3.2 Key Industry Insights
    2.4 Breakdown of Primaries
    2.5 Market Size Estimation
           2.5.1 Bottom-Up Approach
           2.5.2 Top-Down Approach
    2.6 Market Breakdown & Data Triangulation
    2.7 Research Assumptions & Limitations
           2.7.1 Assumptions
           2.7.2 Limitations

3 Executive Summary (Page No. - 24)

4 Premium Insights (Page No. - 27)
    4.1 Attractive Opportunities in the Variable Frequency Drives Market, 2016–2021
    4.2 Asia-Pacific Accounted for the Largest Market Share in 2015
    4.3 Variable Frequency Drives Market, By Application,  2016–2021
    4.4 Variable Frequency Drives Market in the Asia-Pacific Region is Expected to Be Driven By China & India
    4.5 Low Voltage Segment is Expected to Dominate the Global Variable Frequency Drives Market During the Forecast Period
    4.6 Life Cycle Analysis, By Region

5 Market Overview (Page No. - 32)
    5.1 Introduction
    5.2 Variable Frequency Drives: Market Segmentation
           5.2.1 By Voltage
           5.2.2 By Application
           5.2.3 By Power Range
           5.2.4 By Region
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing Urbanization & Industrialization
                    5.3.1.2 Rising Need for Energy Efficiency
                    5.3.1.3 Regulations on Energy Efficiency
           5.3.2 Restraints
                    5.3.2.1 Decrease in Greenfield Investment
           5.3.3 Opportunities
                    5.3.3.1 Huge Opportunity in the Replacement Sector
                    5.3.3.2 Industrial Internet of Things (Iiot)
           5.3.4 Challenges
                    5.3.4.1 Regional-Level Competition From Local Players
    5.4 Supply Chain Analysis
    5.5 Variable Frequency Drives: Topologies
           5.5.1 Voltage Source Inverter
           5.5.2 Current Source Inverter
           5.5.3 Six Step Inverter
           5.5.4 Load Commutated Inverter
           5.5.5 Cycloconverter
           5.5.6 Slip Energy Recovery Drive
    5.6 Porter’s Five Forces Analysis
           5.6.1 Threat of New Entrants
           5.6.2 Threat of Substitutes
           5.6.3 Bargaining Power of Suppliers
           5.6.4 Bargaining Power of Buyers
           5.6.5 Intensity of Rivalry

6 Variable Frequency Drives Market, By Power Range (Page No. - 41)
    6.1 Introduction
    6.2 Micro Power Drives
    6.3 Low Power Drives
    6.4 Medium Power Drives
    6.5 High Power Drives

7 Variable Frequency Drives Market, By Application (Page No. - 48)
    7.1 Introduction
    7.2 Pumps
    7.3 Fans
    7.4 Compressors
    7.5 Conveyors
    7.6 Extruders
    7.7 Other Applications

8 Variable Frequency Drives Market, By Voltage (Page No. - 54)
    8.1 Introduction
    8.2 Low Voltage
    8.3 Medium Voltage

9 Variable Frequency Drives Market, By Region (Page No. - 59)
    9.1 Introduction
    9.2 Asia-Pacific
           9.2.1 China
           9.2.2 Japan
           9.2.3 India
           9.2.4 South Korea
           9.2.5 Australia
           9.2.6 Indonesia
           9.2.7 Rest of Asia-Pacific
    9.3 Europe
           9.3.1 Germany
           9.3.2 France
           9.3.3 Russia
           9.3.4 The U.K.
           9.3.5 Italy
           9.3.6 Spain
           9.3.7 Rest of Europe
    9.4 North America
           9.4.1 By Country
           9.4.1 The U.S.
           9.4.2 Canada
           9.4.3 Mexico
    9.5 Middle East
           9.5.1 Saudi Arabia
           9.5.2 UAE
           9.5.3 Qatar
           9.5.4 Oman
           9.5.5 Kuwait
           9.5.6 Rest of Middle East
    9.6 Africa
           9.6.1 Egypt
           9.6.2 Nigeria
           9.6.3 South Africa
           9.6.4 Rest of Africa
    9.7 South America
           9.7.1 Brazil
           9.7.2 Argentina
           9.7.3 Chile
           9.7.4 Rest of South America

10 Competitive Landscape (Page No. - 90)
     10.1 Overview
     10.2 Competitive Situation & Trends
             10.2.1 New Product Development & Expansion
             10.2.2 Partnerships/Agreements/Collaborations
             10.2.3 Mergers & Acquisitions
             10.2.4 Other Developments

11 Company Profiles (Page No. - 96)
(Overview, Financials, Products & Services, Strategy, and Developments)*
     11.1 ABB Ltd.
     11.2 General Electric Company (GE)
     11.3 Schneider Electric Co.
     11.4 Siemens AG
     11.5 Emerson Electric Co.
     11.6 Eaton Corporation Plc.
     11.7 Crompton Greaves Limited
     11.8 Hitachi Ltd.
     11.9 Danfoss
     11.10 Toshiba International Corporation
     11.11 Mitsubishi Electric Corporation
     11.12 Honeywell International, Inc.
     11.13 Rockwell Automation

*Details on Overview, Financials, Product & Services, Strategy, and Developments Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 131)
     12.1 Insights From Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.5 Available Customizations
     12.6 Related Reports


List of Tables (76 Tables)

Table 1 Variable Frequency Drives Market Size, By Power Range, 2014–2021 (USD Million)
Table 2 Micro Power: VFD Market Size, By Region, 2014–2021 (USD Million)
Table 3 Low Power: VFD Market Size, By Region, 2014–2021 (USD Million)
Table 4 Medium Power: Variable Frequency Drive Market Size, By Region, 2014–2021 (USD Million)
Table 5 High Power: Variable Frequency Drive Market Size, By Region, 2014–2021 (USD Million)
Table 6 Variable Frequency Drive Market Size, By Application, 2014–2021 (USD Million)
Table 7 Pumps: VFD Market Size, By Region, 2014–2021 (USD Million)
Table 8 Fans: VFD Market Size, By Region, 2014–2021 (USD Million)
Table 9 Compressors: Variable Frequency Drives Market Size, By Region, 2014–2021 (USD Million)
Table 10 Conveyors: Variable Frequency Drives Market Size, By Region, 2014–2021 (USD Million)
Table 11 Extruders: VFD Market Size, By Region, 2014–2021 (USD Million)
Table 12 Others: VFD Market Size, By Region, 2014–2020 (USD Million)
Table 13 Variable Frequency Drives Market Size, By Voltage, 2014–2021 (USD Million)
Table 14 Low Voltage: Variable Frequency Drives Market Size, By Region, 2014–2021 (USD Million)
Table 15 Medium Voltage Variable Frequency Drives Used By Different End-Use Industries
Table 16 Medium Voltage: Variable Frequency Drives Market Size, By Region, 2014–2021 (USD Million)
Table 17 Variable Frequency Drives Market Size, By Region, 2014–2021 (USD Million)
Table 18 Asia-Pacific: Variable Frequency Drives Market Size, By Voltage, 2014–2021 (USD Million)
Table 19 Asia-Pacific: By Market Size, By Application, 2014–2021 (USD Million)
Table 20 Asia-Pacific: By Market Size, By Power Range, 2014–2021 (USD Million)
Table 21 Asia-Pacific: By Market Size, By Country, 2014–2021 (USD Million)
Table 22 China: VFD Market Size, By Voltage, 2014–2021 (USD Million)
Table 23 Japan: VFD Market Size, By Voltage, 2014–2021 (USD Million)
Table 24 India: VFD Market Size, By Voltage, 2014–2021 (USD Million)
Table 25 South Korea: VFD Market Size, By Voltage, 2014–2021 (USD Million)
Table 26 Australia: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 27 Indonesia: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 28 Rest of Asia-Pacific: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 29 Europe: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 30 Europe: By Market Size, By Application, 2014–2021 (USD Million)
Table 31 Europe: By Market Size, By Power Range, 2014–2021 (USD Million)
Table 32 Europe: By Market Size, By Country, 2014–2021 (USD Million)
Table 33 Germany: VFD Market Size, By Voltage, 2014–2021 (USD Million)
Table 34 France: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 35 Russia: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 36 U.K.: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 37 Italy: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 38 Spain: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 39 Rest of Europe: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 40 North America: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 41 North America: VFD Market Size, By Application, 2014–2021 (USD Million)
Table 42 North America: VFD Market Size, By Power Range, 2014–2021 (USD Million)
Table 43 North America: By Market Size, By Country, 2014–2021 (USD Million)
Table 44 U.S.: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 45 Canada: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 46 Mexico: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 47 Middle East: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 48 Middle East: By Market Size, By Application, 2014–2021 (USD Million)
Table 49 Middle East: By Market Size, By Power Range, 2014–2021 (USD Million)
Table 50 Middle East: By Market Size, By Country, 2014–2021 (USD Million)
Table 51 Saudi Arabia: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 52 UAE: VFD Market Size, By Voltage, 2014–2021 (USD Million)
Table 53 Qatar: VFD Market Size, By Voltage, 2014–2021 (USD Million)
Table 54 Oman: VFD Market Size, By Voltage, 2014–2021 (USD Million)
Table 55 Kuwait: VFD Market Size, By Voltage, 2014–2021 (USD Million)
Table 56 Rest of Middle East: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 57 Africa: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 58 Africa: VFD Market Size, By Application, 2014–2021 (USD Million)
Table 59 Africa: VFD Market Size, By Power Range, 2014–2021 (USD Million)
Table 60 Africa: VFD Market Size, By Country, 2014–2021 (USD Million)
Table 61 Egypt: VFD Market Size, By Voltage, 2014–2021 (USD Million)
Table 62 Nigeria: VFD Market Size, By Voltage, 2014–2021 (USD Million)
Table 63 South Africa: Variable Frequency Drive Market Size, By Voltage, 2014–2021 (USD Million)
Table 64 Rest of Africa: By Market Size, By Voltage, 2014–2021 (USD Million)
Table 65 South America: By Market Size, By Voltage, 2014–2021 (USD Million)
Table 66 South America: By Market Size, By Application, 2014–2021 (USD Million)
Table 67 South America: By Market Size, By Power Range, 2014–2021 (USD Million)
Table 68 South America: By Market Size, By Country, 2014–2021 (USD Million)
Table 69 Brazil: Variable Frequency Drives Market Size, By Voltage, 2014–2021 (USD Million)
Table 70 Argentina: Variable Frequency Drives Market Size, By Voltage, 2014–2021 (USD Million)
Table 71 Chile: Variable Frequency Drives Market Size, By Voltage, 2014–2021 (USD Million)
Table 72 Rest of South America: Variable Frequency Drives Market Size, By Voltage, 2014–2021 (USD Million)
Table 73 New Product Development & Expansion, 2015–2016
Table 74 Partnerships/Agreements/Collaborations, 2015–2016
Table 75 Mergers & Acquisitions, 2013–2015
Table 76 Other Developments, 2014–2015


List of Figures (54 Figures)

Figure 1 Markets Covered: Variable Frequency Drives Market
Figure 2 Variable Frequency Drives Market: Research Design
Figure 3 Break Down of Primary Interviews: By Company Type, Designation, & Region
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Market Estimation Approach & Data Triangulation Methodology
Figure 7 Asia-Pacific Occupied the Largest Market Share (Value) in 2015
Figure 8 Variable Frequency Drives Market Share (Value), By Voltage, 2015
Figure 9 Pumps Segment is Estimated to Be the Largest Application in 2016 & is Projected to Remain So By 2020
Figure 10 Variable Frequency Drives Market Snapshot: Asia-Pacific is Expected to Exhibit the Highest Growth Rate in the Next 5 Years
Figure 11 Variable Frequency Drives Market Share (Value), By Power Range, 2016 & 2021
Figure 12 Increasing Urbanization, Industrialization, and Need for Energy Saving are Expected to Drive the Demand for Variable Frequency Drives During the Forecast Period
Figure 13 Asia-Pacific and the Middle East & Africa are Expected to Grow at A Fast Pace During the Forecast Period
Figure 14 Pumps Application is Expected to Hold the Largest Market Share During the Forecast Period
Figure 15 The Chinese Variable Frequency Drives Market is Projected to Hold the Largest Share in Asia-Pacific During the Forecast Period
Figure 16 Low Voltage Segment Accounted for the Largest Market Share in 2015
Figure 17 The Asia-Pacific Market is Expected to Grow at the Highest Rate During the Forecast Period
Figure 18 Variable Frequency Drives Market Segmentation: By Voltage, Application, Power Range, & Region
Figure 19 Market Dynamics for Variable Frequency Drives Market
Figure 20 Urbanization Trend
Figure 21 Supply Chain Analysis: Major Value is Added During the Manufacturing & Assembly Phase
Figure 22 Porter’s Five Forces Analysis: Variable Frequency Drives Market
Figure 23 Low Power Variable Frequency Drives Held the Largest Market Share (Value) in 2015
Figure 24 Asia-Pacific is Expected to Be the Fastest Growing Region in the Micro Power VFD Market During the Forecast Period
Figure 25 Asia-Pacific is Expected to Be the Fastest Growing Region in the Low Power VFD Market During the Forecast Period
Figure 26 Medium Power Variable Frequency Drives Market Share (Value), By Region, 2015
Figure 27 High Power Variable Frequency Drives Market Share (Value), By Region, 2014
Figure 28 Global Snapshot: Pumps Application is Expected to Dominate the VFD Market During the Forecast Period
Figure 29 Low Voltage Variable Frequency Drives Held the Largest Market Share in 2015
Figure 30 Medium Voltage Variable Frequency Drives are Expected to Grow at the Highest CAGR During the Forecast Period
Figure 31 Variable Frequency Drives Market Share (Value), By Region, 2015
Figure 32 Regional Snapshot: Growth Rate of Variable Frequency Drives Market in Major Countries, 2016–2021
Figure 33 Asia-Pacific Variable Frequency Drives: an Overview
Figure 34 Europe Variable Frequency Drives Market: an Overview
Figure 35 Companies Adopted New Product Development & Expansion as the Key Growth Strategy in the Past 3 Years to Grasp the Market
Figure 36 Market Evaluation Framework: Partnerships/Agreements/Collaborations, New Product Developments, Mergers & Acquisitions Have Fueled the Growth of Companies During 2011–2016
Figure 37 Geographic Revenue Mix of Top Five Players
Figure 38 ABB: Company Snapshot
Figure 39 SWOT Analysis: ABB Ltd.
Figure 40 GE: Company Snapshot
Figure 41 SWOT Analysis: GE
Figure 42 Schneider: Company Snapshot
Figure 43 SWOT Analysis: Schneider Electric
Figure 44 Siemens: Company Snapshot
Figure 45 SWOT Analysis: Siemens
Figure 46 Emerson: Company Snapshot
Figure 47 SWOT Analysis: Emerson
Figure 48 Eaton: Company Snapshot
Figure 49 Crompton Greaves: Company Snapshot
Figure 50 Hitachi Ltd.: Company Snapshot
Figure 51 Danfoss: Company Snapshot
Figure 52 Mitsubishi Electric Corporation: Company Snapshot
Figure 53 Honeywell International, Inc.: Company Snapshot
Figure 54 Rockwell Automation: Company Snapshot

The global variable frequency drives market is projected to witness high growth on account of growing urbanization & industrialization and rising government mandates for energy efficiency. The global market is estimated to be USD 19.38 Billion in 2016, and is projected to reach USD 27.11 Billion by 2021, at a CAGR of 6.9% from 2016 to 2021. Industrialization in developing countries of Asia-Pacific is expected to boost the demand for variable frequency drives during the forecast period. The Middle East & African markets are also projected to grow at a fast pace, aided by large-scale spending on infrastructure development along with oil & gas operations. Moreover, energy efficiency plans of various countries are expected to be the driver of market growth.

Among various applications of variable frequency drives, the pumps segment is expected to have the largest market share during the forecast period; it is also expected to grow at the highest CAGR during the same period. This growth is attributed to extensive utilization of variable frequency drives with the induction motors used for pumps in the industries. Induction motors hold 50%–60% of the total number of motors used globally. Hence, the segment is expected to dominate the market during the forecast period.

The low voltage variable frequency drives segment led the market in 2015 in terms of market share; this segment is expected to continue its dominance in the market during the forecast period. This can be attributed to a large number of low voltage motors employed in industries such as oil & gas, water & wastewater, and building automation among others. This segment is expected to account for more than 80% of the total market in 2016

Though the low power segment is expected to witness moderate growth, it is projected to exhibit the largest market share during the forecast period. On the other hand, the high power variable frequency drive segment is likely to have the fastest growth among various power ranges from 2016 to 2021. The reason for the same is expected to be increasing demand for these drives from the industrial sector. High power drives are applied in heavy industries such as chemical, metals & mining, power generation, cement, wind energy, oil & gas, water & wastewater, and marine.

Variable Frequency Drives Market

Variable frequency drives are used in various industries and its growth depends on the investments in the market. Decline in oil prices after 2014 has resulted in lowering of demand for high efficiency equipment in the oil & gas industry. This has reduced the demand for variable frequency drives in the oil & gas industry. GE (U.S.) being one of the leading players in the market has been profiled in the report. The company continues to redeploy capital from its non-core businesses such as insurance and media to its growth segments, as well as undertake acquisitions to scale-up existing strong businesses. Its acquisition of a major part of the power business from French giant Alstom aided in expanding its reach in new regions and market segments. The acquisition is set to give the company access to local resources and customers in more than 150 countries and achieve synergies worth nearly USD 3 Billion, when assets of Alstom get fully integrated with it.

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