Variable Frequency Drive (VFD) Market

Variable Frequency Drive (VFD) Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors, and Conveyors), Power Range, Voltage, and Region - Global Forecast to 2023

Report Code: EP 2653 Oct, 2019, by marketsandmarkets.com

MarketsandMarkets forecasts the Variable Frequency Drive (VFD) market to grow from USD 20.73 billion in 2018 to USD 27.57 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.87% during the forecast period. The major factors that are expected to be driving the VFD market are increased usage of VFDs across major industry verticals, rapid industrialization and urbanization, along with increasing investments on infrastructure development, and shifting focus on energy efficiency. The objective of the report is to define, describe, and forecast the VFD market size based on type, voltage, application, power range, end-user, and region.

VFD Market

By type, the VFD market is expected to dominate the VFD market during the forecast period

The AC drives segment held the largest market share in 2017 and is estimated to be the fastest-growing segment during the forecast period. The AC drives segment provides more advantages as compared with DC and servo drives. The primary advantages of AC drives include increased energy savings and reduced levels of noise and vibrations. AC drives are mainly used for variable torque application in industries such as oil & gas, water & wastewater, and mining.

By application type, the compressor segment to record the highest CAGR during the forecast period

The compressor segment is expected to grow at the highest CAGR during the forecast period. Air compressor is one of the important components for oil & gas, chemical, food & beverage, and building automation industries. Therefore, increasing investments toward oil & gas and infrastructure industries are likely to drive the demand for the compressor segment.

VFD Market

Asia Pacific to account for the largest market size during the forecast period.

Asia Pacific is expected to be the largest market for VFDs in 2023 and is projected to grow at the highest CAGR, during the forecast period. China accounted for the largest share of the VFD market in the Asia Pacific region in 2017. Moreover, in January 2017, the government of China planned to invest about USD 361 billion in clean energy by 2020 as China aims to supply 20% of power from non-fossil sources by 2030, which shows a positive growth for the VFD market. All these factors are expected to drive the growth of the VFD market in Asia Pacific. 

Market Dynamics

Driver: Increased use of VFDs across major vertical industries

VFDs are used in a wide range of industries such as cement, chemical, and petrochemical, mining, oil & gas, pulp & paper, water & wastewater. Major applications include conveyors, fans, utility pumps, process pumps, fans, blowers, air compressors, process compressors, coolers, cooling tower fans, grinders, crushers, and chippers. Countries such as China, India, the US, Brazil, Russia, Iran, Indonesia, Saudi Arabia, Egypt, and Turkey offer lucrative opportunities for the VFD market in the cement & manufacturing industry. The US, Japan, China, and Canada are expected to drive the VFD market in the pulp & paper industry. The demand for cement in India is expected to increase as the government is supporting large infrastructure projects, which is expected to result in the need for 45 million tons of cement in the next three to four years. The demand for cement in the country is expected to reach 550–600 million tons per annum (MTPA) by 2025. The housing sector generates the highest demand for cement, accounting for about 67% of the total consumption in India. In China, the pulp & paper industry has been developing rapidly since 2001. China is currently one of the largest pulp & paper product manufacturers in the world. Approximately, 50% of the global pulp & paper production capacity is in China, the US, and Canada

Restraint: Stagnant growth of the oil & gas industry

Oil & gas is one of the leading end-use industries of VFDs. There has been a stagnant growth in the global upstream oil & gas industry since 2014, owing to the decrease in exploration and production activities. Declining oil prices, due to an oversupplied market, have resulted in a decrease in exploration and production activities. The focus on industrial growth in countries such as Saudi Arabia, the UAE, Iraq, Canada, Iran, and Russia are dependent on oil export is gradually shifting toward manufacturing industries, as they are aiming for a diversified revenue stream. The spot price of the European benchmark crude oil Brent dropped from USD 111.8 per barrel in June 2014 to below USD 30 per barrel in the first quarter of 2016, due to the increasing supply of oil from the US and OPEC countries (including Saudi Arabia), and the recent lifting of sanctions against Iran. This has resulted in a decline in green field investments in the oil & gas industry.

Opportunity: Aging power infrastructure

The growing energy demand has resulted in the need for stable and reliable T&D networks. Uninterrupted power can only be ensured through a system capable of handling sudden power shoots and drops. According to the US Department of Energy (DoE) and the North American Electric Reliability Corp. (NERC), the US experiences more blackouts than any other developed countries, as the number of power outages lasting more than an hour has increased steadily in the country over the past few years. These blackouts cost American businesses around USD 150 billion per year. The main reasons behind the increasing number of blackouts are aging infrastructure, lack of investments, and lack of clear policy to modernize the grid. The demand for electricity has grown by 10% over the past decade, even though there are more energy-efficient products and buildings when compared with previous years. Recent regulations to reduce/limit the number of power blackouts and upgrade the aged power networks across the globe, particularly in North America, Europe, and parts of Asia Pacific, is enhancing the entire value chain across the power sector equipment. One such regulation is the US Energy Independence and Security Act (2007), which mandates energy equipment standard and encourages the development and investment funds in intelligent electric network technologies, as well as promotes the use of VFDs.

Challenge: Gray market providing low-quality and cheap products

The VFD market is highly fragmented with a large number of local and international players, where product quality is a primary parameter for differentiation. The organized sector mainly targets industrial buyers and maintains higher product quality by following various industrial standards of the product, while the unorganized sector offers a cheaper alternative to entering into low-priced and local untapped markets. Local manufacturers in most countries target the unorganized sector and compete strongly with the global suppliers in the respective markets. Leading market players are currently facing strong competition from such unorganized new players in the market, supplying cheap and low-quality products. These gray market players overpower the big players in terms of price competitiveness and local distribution network maintained by them, which is a major challenge for the VFD market.

VFD Market

Scope of the Report

Report Metric

Details

Market size available for years

2017–2023

Base year considered

2017

Forecast period

2018–2023

Forecast units

Billion (USD)

Segments covered

Type (AC Drives, DC Drives, Servo Drives), Voltage (Low Voltage, Medium Voltage), Application, Power Range, End-User and Region

Geographies covered

Asia Pacific, Europe, North America, South America, Middle East, and Africa

Companies covered

ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell (US), Crompton Greaves (India), Eaton (Ireland), Fuji (Japan), Hitachi (Japan), NIDEC (Japan), TMEIC (Japan), WEG SA (Brazil), Yaskawa (Japan)

The research report categorizes the VFD market to forecast the revenues and analyze the trends in each of the following sub-segments:

Variable Frequency Drive Market By Voltage

  • Low Voltage
  • Medium Voltage

Variable Frequency Drive Market By Type

  • AC Drives
  • DC Drives
  • Servo Drives

Variable Frequency Drive Market By Power Range

  • Micro-Power Drives
  • Low-Power Drives
  • Medium-Power Drives
  • High-Power Drives

Variable Frequency Drive Market By Application

  • Pumps
  • Fans
  • Compressors
  • Conveyors
  • Others (extruders, elevators & escalators, cranes & hoists, crushers, mills, and mixers)

Variable Frequency Drive Market By End-User

  • Oil & Gas
  • Industrial
  • Infrastructure
  • Power Generation

Variable Frequency Drive Market By Region

  • Asia Pacific
  • Europe
  • North America
  • Middle East
  • Africa
  • South America

Key Market Players

ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell (US), Crompton Greaves (India), Eaton (Ireland), Fuji (Japan), Hitachi (Japan), NIDEC (Japan), TMEIC (Japan), WEG SA (Brazil), Yaskawa (Japan)  

ABB is a provider of power and automation technology for various industries such as oil & gas, power generation, and transport & infrastructure globally. The company operates through 4 divisions, namely, power grids, electrification products, robotics and motion, and industrial automation. It provides VFD under the robotics and motion business segment. ABB drives business provides low-voltage AC drives, medium-voltage drives, and DC drives for various industries such as building automation, marine, power, transportation, food & beverage, metals, mining, and oil & gas. The company has a presence in over 100 countries with production and R&D centers worldwide. Moreover, in September 2017, ABB acquired GE industrial solution to strengthen its position in electrification segment globally and expand its presence in the North American market.  

Recent Developments

  • In March 2018, Schneider Electric expanded its business by establishing its new business in East Asia & Japan headquarters in Singapore to develop tailored solutions to optimize energy efficiencies for building, healthcare, data center, oil & gas, and utility segments. This would help the company to serve its customers in a better way.
  • In November 2017, Siemens expanding its market with the introduction of Simotics SD add low-voltage motors, by extending the application scope of the next-generation Simotics SD low-voltage motor series
  • In February 2017, Nidec acquired Emerson Electric’s motor, drives, and electric power generation businesses. This acquisition will help Nidec to strengthen its motors and drives business
  • In June 2016, ABB opened a new testing laboratory for drives and motors at its factory (Finland) with the aim of helping its customers to have their motors tested with its VFD to check their performance and energy consumption
  • In November 2017, Airbus, Rolls-Royce, and Siemens formed a partnership for the development of drive systems across various power classes for hybrid-electric flight

Critical questions the report answers:

  • Where will all these developments take the industry in the long term?
  • What are the upcoming trends for the VFD market?
  • Which segment provides the most opportunity for growth?
  • Who are the leading manufacturers operating in this market?
  • What are the opportunities for new market entrants?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 19)
    1.1 Objectives of the Study
    1.2 Definition
    1.3 Market Scope
           1.3.1 Market Segmentation
           1.3.2 Regional Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Limitation
    1.7 Stakeholders

2 Research Methodology (Page No. - 23)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Data From Primary Sources
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 31)

4 Premium Insights (Page No. - 36)
    4.1 VFD Market, By Voltage
    4.2 VFD Market, By Application
    4.3 VFD Market, By Power Range
    4.4 VFD Market, By Type
    4.5 Asia Pacific VFD Market

5 Market Overview (Page No. - 39)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increased Use of VFDs Across Major Vertical Industries
                    5.2.1.2 Rising Need for Energy Efficiency
                    5.2.1.3 Supportive Regulatory Environment
           5.2.2 Restraints
                    5.2.2.1 Stagnant Growth of the Oil & Gas Industry
           5.2.3 Opportunities
                    5.2.3.1 Aging Power Infrastructure
                    5.2.3.2 Industrial Internet of Things (Iiot)
           5.2.4 Challenges
                    5.2.4.1 Gray Market Providing Low-Quality and Cheap Products

6 VFD Market, By Type (Page No. - 43)
    6.1 Introduction
           6.1.1 VFD Market Size, By Type, 2016–2023 (USD Million)
    6.2 AC Drives
           6.2.1 AC Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
    6.3 DC Drives
           6.3.1 DC Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
    6.4 Servo Drives
           6.4.1 Servo Drives: VFD Market Size, By Region, 2016–2023 (USD Million)

7 VFD Market, By Technology (Page No. - 47)
    7.1 Introduction
           7.1.1 VFD Market Size, By Technology, 2016–2023 (USD Million)
    7.2 Standard
           7.2.1 Standard: VFD Market Size, By Region, 2016–2023 (USD Million)
    7.3 Regenerative
           7.3.1 Regenerative: VFD Market Size, By Region, 2016–2023 (USD Million)

8 VFD Market, By Voltage (Page No. - 50)
    8.1 Introduction
           8.1.1 VFD Market Size, By Voltage, 2016–2023 (USD Million)
    8.2 Low Voltage (Up to 690 V)
           8.2.1 Low-Voltage: VFD Market Size, By Region, 2016–2023 (USD Million)
    8.3 Medium Voltage (> 690 V)
           8.3.1 Medium Voltage: VFD Market Size, By Region, 2016–2023 (USD Million)

9 VFD Market, By Application (Page No. - 54)
    9.1 Introduction
           9.1.1 Global VFD Market Size, By Application, 2016–2023 (USD Million)
    9.2 Pumps
           9.2.1 Pumps: VFD Market Size, By Region, 2016–2023 (USD Million)
    9.3 Fans
           9.3.1 Fans: VFD Market Size, By Region, 2016–2023 (USD Million)
    9.4 Compressor
           9.4.1 Compressor: VFD Market Size, By Region, 2016–2023 (USD Million)
    9.5 Conveyors
           9.5.1 Conveyors: VFD Market Size, By Region, 2016–2023 (USD Million)
    9.6 Others
           9.6.1 Others: VFD Market, By Region, 2016–2023 (USD Million)

10 VFD Market, By Power Range (Page No. - 60)
     10.1 Introduction
             10.1.1 VFD Market Size, By Power Range, 2016–2023 (USD Million)
     10.2 Micro Power Drives
             10.2.1 Micro Power Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
     10.3 Low Power Drives
             10.3.1 Low Power Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
     10.4 Medium Power Drives
             10.4.1 Medium Power Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
     10.5 High Power Drives
             10.5.1 High Power Drives: VFD Market Size, By Region, 2016–2023 (USD Million)

11 VFD Market, By End-User (Page No. - 65)
     11.1 Introduction
             11.1.1 VFD Market Size, By End-User, 2016–2023 (USD Million)
     11.2 Industrial
             11.2.1 Industrial: VFD Market Size, By Voltage, 2016–2023 (USD Million)
     11.3 Infrastructure
             11.3.1 Infrastructure: VFD Market Size, By Voltage, 2016–2023 (USD Million)
     11.4 Power Generation
             11.4.1 Power Generation: VFD Market Size, By Voltage, 2016–2023 (USD Million)
     11.5 Oil & Gas
             11.5.1 Oil & Gas: VFD Market Size, By Voltage, 2016–2023 (USD Million)

12 VFD Market, By Region (Page No. - 69)
     12.1 Introduction
             12.1.1 VFD Market Size, By Region, 2016–2023 (USD Million)
     12.2 Asia Pacific
             12.2.1 By Voltage
                        12.2.1.1 Asia Pacific: VFD Market Size, By Voltage, 2016–2023 (USD Million)
             12.2.2 By Application
                        12.2.2.1 Asia Pacific: VFD Market Size, By Application, 2016–2023 (USD Million)
             12.2.3 By Power Range
                        12.2.3.1 Asia Pacific: VFD Market Size, By Power Range, 2016–2023 (USD Million)
             12.2.4 By Type
                        12.2.4.1 Asia Pacific: VFD Market Size, By Type, 2016–2023 (USD Million)
             12.2.5 By Country
                        12.2.5.1 Asia Pacific: VFD Market Size, By Country, 2016–2023 (USD Million)
                        12.2.5.2 China
                                     12.2.5.2.1 China: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.2.5.3 India
                                     12.2.5.3.1 India: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.2.5.4 Japan
                                     12.2.5.4.1 Japan: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.2.5.5 Australia
                                     12.2.5.5.1 Australia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.2.5.6 South Korea
                                     12.2.5.6.1 South Korea: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.2.5.7 Indonesia
                                     12.2.5.7.1 Indonesia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.2.5.8 Rest of Asia Pacific
                                     12.2.5.8.1 Rest of Asia Pacific: VFD Market Size, By Voltage, 2016–2023 (USD Million)
     12.3 Europe
             12.3.1 By Voltage
                        12.3.1.1 Europe: VFD Market Size, By Voltage, 2016–2023 (USD Million)
             12.3.2 By Application
                        12.3.2.1 Europe: VFD Market Size, By Application, 2016–2023 (USD Million)
             12.3.3 By Power Range
                        12.3.3.1 Europe: VFD Market Size, By Power Range, 2016–2023 (USD Million)
             12.3.4 By Type
                        12.3.4.1 Europe: VFD Market Size, By Type, 2016–2023 (USD Million)
             12.3.5 By Country
                        12.3.5.1 Europe: VFD Market Size, By Country, 2016–2023 (USD Million)
                        12.3.5.2 Germany
                                     12.3.5.2.1 Germany: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.3.5.3 France
                                     12.3.5.3.1 France: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.3.5.4 UK
                                     12.3.5.4.1 UK: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.3.5.5 Russia
                                     12.3.5.5.1 Russia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.3.5.6 Italy
                                     12.3.5.6.1 Italy: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.3.5.7 Spain
                                     12.3.5.7.1 Spain: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.3.5.8 Rest of Europe
                                     12.3.5.8.1 Rest of Europe: VFD Market Size, By Voltage, 2016–2023 (USD Million)
     12.4 North America
             12.4.1 By Voltage
                        12.4.1.1 North America: VFD Market Size, By Voltage, 2016–2023 (USD Million)
             12.4.2 By Application
                        12.4.2.1 North America: VFD Market Size, By Application, 2016–2023 (USD Million)
             12.4.3 By Power Range
                        12.4.3.1 North America: VFD Market Size, By Power Range, 2016–2023 (USD Million)
             12.4.4 By Type
                        12.4.4.1 North America: VFD Market Size, By Type, 2016–2023 (USD Million)
             12.4.5 By Country
                        12.4.5.1 North America: VFD Market Size, By Country, 2016–2023 (USD Million)
                        12.4.5.2 US
                                     12.4.5.2.1 US: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.4.5.3 Canada
                                     12.4.5.3.1 Canada: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.4.5.4 Mexico
                                     12.4.5.4.1 Mexico: VFD Market Size, By Voltage, 2016–2023 (USD Million)
     12.5 South America
             12.5.1 By Voltage
                        12.5.1.1 South America: VFD Market Size, By Voltage, 2016–2023 (USD Million)
             12.5.2 By Application
                        12.5.2.1 South America: VFD Market Size, By Application, 2016–2023 (USD Million)
             12.5.3 By Power Range
                        12.5.3.1 South America: VFD Market Size, By Power Range, 2016–2023 (USD Million)
             12.5.4 By Type
                        12.5.4.1 South America: VFD Market Size, By Type, 2016–2023 (USD Million)
             12.5.5 By Country
                        12.5.5.1 South America: VFD Market Size, By Country, 2016–2023 (USD Million)
                        12.5.5.2 Brazil
                                     12.5.5.2.1 Brazil: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.5.5.3 Argentina
                                     12.5.5.3.1 Argentina: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.5.5.4 Chile
                                     12.5.5.4.1 Chile: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.5.5.5 Rest of South America
                                     12.5.5.5.1 Rest of South America: VFD Market Size, By Voltage, 2016–2023 (USD Million)
     12.6 Middle East
             12.6.1 By Voltage
                        12.6.1.1 Middle East: VFD Market Size, By Voltage, 2016–2023 (USD Million)
             12.6.2 By Application
                        12.6.2.1 Middle East: VFD Market Size, By Application, 2016–2023 (USD Million)
             12.6.3 By Power Range
                        12.6.3.1 Middle East: VFD Market Size, By Power Range, 2016–2023 (USD Million)
             12.6.4 By Type
                        12.6.4.1 Middle East: VFD Market Size, By Type, 2016–2023 (USD Million)
             12.6.5 By Country
                        12.6.5.1 Middle East: VFD Market Size, By Country, 2016–2023 (USD Million)
                        12.6.5.2 Saudi Arabia
                                     12.6.5.2.1 Saudi Arabia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.6.5.3 UAE
                                     12.6.5.3.1 UAE: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.6.5.4 Qatar
                                     12.6.5.4.1 Qatar: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.6.5.5 Oman
                                     12.6.5.5.1 Oman: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.6.5.6 Kuwait
                                     12.6.5.6.1 Kuwait: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.6.5.7 Rest of Middle East
                                     12.6.5.7.1 Rest of Middle East: VFD Market Size, By Voltage, 2016–2023 (USD Million)
     12.7 Africa
             12.7.1 By Voltage
                        12.7.1.1 Africa: VFD Market Size, By Voltage, 2016–2023 (USD Million)
             12.7.2 By Application
                        12.7.2.1 Africa: VFD Market Size, By Application, 2016–2023 (USD Million)
             12.7.3 By Power Range
                        12.7.3.1 Africa: VFD Market Size, By Power Range, 2016–2023 (USD Million)
             12.7.4 By Type
                        12.7.4.1 Africa: VFD Market Size, By Type, 2016–2023 (USD Million)
             12.7.5 By Country
                        12.7.5.1 Africa: VFD Market Size, By Country, 2016–2023 (USD Million)
                        12.7.5.2 Egypt
                                     12.7.5.2.1 Egypt: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.7.5.3 Nigeria
                                     12.7.5.3.1 Nigeria: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.7.5.4 South Africa
                                     12.7.5.4.1 South Africa: VFD Market Size, By Voltage, 2016–2023 (USD Million)
                        12.7.5.5 Rest of Africa
                                     12.7.5.5.1 Rest of Africa: VFD Market Size, By Voltage, 2016–2023 (USD Million)

13 Competitive Landscape (Page No. - 113)
     13.1 Overview
     13.2 Ranking of Players and Industry Concentration, 2017
     13.3 Competitive Scenario
             13.3.1 New Product Launches
             13.3.2 Contracts & Agreements
             13.3.3 Investments & Expansions
             13.3.4 Mergers & Acquisitions
             13.3.5 Others

14 Company Benchmarking (Page No. - 119)
     14.1 ABB
             14.1.1 Business Overview
             14.1.2 Products Offered
             14.1.3 Recent Developments
                        14.1.3.1 New Product Launches
                        14.1.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.1.4 MnM View
     14.2 Siemens
             14.2.1 Business Overview
             14.2.2 Products Offered
             14.2.3 Recent Developments
                        14.2.3.1 New Product Launches
                        14.2.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.2.4 MnM View
     14.3 Schneider Electric
             14.3.1 Business Overview
             14.3.2 Products Offered
             14.3.3 Recent Developments
                        14.3.3.1 New Product Launches
                        14.3.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.3.4 MnM View
     14.4 Danfoss
             14.4.1 Business Overview
             14.4.2 Products Offered
             14.4.3 Recent Developments
                        14.4.3.1 New Product Launches
                        14.4.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.4.4 MnM View
     14.5 Rockwell
             14.5.1 Business Overview
             14.5.2 Products Offered
             14.5.3 Recent Developments
                        14.5.3.1 New Product Launches
                        14.5.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.5.4 MnM View
     14.6 Crompton Greaves
             14.6.1 Business Overview
             14.6.2 Products Offered
             14.6.3 Recent Developments
                        14.6.3.1 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.6.4 MnM View
     14.7 Eaton
             14.7.1 Business Overview
             14.7.2 Products Offered
             14.7.3 Recent Developments
                        14.7.3.1 New Product Launches
                        14.7.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.7.4 MnM View
     14.8 Fuji
             14.8.1 Business Overview
             14.8.2 Products Offered
             14.8.3 Recent Development
                        14.8.3.1 New Product Launches
                        14.8.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.8.4 MnM View
     14.9 Hitachi
             14.9.1 Business Overview
             14.9.2 Products Offered
             14.9.3 Recent Developments
                        14.9.3.1 New Product Launches
                        14.9.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.9.4 MnM View
     14.10 NIDEC
             14.10.1 Business Overview
             14.10.2 Products Offered
             14.10.3 Recent Developments
                        14.10.3.1 New Product Launches
                        14.10.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.10.4 MnM View
     14.11 TMEIC
             14.11.1 Business Overview
             14.11.2 Products Offered
             14.11.3 Recent Developments
                        14.11.3.1 New Product Launches
                        14.11.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.11.4 MnM View
     14.12 WEG SA
             14.12.1 Business Overview
             14.12.2 Products Offered
             14.12.3 Recent Developments
                        14.12.3.1 New Product Launches
                        14.12.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.12.4 MnM View
     14.13 Yaskawa
             14.13.1 Business Overview
             14.13.2 Products Offered
             14.13.3 Recent Developments
                        14.13.3.1 New Product Launches
                        14.13.3.2 Partnerships/Collaborations/Joint Ventures/Contracts & Agreements/Mergers & Acquisitions/Investments & Expansions
             14.13.4 MnM View

15 Appendix (Page No. - 174)
     15.1 Insights of Industry Experts
     15.2 Discussion Guide
     15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.4 Introducing RT: Real-Time Market Intelligence
     15.5 Available Customizations
     15.6 Related Reports
     15.7 Author Details


List of Tables (90 Tables)

Table 1 VFD Market Snapshot
Table 2 VFD Market Size, By Type, 2016–2023 (USD Million)
Table 3 AC Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 4 DC Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 5 Servo Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 6 VFD Market Size, By Technology, 2016–2023 (USD Million)
Table 7 Standard: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 8 Regenerative: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 9 VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 10 Low-Voltage: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 11 Medium Voltage: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 12 Global VFD Market Size, By Application, 2016–2023 (USD Million)
Table 13 Pumps: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 14 Fans: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 15 Compressor: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 16 Conveyors: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 17 Others: VFD Market, By Region, 2016–2023 (USD Million)
Table 18 VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 19 Micro Power Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 20 Low Power Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 21 Medium Power Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 22 High Power Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 23 VFD Market Size, By End-User, 2016–2023 (USD Million)
Table 24 Industrial: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 25 Infrastructure: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 26 Power Generation: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 27 Oil & Gas: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 28 VFD Market Size, By Region, 2016–2023 (USD Million)
Table 29 Asia Pacific: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 30 Asia Pacific: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 31 Asia Pacific: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 32 Asia Pacific: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 33 Asia Pacific: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 34 China: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 35 India: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 36 Japan: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 37 Australia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 38 South Korea: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 39 Indonesia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 40 Rest of Asia Pacific: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 41 Europe: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 42 Europe: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 43 Europe: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 44 Europe: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 45 Europe: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 46 Germany: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 47 France: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 48 UK: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 49 Russia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 50 Italy: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 51 Spain: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 52 Rest of Europe: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 53 North America: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 54 North America: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 55 North America: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 56 North America: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 57 North America: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 58 US: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 59 Canada: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 60 Mexico: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 61 South America: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 62 South America: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 63 South America: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 64 South America: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 65 South America: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 66 Brazil: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 67 Argentina: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 68 Chile: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 69 Rest of South America: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 70 Middle East: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 71 Middle East: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 72 Middle East: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 73 Middle East: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 74 Middle East: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 75 Saudi Arabia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 76 UAE: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 77 Qatar: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 78 Oman: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 79 Kuwait: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 80 Rest of Middle East: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 81 Africa: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 82 Africa: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 83 Africa: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 84 Africa: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 85 Africa: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 86 Egypt: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 87 Nigeria: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 88 South Africa: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 89 Rest of Africa: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 90 TMEIC Was the Most Active Player in the Market Between 2014 & 2018


List of Figures (43 Figures)

Figure 1 Research Design
Figure 2 Breakdown of Primaries: By Company Type, Designation, & Region
Figure 3 Bottom-Up Approach
Figure 4 Top-Down Approach
Figure 5 Data Triangulation Methodology
Figure 6 Assumptions of the Research Study
Figure 7 AC Drives Segment to Register the Highest CAGR
Figure 8 Low-Voltage Segment to Lead the VFD Market
Figure 9 Low Power Drives Segment to Lead the VFD Market
Figure 10 Pumps to Be the Leading Application of VFD
Figure 11 Asia Pacific to Lead the VFD Market
Figure 12 Attractive Opportunities in the VFD Market, 2018–2023
Figure 13 Medium-Voltage Segment to Register the Highest CAGR
Figure 14 Pumps Segment Accounted for the Largest Market Share in 2017
Figure 15 High Power Drives Segment to Register the Highest CAGR
Figure 16 AC Drives Was the Largest Type and Asia Pacific Was the Largest Market in the AC Drives Segment in 2017
Figure 17 China Was the Largest VFD Market in Asia Pacific
Figure 18 Factors Governing the VFD Market
Figure 19 Global Electricity Consumption, 2011–2016
Figure 20 Crude Oil Price Trend, 2014–2018 (USD Per Barrel)
Figure 21 Low-Voltage Segment Accounted for A Larger Market Share in 2017
Figure 22 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 23 Asia Pacific LED the VFD Market in 2017
Figure 24 Asia Pacific: VFD Market Snapshot
Figure 25 Europe: VFD Market Snapshot
Figure 26 North America: VFD Market Snapshot
Figure 27 South America: VFD Market Snapshot
Figure 28 Middle East: VFD Market Snapshot
Figure 29 Africa: VFD Market Snapshot
Figure 30 Key Developments in the VFD Market, 2014–2018
Figure 31 ABB LED the VFD Market in 2017
Figure 32 ABB: Company Snapshot
Figure 33 Siemens: Company Snapshot
Figure 34 Schneider Electric: Company Snapshot
Figure 35 Danfoss: Company Snapshot
Figure 36 Rockwell: Company Snapshot
Figure 37 Crompton Greaves: Company Snapshot
Figure 38 Eaton: Company Snapshot
Figure 39 Fuji: Company Snapshot
Figure 40 Hitachi: Company Snapshot
Figure 41 NIDEC: Company Snapshot
Figure 42 WEG SA: Company Snapshot
Figure 43 Yaskawa: Company Snapshot


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