Variable Frequency Drive Market

Variable Frequency Drive Market by Type (AC, DC, Servo), Application (Pumps, Fans, Compressors, Conveyors), End User (Industrial, Infrastructure, Oil & Gas, Power), Power Rating (Micro, Low, Medium, High), Voltage and Region - Global Forecast to 2027

Report Code: EP 2653 Apr, 2022, by marketsandmarkets.com

[253 Pages Reports] The global variable frequency drive market is projected to reach USD 26.8 billion by 2027 from an estimated USD 21.2 billion in 2022, at a CAGR of 4.8% during the forecast period. The government regulations related to energy efficiency and the growing use of variable frequency drives to reduce energy consumption and enhance the efficiency of systems are projected to create lucrative growth opportunities for the variable frequency drive market players.

Variable Frequency Drive (VFD) Market

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COVID-19 Impact on the Global Variable Freqency Drive Market

The COVID-19 pandemic has adversely affected the growth of the variable frequency drive market globally as the demand for variable frequency drive was reduced significantly. Governments worldwide were compelled to reduce business activities to minimize the spread of the coronavirus. Additionally, companies across different geographies had to shut down their manufacturing facilities and services as partial or full lockdowns were imposed to contain the pandemic. This resulted in increased procurement costs of raw materials due to the shortage of supplies, which ultimately led to delays in order closures. Thus, the pandemic has negatively impacted the demand for variable frequency drive in the short term.

Variable Frequency Drive Market Dynamics

Driver: Increasing industrialisation and growing demand for energy efficiency

Variable frequency drives are increasingly being used in the industrial and infrastructure sectors. Major industries that use variable frequency drives are cement, chemical, petrochemical, mining, oil & gas, pulp & paper, and water & wastewater treatment. Variable frequency drives find applications in conveyors, fans, utility pumps, process pumps, fans, blowers, air compressors, process compressors, coolers, cooling tower fans, grinders, crushers, and chippers.

The cement and manufacturing industries in China, India, the US, Brazil, Russia, Iran, Indonesia, Saudi Arabia, Egypt, and Turkey offer lucrative opportunities for the variable frequency drive market. With the rising infrastructure projects in India, cement demand is expected to increase by an estimated 45 million tons in the next 3–4 years. By 2025, it is projected to reach 550–600 Million Tons Per Annum (MTPA). The housing sector is the major demand generator for cement in India, accounting for about 67% of the total consumption. In China, the pulp & paper industry has developed rapidly since 2001. The country is currently one of the world’s largest pulp and paper manufacturers. Approximately 50% of the global pulp and paper production capacity is in China, the US, and Canada. The expanding pulp & paper and cement industries in these countries are expected to boost the sales of electric motors and, in turn, of variable frequency drives

According to the Industrial Efficiency Technology database, more than 300 million motors are used in various industries, large buildings, and infrastructures globally, and 30 million new electric motors are sold every year for industrial purposes. By reducing the motor speed to match the application’s needs, variable frequency drives have the potential to significantly save energy and reduce operational costs for a variety of motor-driven applications. The increasing industrialization and rising demand for energy efficiency are expected to fuel the demand for variable frequency drives and fuel the market growth.

Restraint: Stagnant growth of oil & gas industries and decline in exploration and production activities

Oil & gas is one of the leading end-user industries of variable frequency drives. The industry has been witnessing stagnant growth for the past few years owing to declining exploration and production activities. The demand for variable frequency drives in this industry is linked to the exploration, development, and production activities, as well as the capital spending by oil and natural gas companies. Fluctuations in oil and natural gas prices directly impact these activities. The fluctuations occur in response to changes in the supply of and demand for oil and natural gas, governmental regulations, including policies regarding the exploration, production, and development of oil and natural gas reserves, weather conditions, natural disasters, and other factors. Oil and gas companies may reduce or defer major expenditures based on the perception of long-term low oil and natural gas prices, as many large-scale development projects initiated are for a long duration. Furthermore, the growth of the variable frequency drives market is directly affected by the decline in capital expenditures by oilfield operators and service providers.

International, national, and state governments and agencies have imposed regulations focused on restricting greenhouse gas (GHG) emissions and compliance with climate action regulations. In the US, the Environmental Protection Agency’s Greenhouse Gas Reporting Rule requires monitoring and reporting of GHG emissions from mobile and stationary greenhouse gas (GHG) emission sources in the oil & gas industry. Other developments focused on restricting greenhouse gas (GHG) emissions include the United Nations Framework Convention on Climate Change; the European Union Emission Trading System; Article 8 of the European Union Energy Efficiency Directive; UK’s Streamlined Energy and Carbon Reporting (SECR); European Commission’s proposed Carbon Border Adjustment Mechanism (CBAM); Regional Greenhouse Gas Initiative; and Western Climate Action Initiative.

Thus, strict government regulations related to greenhouse gases, climate change, and alternative energy sources may hamper the growth of the companies engaged in oil and natural gas exploration and production activities and negatively impact the demand for variable frequency drives.

Opportunities: Modernization  of power infrastructure

The growing energy demand has created the need for stable and reliable transmission and distribution (T&D) networks. According to the US Department of Energy (DOE), uninterrupted power can only be ensured through a system capable of handling sudden power fluctuations. The main reasons behind the increasing number of blackouts are aging infrastructure, limited investments, and a lack of clear policies to modernize the grid. The US witnesses more blackouts than any other developed country. Power outages in the country last more than an hour and have increased steadily in the past few years, costing American businesses about USD 150 billion per year. According to the Canadian Electricity Association, the Canadian electricity sector currently requires an investment of USD 400 billion over the next 20 years.

The electricity demand has grown by 10% over the past decade, although there are more energy-efficient products and buildings than in previous years. The recent regulations to reduce/limit the number of power blackouts and upgrade the aging power networks across the globe, particularly in North America, Europe, and parts of Asia Pacific, are enhancing the entire value chain across the power sector equipment. Thus, modernization of power infrastructure is expected to fuel the demand for variable frequency drives and create lucrative opportunities for the market players.

Challenges: Shortage of components and parts due to supply chain distribution

Electric motor manufacturing has witnessed a significant negative near-term impact of the COVID-19 pandemic due to supply chain disruptions. Industry players are anticipating delivery and construction slowdowns, either due to the shutdown of industrial operations to curb the spread of the virus or because the workers have tested positive. Many components and parts used in the manufacturing of electric motors are procured from China, the US, and some European countries. The decline in manufacturing activities in China and the US has hampered the production of variable frequency drives in the past 2 years. Besides, the supply–demand gap led to financial losses for component/part manufacturers.

Variable Frequency Drive (VFD) Market   by Trends

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AC Drive segment, by type, is expected to grow at the highest CAGR during forecast period

The AC Drive segment is expected to register the highest CAGR during the forecast period. AC Drive is mainly used to control the motor’s speed in the oil & gas, water & wastewater treatment, and metals & mining industries. Companies in the metals & mining industry deploy equipment such as conveyors, mills, grinders, crushers, and fans/blowers, which require AC drives. These drives also find applications in wind turbine power generation, water supply pumping, HVAC systems, boiler feed pumps, power generators, and flow hydronic systems.

Low Voltage segment is expected to be the most significant contributor to the global variable frequency drive market  during the forecast period

By voltage, the variable frequency drive market has been segmented into Low Voltage and Medium Voltage. Low Voltage  is expected to be the largest and fastest-growing segment during the forecast period. Low voltage variable frequency drives are used in many applications, such as pumps, fans, belt conveyors, centrifugal pumps, and centrifugal compressors. These wide appilaction is fueling the growth for low voltage variable frequency drive .

Low power drive is expected to witness the largest market growth, by power rating, during the forecast period

The low power drive segment (power rating from 6 kW to 40 kW) accounted for largest share of the variable frequency drive market in 2021. Low power drives offer a quick payback period due to higher energy savings at low capital costs and better process control. They also find applications in other industries such as construction, automation, oil & gas, food & beverage, and pulp & paper due to their high energy efficiency feature.

“Asia Pacific: The largest and fastest variable frequency drive market”

Asia Pacific is expected to dominate the variable frequency drive market between 2022–2027, followed by North America and the Europe. Asia Pacific accounted for largest share of the global variable frequency drive market in 2021. The growth of the Asia Pacific market is driven by countries such as India, China, Japan, Australia, South Korea, Indonesia, and Rest of Asia Pacific. The major end users of variable frequency drives in this region are the oil & gas, industrial, power, and infrastructure sectors. The growing privatization of the industrial sector in the region is fueling the growth for variable frequency drive.

Variable Frequency Drive (VFD) Market by Region

Key Market Players

The variable frequency drive market is dominated by a few major players that have a wide regional presence. The major players in the variable frequency drive market are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell Automation (US). Between 2018 and 2022, the companies adopted growth strategies such as sales contracts to capture a larger share of the variable frequency drive market.

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Scope of the Report

Report Metric

Details

Market size available for years

2020–2027

Base year considered

2021

Forecast period

2022–2027

Forecast units

Value (USD)

Segments covered

Type, Voltage Type, Power Rating, Application, End-user Industry, and Region

Geographies covered

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

Companies covered

ABB (Switzerland), Siemens (Germany), Danfoss (Denmark), Schneider Electric (France), Rockwell Automation (US), Fuji Electric (Japan), TMEIC (Japan), Delta Electronics (Taiwan), Sew-Eurodrive (Germany), Parker Hannifin (US), Inovance Technology (China), Shenzhen Gozuk (China),  General Electric (US), Eaton (Ireland), NIDEC (Japan), WEG SA (Brazil), Hitachi (Japan), Honeywell International (US), Yaskawa (Japan), Anaheim Automation (US), Nord Drive Systems (Germany), Techsuppen (India), CG Power (India), Saksun Industries (India) and A.S. Automation (India).

This research report categorizes the variable frequency drive market by type, voltage type, power rating, application, end-user, and region

On the basis of by type, the variable frequency drive market has been segmented as follows:

  • AC Drive
  • DC Drive
  • Servo Drive

On the basis of voltage type, the variable frequency drive market has been segmented as follows:

  • Low Voltage
  • Medium Voltage

On the basis of power rating, the variable frequency drive market has been segmented as follows:

  • Micro Power Drive
  • Low Power Drive
  • Medium Power Drive
  • High Power Drive

On the basis of application, the variable frequency drive market has been segmented as follows:

  • Pumps
  • Conveyors
  • Fans
  • Compressors
  • Others

On the basis of by end user, the variable frequency drive market has been segmented as follows:

  • Oil & gas
  • Industrial
  • Power
  • Infrastructure

On the basis of region, the variable frequency drive market has been segmented as follows:

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

Recent Developments

  • In April 2021, Siemens introduces a new, compact, and powerful SINAMICS G115D drive system specifically designed for horizontal conveyor applications. The drive system comprises the motor, drive, and gearbox in one unit and is offered in two versions — wall-mounted and motor-mounted.
  • In Febraury 2020, Schneider Electric introduced an Altivar 360, a variable speed drive for applications from 0.37 to 22 kW / 0.5 to 30 HP. The compact size of this drive, its robust design, ease of installation, based on the principle of Plug & Play, integrated functions, and macro configuration make it particularly suitable for applications involving industrial machines and certain consumer machines.
  • In November 2020, Danfoss Drives and other Danfoss business segments are expected to supply the technology company Wartsila's research, product development, and production center Smart Technology Hub with a significant number of AC drives and other products.
  • In September 2020, ABB invested approximately USD 43.3 million in new research & development facilities and office space for its Motion and Industrial Automation Businesses at the company’s largest Swiss location in Turgi in the canton of Aargau. The investment is expected to enable ABB strengthen its position in a number of high-growth areas while also enabling the company to expand its capabilities in innovation.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 32)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION
           1.2.1 VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING: INCLUSIONS AND EXCLUSIONS
           1.2.2 VARIABLE FREQUENCY DRIVE MARKET, BY END USER: INCLUSIONS AND EXCLUSIONS
           1.2.3 VARIABLE FREQUENCY DRIVE MARKET, BY TYPE: INCLUSIONS AND EXCLUSIONS
           1.2.4 VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION: INCLUSIONS AND EXCLUSIONS
           1.2.5 VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE: INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE
           1.3.1 MARKET SEGMENTATION
           1.3.2 REGIONAL SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 LIMITATIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 37)
    2.1 RESEARCH DATA
          FIGURE 1 VARIABLE FREQUENCY DRIVE MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION
          FIGURE 2 DATA TRIANGULATION
           2.2.1 SECONDARY DATA
                    2.2.1.1 KEY DATA FROM SECONDARY SOURCES
           2.2.2 PRIMARY DATA
                    2.2.2.1 KEY DATA FROM PRIMARY SOURCES
                    2.2.2.2 BREAKDOWN OF PRIMARIES
    2.3 MATRIX CONSIDERED FOR DEMAND SIDE ASSESSMENT
          FIGURE 3 MAIN MATRIX CONSIDERED WHILE ASSESSING  DEMAND FOR VARIABLE FREQUENCY DRIVES
    2.4 MARKET SIZE ESTIMATION
           2.4.1 DEMAND SIDE MATRIX
                    FIGURE 4 VARIABLE FREQUENCY DRIVE MARKET: INDUSTRY-REGION/ COUNTRY-WISE ANALYSIS
                    2.4.1.1 CALCULATION FOR DEMAND SIDE ANALYSIS
                    2.4.1.2 KEY ASSUMPTIONS WHILE CALCULATING DEMAND SIDE MARKET SIZE
           2.4.2 SUPPLY SIDE MATRIX
                    FIGURE 5 KEY STEPS CONSIDERED FOR ASSESSING SUPPLY OF VARIABLE  FREQUENCY DRIVES
                    2.4.2.1 CALCULATIONS FOR SUPPLY SIDE ANALYSIS
                                FIGURE 6 VARIABLE FREQUENCY DRIVE MARKET: SUPPLY SIDE ANALYSIS
                    2.4.2.2 ASSUMPTIONS WHILE CALCULATING SUPPLY SIDE MARKET SIZE
                                FIGURE 7 COMPANY REVENUE ANALYSIS, 2021
           2.4.3 FORECAST

3 EXECUTIVE SUMMARY (Page No. - 47)
    TABLE 1 VARIABLE FREQUENCY DRIVE MARKET SNAPSHOT
    FIGURE 8 AC DRIVE SEGMENT TO LEAD VARIABLE FREQUENCY DRIVE MARKET, BY TYPE, DURING FORECAST PERIOD
    FIGURE 9 LOW VOLTAGE SEGMENT TO LEAD VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE, DURING FORECAST PERIOD
    FIGURE 10 LOW POWER DRIVE SEGMENT TO LEAD VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING, DURING FORECAST PERIOD
    FIGURE 11 PUMPS SEGMENT TO LEAD VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION, DURING FORECAST PERIOD
    FIGURE 12 INDUSTRIAL SEGMENT TO LEAD VARIABLE FREQUENCY DRIVE MARKET, BY END USER, DURING FORECAST PERIOD
    FIGURE 13 ASIA PACIFIC TO DOMINATE VARIABLE FREQUENCY DRIVE MARKET BETWEEN 2022 AND 2027

4 PREMIUM INSIGHTS (Page No. - 52)
    4.1 ATTRACTIVE OPPORTUNITIES IN VARIABLE FREQUENCY  DRIVE MARKET
          FIGURE 14 GROWING NEED FOR ENHANCING ENERGY EFFICIENCY AND ACHIEVING COST SAVINGS TO DRIVE GROWTH OF VARIABLE FREQUENCY DRIVE MARKET,  2022–2027
    4.2 VARIABLE FREQUENCY DRIVE MARKET, BY REGION
          FIGURE 15 ASIA PACIFIC VARIABLE FREQUENCY DRIVE MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
    4.3 VARIABLE FREQUENCY DRIVE MARKET, BY TYPE
          FIGURE 16 AC DRIVES SEGMENT DOMINATED VARIABLE FREQUENCY DRIVE MARKET  IN 2021
    4.4 VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE
          FIGURE 17 LOW VOLTAGE SEGMENT DOMINATED VARIABLE FREQUENCY DRIVE MARKET  IN 2021
    4.5 VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING
          FIGURE 18 LOW POWER DRIVE SEGMENT HELD LARGEST SHARE OF VARIABLE FREQUENCY DRIVE MARKET IN 2021
    4.6 VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION
          FIGURE 19 PUMPS SEGMENT HELD LARGEST SHARE OF VARIABLE FREQUENCY DRIVE MARKET IN 2021
    4.7 VARIABLE FREQUENCY DRIVE MARKET, BY END USER
          FIGURE 20 INDUSTRIAL SEGMENT DOMINATED VARIABLE FREQUENCY  DRIVE MARKET IN 2021

5 MARKET OVERVIEW (Page No. - 56)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
          FIGURE 21 VARIABLE FREQUENCY DRIVE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 INCREASING INDUSTRIALIZATION AND GROWING DEMAND FOR ENERGY EFFICIENCY
                    5.2.1.2 RISING NEED FOR ENHANCING ENERGY EFFICIENCY AND DECREASING ENERGY CONSUMPTION
                                TABLE 2 ENERGY SAVINGS USING VARIABLE FREQUENCY DRIVES (VFDS), 2021
                                FIGURE 22 GLOBAL DOMESTIC ELECTRICITY CONSUMPTION, 2015–2020
                    5.2.1.3 SUPPORTIVE REGULATORY ENVIRONMENT FOR EFFICIENT AND EFFECTIVE ENERGY UTILIZATION
           5.2.2 RESTRAINTS
                    5.2.2.1 STAGNANT GROWTH OF OIL & GAS INDUSTRY AND DECLINE IN EXPLORATION AND PRODUCTION ACTIVITIES
                                FIGURE 23 CRUDE OIL PRICE TREND, 2017–2022 (USD PER BARREL)
                    5.2.2.2 INCREASE IN MAINTENANCE COST OF SYSTEMS AFTER IMPLEMENTATION OF VARIABLE FREQUENCY DRIVES (VFDS)
           5.2.3 OPPORTUNITIES
                    5.2.3.1 MODERNIZATION OF POWER INFRASTRUCTURE
                    5.2.3.2 GROWING USE OF INDUSTRIAL INTERNET OF THINGS (IOT) AND ROBOTICS TECHNOLOGIES
           5.2.4 CHALLENGES
                    5.2.4.1 AVAILABILITY OF LOW-COST PRODUCTS IN GRAY MARKET
                    5.2.4.2 SHORTAGE OF COMPONENTS AND PARTS DUE TO SUPPLY CHAIN DISRUPTIONS
                                TABLE 3 REGION-/COUNTRY-WISE PERCENTAGE DEVIATIONS FROM BENCHMARKS  DUE TO COVID-19
    5.3 PORTER’S FIVE FORCES ANALYSIS
          TABLE 4 VARIABLE FREQUENCY DRIVE MARKET: PORTER’S FIVE FORCES ANALYSIS
          FIGURE 24 PORTER’S FIVE FORCES ANALYSIS
           5.3.1 THREAT OF SUBSTITUTES
           5.3.2 BARGAINING POWER OF SUPPLIERS
           5.3.3 BARGAINING POWER OF BUYERS
           5.3.4 THREAT OF NEW ENTRANTS
           5.3.5 INTENSITY OF COMPETITIVE RIVALRY
    5.4 KEY STAKEHOLDERS AND BUYING CRITERIA
           5.4.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 25 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY END USER
                    TABLE 5 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY END USER (%)
           5.4.2 BUYING CRITERIA
                    FIGURE 26 KEY BUYING CRITERIA FOR END USERS
                    TABLE 6 KEY BUYING CRITERIA, BY END USER
    5.5 COVID-19 IMPACT ANALYSIS
           5.5.1 COVID-19 HEALTH ASSESSMENT
                    FIGURE 27 COVID-19 GLOBAL PROPAGATION
                    FIGURE 28 COVID-19 PROPAGATION IN SELECTED COUNTRIES
           5.5.2 COVID-19 ECONOMIC ASSESSMENT
                    FIGURE 29 REVISED GDP FORECASTS FOR SELECTED G20 COUNTRIES IN 2020
    5.6 AVERAGE SELLING PRICE TREND
          FIGURE 30 AVERAGE SELLING PRICES OF KEY PLAYER OFFERINGS FOR POWER RATING
          TABLE 7 AVERAGE SELLING PRICES OF KEY PLAYER OFFERINGS FOR POWER RATING (USD)
    5.7 VALUE CHAIN ANALYSIS
          FIGURE 31 VARIABLE FREQUENCY DRIVE MARKET: VALUE CHAIN
           5.7.1 RAW MATERIAL PROVIDERS/SUPPLIERS
           5.7.2 COMPONENT MANUFACTURERS
           5.7.3 ASSEMBLERS/MANUFACTURERS
           5.7.4 DISTRIBUTORS/END USERS AND POST-SALES SERVICES
    5.8 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
           5.8.1 REVENUE SHIFT AND NEW REVENUE POCKETS FOR VARIABLE FREQUENCY DRIVE MANUFACTURERS
                    FIGURE 32 REVENUE SHIFT FOR VARIABLE FREQUENCY DRIVE MANUFACTURERS
    5.9 TECHNOLOGY ANALYSIS
           5.9.1 PERMANENT MAGNET MOTORS
           5.9.2 WIRELESS DIAGNOSTIC
           5.9.3 MODULAR MEMORY
           5.9.4 PREDICTIVE MAINTENANCE
    5.10 KEY CONFERENCES AND EVENTS BETWEEN 2022 AND 2023
           TABLE 8 VARIABLE FREQUENCY DRIVE MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
    5.11 MARKET MAP
           FIGURE 33 MARKET MAP FOR VARIABLE FREQUENCY DRIVES
    5.12 INNOVATIONS AND PATENT REGISTRATIONS
           TABLE 9 VARIABLE FREQUENCY DRIVE MARKET: PATENTS AND INNOVATIONS
    5.13 TRADE DATA STATISTICS
           TABLE 10 ELECTRIC MOTOR: IMPORT STATISTICS, 2018–2021 (USD MILLION)
           TABLE 11 ELECTRIC MOTOR: EXPORT STATISTICS, 2018–2021 (USD MILLION)
    5.14 CASE STUDY ANALYSIS
           5.14.1 ABB’S ULTRA-LOW HARMONIC DRIVES IMPROVED ENERGY EFFICIENCY OF ICE-MAKING PROCESS AT OULU ENERGY ARENA, 2021
           5.14.2 DANFOSS DELIVERED ENERGY-EFFICIENT DRIVES FOR IMPROVING INDOOR AIR QUALITY IN DELHI METRO, 2021
           5.14.3 ABB’S VARIABLE FREQUENCY DRIVE SUCCESS, 2018
    5.15 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           TABLE 12 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           TABLE 13 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
           TABLE 14 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
           TABLE 15 REST OF WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
           TABLE 16 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS
           5.15.1 CODES AND REGULATIONS RELATED TO VARIABLE FREQUENCY DRIVES
                     TABLE 17 ASIA PACIFIC: CODES AND REGULATIONS
                     TABLE 18 EUROPE AND NORTH AMERICA: CODES AND REGULATIONS
                     TABLE 19 GLOBAL: CODES AND REGULATIONS

6 VARIABLE FREQUENCY DRIVE MARKET, BY TYPE (Page No. - 83)
    6.1 INTRODUCTION
          FIGURE 34 VARIABLE FREQUENCY DRIVE MARKET, BY TYPE, 2021
          TABLE 20 VARIABLE FREQUENCY DRIVE MARKET, BY TYPE, 2020–2027 (USD MILLION)
    6.2 AC DRIVE
           6.2.1 EASY AVAILABILITY AND HIGH ENERGY EFFICIENCY ARE FACTORS DRIVING MARKET GROWTH
                    TABLE 21 AC DRIVE: VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (USD MILLION)
    6.3 DC DRIVE
           6.3.1 ADVANTAGES SUCH AS SPEED CONTROL AND HIGH-SPEED REGULATION TO PROPEL DEMAND FOR DC DRIVES
                    TABLE 22 DC DRIVE: VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (USD MILLION)
    6.4 SERVO DRIVE
           6.4.1 INCREASING APPLICATIONS IN CLOSED-LOOP CONTROL AND I/O PROCESSING FOR SAFETY COMPONENTS TO BOOST GROWTH OF SEGMENT
                    TABLE 23 SERVO DRIVE: VARIABLE FREQUENCY DRIVE MARKET, BY REGION,  2020–2027 (USD MILLION)

7 VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE (Page No. - 88)
    7.1 INTRODUCTION
          FIGURE 35 VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE, 2021
          TABLE 24 VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE, 2020–2027 (USD MILLION)
    7.2 LOW VOLTAGE
           7.2.1 RISING APPLICATIONS OF LOW VOLTAGE VARIABLE FREQUENCY DRIVES TO FUEL MARKET GROWTH
                    TABLE 25 LOW VOLTAGE: VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (USD MILLION)
    7.3 MEDIUM VOLTAGE
           7.3.1 GROWING USE OF MEDIUM VOLTAGE VARIABLE FREQUENCY DRIVES TO MINIMIZE OPERATING AND MAINTENANCE COSTS TO DRIVE MARKET GROWTH
                    TABLE 26 MEDIUM VOLTAGE: VARIABLE FREQUENCY DRIVE MARKET, BY REGION,  2020–2027 (USD MILLION)

8 VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING (Page No. - 92)
    8.1 INTRODUCTION
          FIGURE 36 VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING, 2021
          TABLE 27 VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING, 2020–2027 (USD MILLION)
    8.2 MICRO POWER DRIVE
           8.2.1 RAPID INDUSTRIAL AND URBAN DEVELOPMENTS TO DRIVE MARKET GROWTH
                    TABLE 28 MICRO POWER DRIVE: VARIABLE FREQUENCY DRIVE MARKET, BY REGION,  2020–2027 (USD MILLION)
    8.3 LOW POWER DRIVE
           8.3.1 EXPANDING WATER & WASTEWATER TREATMENT INDUSTRY TO BOOST DEMAND FOR LOW POWER VARIABLE FREQUENCY DRIVES
                    TABLE 29 LOW POWER DRIVE: VARIABLE FREQUENCY DRIVE MARKET, BY REGION,  2020–2027 (USD MILLION)
    8.4 MEDIUM POWER DRIVE
           8.4.1 GROWING DEMAND FOR MEDIUM POWER DRIVES IN OIL & GAS INDUSTRY TO DRIVE MARKET GROWTH
                    TABLE 30 MEDIUM POWER DRIVE: VARIABLE FREQUENCY DRIVE MARKET, BY REGION,  2020–2027 (USD MILLION)
    8.5 HIGH POWER DRIVE
           8.5.1 GROWING METAL & MINING INDUSTRY TO DRIVE MARKET GROWTH
                    TABLE 31 HIGH POWER DRIVE: VARIABLE FREQUENCY DRIVE MARKET, BY REGION,  2020–2027 (USD MILLION)

9 VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION (Page No. - 98)
    9.1 INTRODUCTION
          FIGURE 37 PUMPS SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2021
          TABLE 32 VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
    9.2 PUMPS
           9.2.1 GROWING NEED TO REDUCE ENERGY CONSUMPTION AND MAINTENANCE COSTS TO DRIVE MARKET GROWTH
                    TABLE 33 PUMPS: VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (USD MILLION)
    9.3 FANS
           9.3.1 INCREASING ENERGY COSTS TO FUEL MARKET GROWTH
                    TABLE 34 FANS: VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (USD MILLION)
    9.4 COMPRESSORS
           9.4.1 GROWING AWARENESS REGARDING ENERGY SAVING AND INCREASING IMPLEMENTATION OF ENERGY-EFFICIENT SOLUTIONS TO BOOST DEMAND FOR VARIABLE FREQUENCY DRIVES
                    TABLE 35 COMPRESSORS: VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (USD MILLION)
    9.5 CONVEYORS
           9.5.1 RISING NEED FOR PROCESS INTEGRATION OF CONVEYORS TO FUEL DEMAND FOR VARIABLE FREQUENCY DRIVES
                    TABLE 36 CONVEYORS: VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (USD MILLION)
    9.6 OTHERS
          TABLE 37 OTHERS: VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (USD MILLION)

10 VARIABLE FREQUENCY DRIVE MARKET, BY END USER (Page No. - 105)
     10.1 INTRODUCTION
             FIGURE 38 INDUSTRIAL SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2021
             TABLE 38 VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
     10.2 OIL & GAS
             10.2.1 RISING FOCUS ON ACHIEVING ENERGY EFFICIENCY AND GROWING USAGE OF MOTORS ON LARGE SCALE TO DRIVE MARKET GROWTH
                        TABLE 39 OIL & GAS: VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (USD MILLION)
     10.3 INDUSTRIAL
             10.3.1 MOTORIZED AUTOMATION AND OPTIMUM UTILIZATION OF MACHINES AND POWER TO FUEL DEMAND FOR VARIABLE FREQUENCY DRIVES
                        TABLE 40 INDUSTRIAL: VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (USD MILLION)
     10.4 POWER
             10.4.1 INCREASING EMPHASIS ON ENERGY EFFICIENCY AND COST REDUCTION TO DRIVE MARKET GROWTH
                        TABLE 41 POWER: VARIABLE FREQUENCY DRIVE MARKET, BY REGION,  2020–2027 (USD MILLION)
     10.5 INFRASTRUCTURE
             10.5.1 GROWING NEED FOR ENERGY OPTIMIZATION AND ENHANCING ENERGY EFFICIENCY TO DRIVE MARKET GROWTH
                        TABLE 42 INFRASTRUCTURE: VARIABLE FREQUENCY DRIVE MARKET, BY REGION,  2020–2027 (USD MILLION)

11 VARIABLE FREQUENCY DRIVE MARKET, BY REGION (Page No. - 111)
     11.1 INTRODUCTION
             FIGURE 39 VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2021 (%)
             FIGURE 40 ASIA PACIFIC VARIABLE FREQUENCY DRIVE MARKET TO REGISTER HIGHEST CAGR FROM 2022 TO 2027
             TABLE 43 VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (USD MILLION)
             TABLE 44 VARIABLE FREQUENCY DRIVE MARKET, BY REGION, 2020–2027 (THOUSAND UNITS)
     11.2 ASIA PACIFIC
             FIGURE 41 SNAPSHOT: VARIABLE FREQUENCY DRIVE MARKET IN ASIA PACIFIC
             11.2.1 BY TYPE
                        TABLE 45 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET, BY TYPE, 2020–2027 (USD MILLION)
             11.2.2 BY VOLTAGE
                        TABLE 46 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE, 2020–2027 (USD MILLION)
             11.2.3 BY POWER RATING
                        TABLE 47 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING,  2020–2027 (USD MILLION)
             11.2.4 BY APPLICATION
                        TABLE 48 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION,  2020–2027 (USD MILLION)
             11.2.5 BY END USER
                        TABLE 49 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
             11.2.6 BY COUNTRY
                        TABLE 50 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
                        11.2.6.1 CHINA
                                     11.2.6.1.1 Rising investments in oil & gas industry and industrial sector to fuel demand for variable frequency drives
                                                     TABLE 51 CHINA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.2.6.2 INDIA
                                     11.2.6.2.1 Government-led investments in industrial sector and expanding chemical and metal & mining industries to fuel growth of variable frequency drive market
                                                     TABLE 52 INDIA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.2.6.3 AUSTRALIA
                                     11.2.6.3.1 Favorable government policies for lithium mining and increasing investments in wind development projects to drive market growth in Australia
                                                     TABLE 53 AUSTRALIA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.2.6.4 JAPAN
                                     11.2.6.4.1 Increasing investments in power sector and growing demand for LNG to drive market growth in Japan
                                                     TABLE 54 JAPAN: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.2.6.5 SOUTH KOREA
                                     11.2.6.5.1 Expanding steel and construction industries to drive market growth in South Korea
                                                     TABLE 55 SOUTH KOREA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER,  2020–2027 (USD MILLION)
                        11.2.6.6 INDONESIA
                                     11.2.6.6.1 Development of petrochemical products and renewable power generation to drive market growth in Indonesia
                                                     TABLE 56 INDONESIA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.2.6.7 REST OF ASIA PACIFIC
                                      TABLE 57 REST OF ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET, BY END USER,  2020–2027 (USD MILLION)
     11.3 NORTH AMERICA
             FIGURE 42 NORTH AMERICA VARIABLE FREQUENCY DRIVE MARKET: SNAPSHOT
             11.3.1 BY TYPE
                        TABLE 58 NORTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY TYPE, 2020–2027 (USD MILLION)
             11.3.2 BY VOLTAGE
                        TABLE 59 NORTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE,  2020–2027 (USD MILLION)
             11.3.3 BY POWER RATING
                        TABLE 60 NORTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING,  2020–2027 (USD MILLION)
             11.3.4 BY APPLICATION
                        TABLE 61 NORTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION,  2020–2027 (USD MILLION)
             11.3.5 BY END USER
                        TABLE 62 NORTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER,  2020–2027 (USD MILLION)
             11.3.6 BY COUNTRY
                        TABLE 63 NORTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY COUNTRY,  2020–2027 (USD MILLION)
                        11.3.6.1 US
                                     11.3.6.1.1 Increasing investments in oil & gas and chemical industries and rising mining exploration activities to drive US market growth
                                                     TABLE 64 US: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.3.6.2 CANADA
                                     11.3.6.2.1 Increasing focus on development of oil & gas and power industries to boost demand for variable frequency drives in Canada
                                                     TABLE 65 CANADA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.3.6.3 MEXICO
                                     11.3.6.3.1 Increasing investments in oil & gas industry and development of water and wastewater treatment infrastructure to drive market growth in Mexico
                                                     TABLE 66 MEXICO: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
     11.4 EUROPE
             11.4.1 BY TYPE
                        TABLE 67 EUROPE: VARIABLE FREQUENCY DRIVE MARKET, BY TYPE, 2020–2027 (USD MILLION)
             11.4.2 BY VOLTAGE
                        TABLE 68 EUROPE: VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE, 2020–2027 (USD MILLION)
             11.4.3 BY POWER RATING
                        TABLE 69 EUROPE: VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING, 2020–2027 (USD MILLION)
             11.4.4 BY APPLICATION
                        TABLE 70 EUROPE: VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
             11.4.5 BY END USER
                        TABLE 71 EUROPE: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
             11.4.6 BY COUNTRY
                        TABLE 72 EUROPE: VARIABLE FREQUENCY DRIVE MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
                        11.4.6.1 UK
                                     11.4.6.1.1 Growing demand for wind energy to increase deployment of variable frequency drives in UK
                                                     TABLE 73 UK: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.4.6.2 RUSSIA
                                     11.4.6.2.1 Surging investments in oil & gas industry to boost market growth in Russia
                                                     TABLE 74 RUSSIA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.4.6.3 GERMANY
                                     11.4.6.3.1 Increasing focus on expanding power sector and infrastructure development to fuel demand for variable frequency drives in Germany
                                                     TABLE 75 GERMANY: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.4.6.4 ITALY
                                     11.4.6.4.1 Expanding industrial sector and power industry to drive market growth in Italy
                                                     TABLE 76 ITALY: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.4.6.5 FRANCE
                                     11.4.6.5.1 Growing demand for variable frequency drives in mining industry and renewable energy projects to fuel market growth
                                                     TABLE 77 FRANCE: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.4.6.6 SPAIN
                                     11.4.6.6.1 Growing industrial sector to fuel demand for variable frequency drives in Spain
                                                     TABLE 78 SPAIN: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.4.6.7 REST OF EUROPE
                                     TABLE 79 REST OF EUROPE: VARIABLE FREQUENCY DRIVE MARKET, BY END USER,  2020–2027 (USD MILLION)

     11.5 SOUTH AMERICA
             11.5.1 BY TYPE
                        TABLE 80 SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY TYPE,  2020–2027 (USD MILLION)
             11.5.2 BY VOLTAGE
                        TABLE 81 SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE,  2020–2027 (USD MILLION)
             11.5.3 BY POWER RATING
                        TABLE 82 SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING,  2020–2027 (USD MILLION)
             11.5.4 BY APPLICATION
                        TABLE 83 SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION,  2020–2027 (USD MILLION)
             11.5.5 BY END USER
                        TABLE 84 SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER,  2020–2027 (USD MILLION)
             11.5.6 BY COUNTRY
                        TABLE 85 SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY COUNTRY,  2020–2027 (USD MILLION)
                        11.5.6.1 BRAZIL
                                     11.5.6.1.1 Increasing investment due to privatization in oil & gas and power industries to propel demand for variable frequency drives in Brazil
                                                     TABLE 86 BRAZIL: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.5.6.2 ARGENTINA
                                     11.5.6.2.1 Favorable government policies along with investments in oil & gas, mining, and renewable energy to fuel demand for variable frequency drives in Argentina
                                                     TABLE 87 ARGENTINA: VARIABLE FREQUENCY MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.5.6.3 CHILE
                                     11.5.6.3.1 Developments in infrastructure projects and mining sector in Chile to drive market growth
                                                     TABLE 88 CHILE: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.5.6.4 REST OF SOUTH AMERICA
                                      TABLE 89 REST OF SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
     11.6 MIDDLE EAST
             11.6.1 BY TYPE
                        TABLE 90 MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET, BY TYPE, 2020–2027 (USD MILLION)
             11.6.2 BY VOLTAGE
                        TABLE 91 MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE, 2020–2027 (USD MILLION)
             11.6.3 BY POWER RATING
                        TABLE 92 MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING,  2020–2027 (USD MILLION)
             11.6.4 BY APPLICATION
                        TABLE 93 MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION,  2020–2027 (USD MILLION)
                        TABLE 94 MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
             11.6.5 BY COUNTRY
                        TABLE 95 MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
                        11.6.5.1 SAUDI ARABIA
                                     11.6.5.1.1 Rising investments in infrastructure development and power sector to fuel demand for variable frequency drives
                                                     TABLE 96 SAUDI ARABIA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER,  2020–2027 (USD MILLION)
                        11.6.5.2 UAE
                                     11.6.5.2.1 Developing manufacturing sector and HVAC infrastructure to increase demand for variable frequency drives
                                                     TABLE 97 UAE: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.6.5.3 QATAR
                                     11.6.5.3.1 Rising investments in development of power sector to drive demand for variable frequency drives
                                                     TABLE 98 QATAR: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.6.5.4 OMAN
                                     11.6.5.4.1 Healthy growth of oil & gas sector to drive market growth
                                                     TABLE 99 OMAN: VARIABLE FREQUENCY DRIVE MARKET, BY END USER,  2020–2027 (USD MILLION)
                        11.6.5.5 REST OF MIDDLE EAST
                                                     TABLE 100 REST OF MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET, BY END USER,  2020–2027 (USD MILLION)
     11.7 AFRICA
             11.7.1 BY TYPE
                        TABLE 101 AFRICA: VARIABLE FREQUENCY DRIVE MARKET, BY TYPE, 2020–2027 (USD MILLION)
             11.7.2 BY VOLTAGE
                        TABLE 102 AFRICA: VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE, 2020–2027 (USD MILLION)
             11.7.3 BY POWER RATING
                        TABLE 103 AFRICA: VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING, 2020–2027 (USD MILLION)
             11.7.4 BY APPLICATION
                        TABLE 104 AFRICA: VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
             11.7.5 BY END USER
                        TABLE 105 AFRICA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
             11.7.6 BY COUNTRY
                        TABLE 106 AFRICA: VARIABLE FREQUENCY DRIVE MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
                        11.7.6.1 EGYPT
                                     11.7.6.1.1 Active upstream operations funded by international oil companies to fuel growth of variable frequency drive market
                                                     TABLE 107 EGYPT: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.7.6.2 NIGERIA
                                     11.7.6.2.1 Rise in exploration activities to boost market growth
                                                     TABLE 108 NIGERIA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER, 2020–2027 (USD MILLION)
                        11.7.6.3 SOUTH AFRICA
                                     11.7.6.3.1 Increasing investments in mining sector and oil & gas industry to fuel demand for variable frequency drives
                                                     TABLE 109 SOUTH AFRICA: VARIABLE FREQUENCY DRIVE MARKET, BY END USER,  2020–2027 (USD MILLION)
                        11.7.6.4 REST OF AFRICA
                                     TABLE 110 REST OF AFRICA: VARIABLE FREQUENCY MARKET, BY END USER, 2020–2027 (USD MILLION)

12 COMPETITIVE LANDSCAPE (Page No. - 159)
     12.1 KEY PLAYERS STRATEGIES
             TABLE 111 OVERVIEW OF KEY STRATEGIES ADOPTED BY TOP PLAYERS, 2018–2022
     12.2 MARKET SHARE ANALYSIS OF TOP FIVE PLAYERS
             TABLE 112 VARIABLE FREQUENCY DRIVE MARKET: DEGREE OF COMPETITION
             FIGURE 43 VARIABLE FREQUENCY DRIVE MARKET SHARE ANALYSIS, 2021
     12.3 REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS
             FIGURE 44 TOP PLAYERS IN VARIABLE FREQUENCY DRIVE MARKET FROM 2017 TO 2021
     12.4 COMPANY EVALUATION QUADRANT
             12.4.1 STAR
             12.4.2 PERVASIVE
             12.4.3 EMERGING LEADER
             12.4.4 PARTICIPANT
                        FIGURE 45 VARIABLE FREQUENCY DRIVE MARKET (GLOBAL) COMPANY EVALUATION MATRIX, 2021
     12.5 START-UP/SME EVALUATION QUADRANT, 2021
             12.5.1 PROGRESSIVE COMPANY
             12.5.2 RESPONSIVE COMPANY
             12.5.3 DYNAMIC COMPANY
             12.5.4 STARTING BLOCK
                        FIGURE 46 VARIABLE FREQUENCY DRIVE MARKET: START-UP/SME EVALUATION QUADRANT, 2021
             12.5.5 COMPETITIVE BENCHMARKING
                        TABLE 113 VARIABLE FREQUENCY DRIVE MARKET: DETAILED LIST OF KEY STARTUPS/SMES
                        TABLE 114 VARIABLE FREQUENCY DRIVE MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
     12.6 VARIABLE FREQUENCY DRIVE MARKET: COMPANY FOOTPRINT
             TABLE 115 POWER RATING: COMPANY FOOTPRINT
             TABLE 116 TYPE: COMPANY FOOTPRINT
             TABLE 117 APPLICATION: COMPANY FOOTPRINT
             TABLE 118 REGION: COMPANY FOOTPRINT
             TABLE 119 COMPANY FOOTPRINT
     12.7 COMPETITIVE SCENARIO
             TABLE 120 VARIABLE FREQUENCY DRIVE MARKET: PRODUCT LAUNCHES, JANUARY 2018– MARCH 2022
             TABLE 121 VARIABLE FREQUENCY DRIVE MARKET: DEALS, JANUARY 2018–MARCH 2022
             TABLE 122 VARIABLE FREQUENCY DRIVE MARKET: OTHERS, JANUARY 2018–MARCH 2022

13 COMPANY PROFILES (Page No. - 178)
(Business overview, Products/solutions/services offered, Recent Developments, MNM view)*
     13.1 KEY PLAYERS
             13.1.1 ABB
                        TABLE 123 ABB: BUSINESS OVERVIEW
                        FIGURE 47 ABB: COMPANY SNAPSHOT, 2021
                        TABLE 124 ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 125 ABB: PRODUCT LAUNCHES
                        TABLE 126 ABB: DEALS
                        TABLE 127 ABB: OTHERS
             13.1.2 SIEMENS
                        TABLE 128 SIEMENS: BUSINESS OVERVIEW
                        FIGURE 48 SIEMENS: COMPANY SNAPSHOT, 2021
                        TABLE 129 SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 130 SIEMENS: PRODUCT LAUNCHES
                        TABLE 131 SIEMENS: DEALS
                        TABLE 132 SIEMENS: OTHERS
             13.1.3 SCHNEIDER ELECTRIC
                        TABLE 133 SCHNEIDER ELECTRIC: BUSINESS OVERVIEW
                        FIGURE 49 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT, 2021
                        TABLE 134 SCHNEIDER ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 135 SCHNEIDER ELECTRIC: PRODUCT LAUNCHES
                        TABLE 136 SCHNEIDER ELECTRIC: DEALS
                        TABLE 137 SCHNEIDER ELECTRIC: OTHERS
             13.1.4 DANFOSS
                        TABLE 138 DANFOSS: COMPANY OVERVIEW
                        FIGURE 50 DANFOSS: COMPANY SNAPSHOT, 2021
                        TABLE 139 DANFOSS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 140 DANFOSS: PRODUCT LAUNCHES
                        TABLE 141 DANFOSS: DEALS
                        TABLE 142 DANFOSS: OTHERS
             13.1.5 ROCKWELL AUTOMATION
                        TABLE 143 ROCKWELL AUTOMATION: BUSINESS OVERVIEW
                        FIGURE 51 ROCKWELL AUTOMATION: COMPANY SNAPSHOT, 2021
                        TABLE 144 ROCKWELL AUTOMATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 145 ROCKWELL AUTOMATION: PRODUCT LAUNCHES
                        TABLE 146 ROCKWELL AUTOMATION: DEALS
             13.1.6 EATON
                        TABLE 147 EATON: BUSINESS OVERVIEW
                        FIGURE 52 EATON: COMPANY SNAPSHOT, 2021
                        TABLE 148 EATON: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 149 EATON: PRODUCT LAUNCHES
                        TABLE 150 EATON: DEALS
                        TABLE 151 EATON: OTHERS
             13.1.7 FUJI ELECTRIC
                        TABLE 152 FUJI ELECTRIC: COMPANY OVERVIEW
                        FIGURE 53 FUJI ELECTRIC: COMPANY SNAPSHOT, 2021
                        TABLE 153 FUJI ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 154 FUJI ELECTRIC: PRODUCT LAUNCHES
                        TABLE 155 FUJI ELECTRIC: DEALS
                        TABLE 156 FUJI ELECTRIC: OTHERS
             13.1.8 HITACHI
                        TABLE 157 HITACHI: COMPANY OVERVIEW
                        FIGURE 54 HITACHI: COMPANY SNAPSHOT, 2021
                        TABLE 158 HITACHI: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.9 GENERAL ELECTRIC
                        TABLE 159 GENERAL ELECTRIC: COMPANY OVERVIEW
                        FIGURE 55 GENERAL ELECTRIC: COMPANY SNAPSHOT, 2021
                        TABLE 160 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 161 GENERAL ELECTRIC: DEALS
                        TABLE 162 GENERAL ELECTRIC: OTHERS
             13.1.10 NIDEC
                        TABLE 163 NIDEC: COMPANY OVERVIEW
                        FIGURE 56 NIDEC: COMPANY SNAPSHOT, 2021
                        TABLE 164 NIDEC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 165 NIDEC: PRODUCT LAUNCHES
                        TABLE 166 NIDEC: OTHERS
             13.1.11 WEG SA
                        TABLE 167 WEG SA: COMPANY OVERVIEW
                        FIGURE 57 WEG SA: COMPANY SNAPSHOT, 2021
                        TABLE 168 WEG SA: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 169 WEG SA: PRODUCT LAUNCHES
                        TABLE 170 WEG SA: OTHERS
             13.1.12 YASKAWA
                        TABLE 171 YASKAWA: COMPANY OVERVIEW
                        FIGURE 58 YASKAWA: COMPANY SNAPSHOT, 2020
                        TABLE 172 YASKAWA: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 173 YASKAWA: PRODUCT LAUNCHES
                        TABLE 174 YASKAWA: DEALS
             13.1.13 HONEYWELL INTERNATIONAL
                        TABLE 175 HONEYWELL INTERNATIONAL: COMPANY OVERVIEW
                        FIGURE 59 HONEYWELL INTERNATIONAL: COMPANY SNAPSHOT, 2021
                        TABLE 176 HONEYWELL INTERNATIONAL: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.14 CG POWER AND INDUSTRIAL SOLUTIONS LIMITED
                        TABLE 177 CG POWER AND INDUSTRIAL SOLUTIONS LIMITED: COMPANY OVERVIEW
                        FIGURE 60 CG POWER AND INDUSTRIAL SOLUTIONS LIMITED: COMPANY  SNAPSHOT, 2021
                        TABLE 178 CG POWER AND INDUSTRIAL SOLUTIONS LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 179 CG POWER AND INDUSTRIAL SOLUTIONS LIMITED: PRODUCT LAUNCHES
             13.1.15 TMEIC
                        TABLE 180 TMEIC: COMPANY OVERVIEW
                        TABLE 181 TMEIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 182 TMEIC: DEALS
     13.2 OTHER PLAYERS
             13.2.1 ANAHEIM AUTOMATION
             13.2.2 SEW - EURODRIVE
             13.2.3 DELTA ELECTRONICS
             13.2.4 PARKER HANNIFIN
             13.2.5 NORD DRIVE SYSTEMS
             13.2.6 INOVANCE TECHNOLOGY
             13.2.7 TECHSUPPEN
             13.2.8 SHENZHEN GOZUK
             13.2.9 SAKSUN INDUSTRIES
             13.2.10 A.S. AUTOMATION & CONTROLS

*Details on Business overview, Products/solutions/services offered, Recent Developments, MNM view might not be captured in case of unlisted companies.

14 APPENDIX (Page No. - 246)
     14.1 INSIGHTS OF INDUSTRY EXPERTS
     14.2 DISCUSSION GUIDE
     14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     14.4 AVAILABLE CUSTOMIZATIONS
     14.5 RELATED REPORTS
     14.6 AUTHOR DETAILS

The study involved major activities in estimating the current size of the variable frequency drive market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.

Secondary Research

This research study on the variable frequency drive market involved the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg, Businessweek, Factiva, International Energy Agency, and BP Statistical Review of World Energy, to identify and collect information useful for a technical, market-oriented, and commercial study of the global variable frequency drive market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The variable frequency drive market comprises several stakeholders such as variable frequency drive manufacturers, motor manufacturers, manufacturers of subcomponents of variable frequency drives, manufacturing technology providers, and technology support providers in the supply chain. The demand side of this market is characterized by the rising demand for variable frequency drive in pump, motors, compresors, conveyors and other equipment across a wide variety of end users. The supply side is characterized by rising demand for contracts from the industrial sector, and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:

Variable Frequency Drive (VFD) Market Size, and Share

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Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the variable frequency drive market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research.
  • The industry’s value chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Global Variable Frequency Drive Market Size: Bottom-Up Approach

Variable Frequency Drive (VFD) Market Size, and Share

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Data Triangulation

After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.

Variable Frequency Drive (VFD) Market Size, and Share

Objectives of the Study

  • To describe and forecast the variable frequency drive market based on type, voltage, power rating, application, and end user
  • To describe and forecast the variable frequency drive market for the abovementioned segments with respect to five major regions: North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa, in terms of value
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the market growth
  • To strategically analyze the variable frequency drive market with respect to individual growth trends, future expansions, and contributions of each segment to the market growth
  • To analyze opportunities for stakeholders and details of the competitive landscape for market leaders
  • To profile and rank key players and comprehensively analyze their market shares
  • To analyze competitive developments such as contracts & agreements, investments, expansions, product launches, and mergers & acquisitions in the variable frequency drive market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to your specific needs. The following customization options are available for a report:

Product Analysis

  • Product matrix, which provides a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analyses and profiling of additional market players
Report Code
EP 2653
Published ON
Apr, 2022
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