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 2025

Report Code: EP 2653 Jan, 2021, by marketsandmarkets.com

[226 Pages Report] The global variable frequency drive market is projected to reach USD 24.3 billion by 2025 from an estimated USD 19.2 billion in 2020, at a CAGR of 4.8% during the forecast period. This growth can be attributed to factors such as growing regulations towards energy efficiency, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems,  and increasing rate of industrialization and urbanization. However, stagnant growth of the oil & gas industry and decrease in the exploration & production activity is hindering the growth of the variable frequency drive market.

Variable Frequency Drive (VFD) Market

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COVID-19 Impact on the Global Variable frequency drive Market

The COVID-19 pandemic has slowed the growth of the power industry. This is primarily due to nationwide lockdowns that have been imposed to prevent further spike in the spread of the disease. The renewable energy industry, which until recently was growing at a rapid pace, has been witnessing slow growth over the past few months. This slowdown is mainly due to economic contractions, which have resulted in the reduction of power demand from various end-user industries. With decrease in power demand, it is estimated that there would be very negligible investments from utilities for replacing aging grid infrastructure and new renewable installations.

Furthermore, the spread of COVID-19 is likely to have an adverse effect on the manufacturers of variable frequency drives due to the global shutdown and issues along the supply chain. The price for procuring raw materials is also expected to increase due to the shortage of supply, which ultimately will lead to delays in order closures.

Variable frequency drive Market Dynamics

Driver: High demand in wide range of industries such as cement, chemical, and petrochemical, mining, oil & gas, pulp & paper, water & wastewater

Variable frequency drives are finding increasing applications in the industrial, power, and infrastructure sectors. Some of the major industries that use variable frequency drives are cement, chemical, petrochemical, mining, oil & gas, pulp & paper, and water & wastewater. Their major application areas include conveyors, fans, utility pumps, process pumps, fans, blowers, air compressors, process compressors, coolers, cooling tower fans, grinders, crushers, and chippers. Germany, Russia, the UK, France, Italy, and Spain are offering lucrative opportunities for the variable frequency drives market in the cement & manufacturing industries. Germany and Russia are expected to be key markets for variable frequency drives for the pulp & paper industry. The housing sector generates the highest demand for cement, accounting for about 67% of the total consumption. Thus, increasing industrialization and rising demand for electricity are expected to fuel the growth of the power sector, which consequently will drive the growth of the variable frequency drive market.

Restraint: Stagnant growth of oil & gas industry and decline in exploration & 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 the decrease in exploration & production activities. Declining oil prices due to an oversupplied market have resulted in a decrease in exploration & production activities.

The spot price of the European benchmark crude oil Brent dropped from USD 73.4 per barrel in May 2018 to below USD 57 per barrel in the first quarter of 2019 because of the increasing oil supply from the US and OPEC countries (including Saudi Arabia) and the recent lifting of sanctions against Iran. This has resulted in a decline in greenfield investments in the oil & gas industry.

Opportunity: Industrial internet of things (IoT) enables analysis & improves application remotely

The Internet of Things (IoT) has brought about a revolution in the industrial sector by improving industrial processes through the introduction of smart machines, inventory systems, and production machinery. It has also increased the use of automated equipment such as variable frequency drives, which can be connected to the internet and monitored and controlled remotely as per the process requirement. This helps consumers manage their operations more efficiently and effectively. In addition, it provides machine builders the flexibility with which they need to accommodate the end-user requirements. This includes the ability to control interfaces such as communication field buses, pulse trains, and digital or analog I/O modules. Variable frequency drives that support web services bring IIoT connectivity at the device level and enable the machine builders to analyze and improve their applications or perform diagnostics locally or remotely. This allows them to implement fixes while testing and avoid the occurrence of unexpected downtime in the future, thereby providing growth opportunities for the variable frequency drives market.

Challenge: Availability of low quality and cheap products in gray market

The variable frequency drives market is highly fragmented with a large number of local and international players. The product quality is a primary parameter for differentiation in this market. The organized sector mainly targets industrial buyers and maintains higher product quality by following various industrial standards of the product. At the same time, the unorganized sector offers cheaper alternatives to enter the low-priced and local untapped markets. The local manufacturers in most countries target the unorganized sector and compete strongly with global suppliers in the respective markets. The leading market players are currently facing stiff competition from the new players from the unorganized market, supplying cheap and low-quality products. These gray market players overpower the big players in terms of price competitiveness and local distribution network, which is a major challenge for the players operating in the variable frequency drives market.

Market Interconnection

Variable Frequency Drive (VFD) Market   by Interconnection

By application, compressors segment is expected to be the fastest growing market from 2020 to 2025

The compressors segment, by application, is estimated to be the fastest market, at a CAGR of 5.6% during the forecast period. Variable frequency drives are integrated into compressors to enhance production and energy efficiency. Compressors equipped with variable frequency drives can adjust speed, maximize production efficiency, and improve mechanical resonances. It also reduces operational and electrical stresses on the motor. Oil & gas, chemical, food & beverage, and building automation are the major industries that use compressors on a large scale leading to an increase in the demand for variable frequency drive.

By end user, industrial segment, is expected to be the largest market from 2020 to 2025

The end user segment is expected to hold the largest market share in the variable frequency drive market during the forecast period. The growing adoption of automation in the manufacturing sector to reduce the downtime is among the major reasons for an increase in the demand for variable frequency drive. Also, the government regulations to enhance energy efficiency in various industries is fuelling the demand for variable frequency drive.

Variable Frequency Drive (VFD) Market   by Region

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the global variable frequency drive market and its dependent submarkets. 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 supply 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.

Data Triangulation

After arriving at the overall market size-using the market size estimation processes as explained above-the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in utilities, oil and gas, mining, transportation, and other sectors.

Asia Pacific: The leading variable frequency drive market

In this report, the variable frequency drive market has been analyzed with respect to six regions, namely, Asia Pacific, North America, Europe, Middle East, Africa, and South America.  Asia Pacifc is estimated to be the largest market from 2020 to 2025. Countries such as China, India, Japan, and South Korea are among the major countries considered as the main manufacturing hub for variable frequency drives. Over the past few years, this region has witnessed rapid economic development. Surging demand for electricity and the growing need to increase renewable power generation capacity encourage utilities in these countries to invest in transmission and distribution infrastructure. There has also been a growing initiative towards energy efficiency that increases the demand for variable frequency drive.

Scope of the report

Report Metric

Details

Market size available for years

2016–2025

Base year considered

2019

Forecast period

2020–2025

Forecast units

Value (USD)

Segments covered

End user, application, power rating, type, voltage, and region

Geographies covered

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

Companies covered

ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell Automation (US), and Others

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

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

  • Oil & Gas
  • Industrial
  • Power
  • Infrastructure

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

  • Pumps
  • Fans
  • Compressors
  • Conveyors
  • Others

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

  • AC Drives
  • DC Drives
  • Servo Drives

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

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

Recent Developments

  • In December 2020, Rockwell Automation re-launched its Kinetix 5100 servo drive for a wide range of applications, including packaging, converting, print & web, and machine and assembly with the voltage availability of 480V.
  • In January 2019, ABB launched a series of ACS880 industrial drives and ACH580 Ultra-Low Harmonic (ULH) HVAC drives, which are used in many industries and applications to tackle harmonic issues.
  • In February 2019, Yaskawa Europe GmbH, headquartered in Eschborn, Germany, acquired the factory automation business unit of ZF Italia in Assago (Milan). The company expanded its overall product portfolio for industrial automation and its presence in the Italian market through this acquisition.
  • In January 2018, Fuji Electric launched FRENIC-Ace for solar pumping. The product offers solar pumping solutions with simple installation and easy start-up and requires minimum maintenance.
  • In March 2018, Schneider Electric expanded its business by establishing an innovation hub in East Asia & Japan headquarters in Singapore that develops 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.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 32)
    1.1 OBJECTIVES OF STUDY
    1.2 DEFINITION
           1.2.1 VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING: INCLUSIONS AND EXCLUSIONS
           1.2.2 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
           FIGURE 3 MAIN MATRIX CONSIDERED WHILE CONSTRUCTING AND 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, 2019
           2.4.3 FORECAST

3 EXECUTIVE SUMMARY (Page No. - 47)
    3.1 SCENARIO ANALYSIS
           FIGURE 8 SCENARIO ANALYSIS: VARIABLE FREQUENCY DRIVE MARKET, 2018–2025
           3.1.1 OPTIMISTIC SCENARIO
           3.1.2 REALISTIC SCENARIO
           3.1.3 PESSIMISTIC SCENARIO
                     TABLE 1 VARIABLE FREQUENCY DRIVE MARKET SNAPSHOT
                     FIGURE 9 AC DRIVES SEGMENT TO LEAD VARIABLE FREQUENCY DRIVE MARKET, BY TYPE, DURING FORECAST PERIOD
                     FIGURE 10 LOW VOLTAGE SEGMENT TO LEAD VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE, DURING FORECAST PERIOD
                     FIGURE 11 LOW POWER DRIVE SEGMENT TO LEAD VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING, DURING FORECAST PERIOD
                     FIGURE 12 PUMPS SEGMENT TO LEAD VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION, DURING FORECAST PERIOD
                     FIGURE 13 INDUSTRIAL SEGMENT TO LEAD VARIABLE FREQUENCY DRIVE MARKET, BY END USER, DURING FORECAST PERIOD
                     FIGURE 14 ASIA PACIFIC TO DOMINATE VARIABLE FREQUENCY DRIVE MARKET (2020–2025)

4 PREMIUM INSIGHTS (Page No. - 55)
    4.1 ATTRACTIVE OPPORTUNITIES IN VARIABLE FREQUENCY  DRIVE MARKET
            FIGURE 15 GOVERNMENT INITIATIVES RELATED TO ENERGY EFFICIENCY AND GROWING NEED FOR POWER FACTOR CORRECTION TO DRIVE GROWTH OF VARIABLE FREQUENCY DRIVE MARKET, 2020–2025
    4.2 VARIABLE FREQUENCY DRIVE MARKET, BY REGION
            FIGURE 16 ASIA PACIFIC VARIABLE FREQUENCY DRIVE MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
    4.3 VARIABLE FREQUENCY DRIVE MARKET, BY TYPE
            FIGURE 17 AC DRIVES SEGMENT DOMINATED VARIABLE FREQUENCY DRIVE MARKET  IN 2019
    4.4 VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE
            FIGURE 18 LOW VOLTAGE SEGMENT DOMINATED VARIABLE FREQUENCY DRIVE MARKET  IN 2019
    4.5 VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING
            FIGURE 19 LOW POWER DRIVE HELD LARGEST SHARE OF VARIABLE FREQUENCY DRIVE MARKET IN 2019
    4.6 VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION
            FIGURE 20 PUMPS SEGMENT HELD LARGEST SHARE OF VARIABLE FREQUENCY DRIVE MARKET IN 2019
    4.7 VARIABLE FREQUENCY DRIVE MARKET, BY END USER
            FIGURE 21 INDUSTRIAL SEGMENT DOMINATED VARIABLE FREQUENCY  DRIVE MARKET IN 2019

5 MARKET OVERVIEW (Page No. - 59)
    5.1 INTRODUCTION
    5.2 COVID-19 HEALTH ASSESSMENT
           FIGURE 22 COVID-19 GLOBAL PROPAGATION
           FIGURE 23 COVID-19 PROPAGATION IN SELECTED COUNTRIES
    5.3 ROAD TO RECOVERY
           FIGURE 24 RECOVERY ROAD FOR 2020 & 2021
    5.4 MARKET DYNAMICS
           FIGURE 25 VARIABLE FREQUENCY DRIVES MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, & CHALLENGES
           5.4.1 DRIVERS
                    5.4.1.1 High demand in wide range of industries such as cement, chemical, and petrochemical, mining, oil & gas, pulp & paper, water & wastewater
                    5.4.1.2 Growing need for increasing energy efficiency and decreasing energy consumption
                    5.4.1.3 Supportive regulatory environment for efficient and effective energy utilization
           5.4.2 RESTRAINTS
                    5.4.2.1 Stagnant growth of oil & gas industry and decline in exploration & production activities
                                FIGURE 27 CRUDE OIL PRICE TREND, 2017–2020 (USD PER BARREL)
           5.4.3 OPPORTUNITIES
                    5.4.3.1 Upgradation of power infrastructure across the globe
                    5.4.3.2 Industrial Internet of Things (IoT) enables analysis & improves application remotely
           5.4.4 CHALLENGES
                    5.4.4.1 Availability of low-quality and cheap products in gray market
                    5.4.4.2 Negative impact of COVID-19 pandemic
    5.5 YC-SHIFT
           5.5.1 REVENUE SHIFT & NEW REVENUE POCKETS FOR VARIABLE FREQUENCY DRIVE MANUFACTURERS
                    FIGURE 28 REVENUE SHIFT FOR VARIABLE FREQUENCY DRIVE
    5.6 MARKET MAP
           FIGURE 29 MARKET MAP FOR VARIABLE FREQUENCY DRIVE
    5.7 TRADE DATA STATISTICS
           TABLE 2 ELECTRIC MOTOR: IMPORT STATISTICS, 2018 & 2019 (USD MILLION)
           TABLE 3 ELECTRIC MOTOR: EXPORT STATISTICS, 2018 & 2019 (USD MILLION)
    5.8 VALUE CHAIN ANALYSIS
           FIGURE 30 VARIABLE FREQUENCY DRIVE VALUE CHAIN
           5.8.1 RAW MATERIAL PROVIDERS/SUPPLIERS
           5.8.2 COMPONENT MANUFACTURERS
           5.8.3 ASSEMBLERS/MANUFACTURERS
           5.8.4 DISTRIBUTORS/END USERS AND POST-SALES SERVICES
    5.9 CASE STUDY ANALYSIS
           5.9.1 ABB’S VARIABLE FREQUENCY DRIVE SUCCESS, 2018
                    5.9.1.1 Problem Statement
                    5.9.1.2 Possible solution by ABB’s variable frequency drive
    5.10 TECHNOLOGY ANALYSIS
           5.10.1 TECHNOLOGY TRENDS FOR VARIABLE FREQUENCY DRIVE
    5.11 REGULATORY LANDSCAPE
    5.12 INNOVATIONS & PATENT REGISTRATION
    5.13 PORTER’S FIVE FORCES ANALYSIS
           FIGURE 31 PORTER’S FIVE FORCES ANALYSIS
           5.13.1 THREAT OF SUBSTITUTES
           5.13.2 BARGAINING POWER OF SUPPLIERS
           5.13.3 BARGAINING POWER OF BUYERS
           5.13.4 THREAT OF NEW ENTRANTS
           5.13.5 INTENSITY OF COMPETITIVE RIVALRY

6 IMPACT OF COVID-19 ON VARIABLE FREQUENCY DRIVE MARKET, SCENARIO ANALYSIS, BY REGION (Page No. - 74)
    6.1 SCENARIO ANALYSIS
           6.1.1 OPTIMISTIC SCENARIO
                     TABLE 4 OPTIMISTIC SCENARIO: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
           6.1.2 REALISTIC SCENARIO
                     TABLE 5 REALISTIC SCENARIO: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
           6.1.3 PESSIMISTIC SCENARIO
                     TABLE 6 PESSIMISTIC SCENARIO: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)

7 VARIABLE FREQUENCY DRIVE MARKET, BY TYPE (Page No. - 77)
    7.1 INTRODUCTION
           FIGURE 32 AC DRIVE SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2019
           TABLE 7 VARIABLE FREQUENCY DRIVE MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
           7.1.1 IMPACT OF COVID-19 ON GLOBAL VARIABLE  FREQUENCY DRIVE MARKET
                     TABLE 8 PRE COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
    7.2 AC DRIVE
           7.2.1 GROWING USAGE OF AC DRIVES IN VARIOUS INDUSTRIES TO FUEL GROWTH OF SEGMENT
                     TABLE 9 AC DRIVE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
    7.3 DC DRIVE
           7.3.1 ADVANTAGES SUCH AS HIGH EFFICIENCY AND LOW COST TO  PROPEL DEMAND FOR DC DRIVES
                     TABLE 10 DC DRIVE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
    7.4 SERVO DRIVE
           7.4.1 ADVANCED TECHNOLOGY TO INCORPORATE FEEDBACK FROM MOTORS TO BOOST GROWTH OF SEGMENT
                     TABLE 11 SERVO DRIVE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)

8 VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE (Page No. - 82)
    8.1 INTRODUCTION
           FIGURE 33 LOW VARIABLE FREQUENCY DRIVE SEGMENT ACCOUNTED FOR LARGER MARKET SHARE IN 2019
           TABLE 12 VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
           8.1.1 IMPACT OF COVID-19 ON GLOBAL VARIABLE  FREQUENCY DRIVE MARKET
                     TABLE 13 PRE COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
    8.2 LOW VOLTAGE
           8.2.1 GROWING USE OF VARIABLE FREQUENCY DRIVES IN WIDE RANGE OF APPLICATIONS BOOST GROWTH OF SEGMENT
                     TABLE 14 LOW VOLTAGE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
    8.3 MEDIUM VOLTAGE
           8.3.1 NEED TO REDUCE OPERATING COST IN HEAVY INDUSTRIES TO FUEL DEMAND FOR MEDIUM VOLTAGE VARIABLE FREQUENCY DRIVES
                     TABLE 15 MEDIUM VOLTAGE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)

9 VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING (Page No. - 86)
    9.1 INTRODUCTION
           FIGURE 34 LOW POWER DRIVE SEGMENT ACCOUNTED FOR LARGEST MARKET  SHARE IN 2019
           TABLE 16 VARIABLE FREQUENCY DRIVE MARKET SIZE, BY POWER RATING, 2018–2025 (USD MILLION)
           9.1.1 IMPACT OF COVID-19 ON GLOBAL VARIABLE  FREQUENCY DRIVE MARKET
                     TABLE 17 PRE COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE, BY POWER RATING, 2018–2025 (USD MILLION)
    9.2 MICRO POWER DRIVE
           9.2.1 EXPANDING FOOD & BEVERAGE AND BUILDING AUTOMATION INDUSTRIES TO DRIVE MARKET GROWTH
                     TABLE 18 MICRO POWER DRIVE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
    9.3 LOW POWER DRIVE
           9.3.1 HIGHER ENERGY SAVINGS AT LOW COSTS TO FUEL DEMAND FOR LOW POWER DRIVES
                     TABLE 19 LOW POWER DRIVE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
    9.4 MEDIUM POWER DRIVE
           9.4.1 GROWTH OF FOOD & BEVERAGE INDUSTRY TO BOOST DEMAND FOR MEDIUM POWER VARIABLE FREQUENCY DRIVES
                     TABLE 20 MEDIUM POWER DRIVE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
    9.5 HIGH POWER DRIVE
           9.5.1 NEED FOR REDUCTION IN POWER CONSUMPTION TO BOOST DEMAND FOR HIGH POWER VARIABLE FREQUENCY DRIVES
                     TABLE 21 HIGH POWER DRIVE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)

10 VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION (Page No. - 91)
     10.1 INTRODUCTION
             FIGURE 35 PUMPS SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2019
             TABLE 22 VARIABLE FREQUENCY DRIVE MARKET SIZE, BY APPLICATION, 2018–2025 (USD MILLION)
             10.1.1 IMPACT OF COVID-19 ON GLOBAL VARIABLE  FREQUENCY DRIVE MARKET
                        TABLE 23 PRE COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE, BY APPLICATION, 2018–2025 (USD MILLION)
     10.2 PUMPS
             10.2.1 GROWING NEED TO REDUCE CARBON EMISSION IN FACTORIES TO DRIVE GROWTH OF SEGMENT
                        TABLE 24 PUMPS: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
     10.3 FANS
             10.3.1 INCREASING ENERGY PRICES TO FUEL GROWTH OF FANS SEGMENT
                        TABLE 25 FANS: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
     10.4 COMPRESSORS
             10.4.1 GROWING AWARENESS REGARDING ENERGY SAVING AND INCREASING IMPLEMENTATION OF ENERGY-EFFICIENT SOLUTIONS TO BOOST DEMAND FOR VARIABLE FREQUENCY DRIVES
                        TABLE 26 COMPRESSORS: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
     10.5 CONVEYORS
             10.5.1 REDUCTION OF DOWNTIME TO BOOST DEMAND FOR VARIABLE FREQUENCY DRIVES
                        TABLE 27 CONVEYORS: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION,  2018–2025 (USD MILLION)
     10.6 OTHERS
             10.6.1 SMOOTH CONTROL ALONG WITH ENERGY SAVINGS TO FUEL DEMAND FOR VARIABLE FREQUENCY DRIVES
                        TABLE 28 OTHERS: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)

11 VARIABLE FREQUENCY DRIVE MARKET, BY END USER (Page No. - 97)
     11.1 INTRODUCTION
             FIGURE 36 INDUSTRIAL SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2019
             TABLE 29 VARIABLE FREQUENCY DRIVE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
             11.1.1 IMPACT OF COVID-19 ON GLOBAL VARIABLE  FREQUENCY DRIVE MARKET
                        TABLE 30 PRE COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
     11.2 OIL & GAS
             11.2.1 GROWING USAGE OF MOTORS ON LARGE SCALE IN OIL & GAS SECTOR AND INCREASING REQUIREMENT OF ENERGY EFFICIENCY TO DRIVE GROWTH OF SEGMENT
                        TABLE 31 OIL & GAS: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
     11.3 INDUSTRIAL
             11.3.1 OPTIMUM PROCESS CONTROL AND REDUCTION OF DOWNTIME ARE FACTORS DRIVING DEMAND FOR VARIABLE FREQUENCY DRIVES
                        TABLE 32 INDUSTRIAL: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
     11.4 POWER
             11.4.1 GROWING EMPHASIS ON ENERGY EFFICIENCY TO  GROWTH OF SEGMENT
                        TABLE 33 POWER: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
     11.5 INFRASTRUCTURE
             11.5.1 GROWING OPPORTUNITIES FOR ENERGY OPTIMIZATION TO  DRIVE MARKET GROWTH
                        TABLE 34 INFRASTRUCTURE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)

12 VARIABLE FREQUENCY DRIVE MARKET, BY REGION (Page No. - 102)
     12.1 INTRODUCTION
             FIGURE 37 ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
             FIGURE 38 ASIA PACIFIC LED VARIABLE FREQUENCY DRIVE MARKET IN 2019
             TABLE 35 VARIABLE FREQUENCY DRIVE MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
             12.1.1 IMPACT OF COVID-19 ON GLOBAL VARIABLE FREQUENCY  DRIVE MARKET
                        TABLE 36 GLOBAL: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE,  2018–2025 (USD MILLION)
                        FIGURE 39 GLOBAL: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET,  2018–2025 (USD MILLION)
     12.2 ASIA PACIFIC
              FIGURE 40 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET SNAPSHOT, 2019
             12.2.1 BY VOLTAGE
                        TABLE 37 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
             12.2.2 BY APPLICATION
                        TABLE 38 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY APPLICATION,  2018–2025 (USD MILLION)
             12.2.3 BY POWER RATING
                        TABLE 39 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY POWER RATING,  2018–2025 (USD MILLION)
             12.2.4 BY TYPE
                        TABLE 40 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
             12.2.5 BY COUNTRY
                        TABLE 41 ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY COUNTRY,  2018–2025 (USD MILLION)
             12.2.6 IMPACT OF COVID-19 ON GLOBAL VARIABLE FREQUENCY  DRIVE MARKET
                        TABLE 42 ASIA PACIFIC: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE,  2018–2025 (USD MILLION)
                        FIGURE 41 ASIA PACIFIC: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET,  2018–2025 (USD MILLION)
                        12.2.6.1 China
                                     12.2.6.1.1 Increasing manufacturing activities to boost demand for variable frequency drives
                                                    TABLE 43 CHINA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.2.6.2 India
                                     12.2.6.2.1 Increasing industrialization to fuel demand for variable frequency drives
                                                    TABLE 44 INDIA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.2.6.3 Japan
                                     12.2.6.3.1 Growing automation in industrial sector to boost  market growth
                                                    TABLE 45 JAPAN: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.2.6.4 Australia
                                     12.2.6.4.1 Growth of power sector to fuel demand for variable  frequency drives
                                                    TABLE 46 AUSTRALIA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
                        12.2.6.5 South Korea
                                     12.2.6.5.1 Increasing investments in renewable sector to propel demand for variable frequency drives
                                                    TABLE 47 SOUTH KOREA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
                        12.2.6.6 Indonesia
                                     12.2.6.6.1 Increasing industrialization and expansion of power generation capacity to drive market growth
                                                    TABLE 48 INDONESIA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
                        12.2.6.7 Rest of Asia Pacific
                                     TABLE 49 REST OF ASIA PACIFIC: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
     12.3 EUROPE
              FIGURE 42 EUROPE: VARIABLE FREQUENCY DRIVE MARKET SNAPSHOT, 2019
             12.3.1 BY VOLTAGE
                        TABLE 50 EUROPE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
             12.3.2 BY APPLICATION
                        TABLE 51 EUROPE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY APPLICATION,  2018–2025 (USD MILLION)
             12.3.3 BY POWER RATING
                        TABLE 52 EUROPE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY POWER RATING,  2018–2025 (USD MILLION)
             12.3.4 BY TYPE
                        TABLE 53 EUROPE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
             12.3.5 BY COUNTRY
                        TABLE 54 EUROPE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
             12.3.6 IMPACT OF COVID-19 ON GLOBAL VARIABLE FREQUENCY  DRIVE MARKET
                        TABLE 55 EUROPE: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE,  2018–2025 (USD MILLION)
                        FIGURE 43 EUROPE: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET,  2018–2025 (USD MILLION)
                        12.3.6.1 Germany
                                     12.3.6.1.1 Increasing replacement of aging infrastructure to fuel demand for variable frequency drives
                                                    TABLE 56 GERMANY: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.3.6.2 France
                                     12.3.6.2.1 Implementation of zero carbon emission policy will increase demand for variable frequency drives
                                                    TABLE 57 FRANCE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
                        12.3.6.3 UK
                                     12.3.6.3.1 Growing sale of vehicles and expanding aerospace & defense industry to drive market growth
                                                    TABLE 58 UK: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.3.6.4 Russia
                                     12.3.6.4.1 Modernization of manufacturing sector to contribute to growth of variable frequency drive market
                                                    TABLE 59 RUSSIA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.3.6.5 Italy
                                     12.3.6.5.1 Growing investments in power sector to drive market growth
                                                    TABLE 60 ITALY: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.3.6.6 Spain
                                     12.3.6.6.1 Government initiatives to upgrade existing power system to boost demand for variable frequency drives
                                                    TABLE 61 SPAIN: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.3.6.7 Rest of Europe
                                     TABLE 62 REST OF EUROPE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
     12.4 NORTH AMERICA
             12.4.1 BY VOLTAGE
                        TABLE 63 NORTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
             12.4.2 BY APPLICATION
                        TABLE 64 NORTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY APPLICATION,  2018–2025 (USD MILLION)
             12.4.3 BY POWER RATING
                        TABLE 65 NORTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY POWER RATING,  2018–2025 (USD MILLION)
             12.4.4 BY TYPE
                        TABLE 66 NORTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY TYPE,  2018–2025 (USD MILLION)
             12.4.5 BY COUNTRY
                        TABLE 67 NORTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY COUNTRY,  2018–2025 (USD MILLION)
             12.4.6 IMPACT OF COVID-19 ON GLOBAL VARIABLE FREQUENCY  DRIVE MARKET
                        TABLE 68 NORTH AMERICA: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE,  2018–2025 (USD MILLION)
                        FIGURE 44 NORTH AMERICA: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET,  2018–2025 (USD MILLION)
                        12.4.6.1 US
                                     12.4.6.1.1 Replacement of aging power infrastructure to drive market growth
                                                    TABLE 69 US: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.4.6.2 Canada
                                     12.4.6.2.1 Growth of oil & gas sector to fuel demand for variable frequency drives
                                                    TABLE 70 CANADA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.4.6.3 Mexico
                                     12.4.6.3.1 Increasing investments in energy sector to boost demand for variable frequency drives
                                                    TABLE 71 MEXICO: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
     12.5 SOUTH AMERICA
             12.5.1 BY VOLTAGE
                        TABLE 72 SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
             12.5.2 BY APPLICATION
                        TABLE 73 SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY APPLICATION,  2018–2025 (USD MILLION)
             12.5.3 BY POWER RATING
                        TABLE 74 SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY POWER RATING,  2018–2025 (USD MILLION)
             12.5.4 BY TYPE
                        TABLE 75 SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY TYPE,  2018–2025 (USD MILLION)
             12.5.5 BY COUNTRY
                        TABLE 76 SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY COUNTRY,  2018–2025 (USD MILLION)
             12.5.6 IMPACT OF COVID-19 ON GLOBAL VARIABLE FREQUENCY  DRIVE MARKET
                        TABLE 77 SOUTH AMERICA: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE,  2018–2025 (USD MILLION)
                        FIGURE 45 SOUTH AMERICA: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET,  2018–2025 (USD MILLION)
                        12.5.6.1 Brazil
                                     12.5.6.1.1 Investments power infrastructure and expanding oil & gas sector to fuel market growth
                                                    TABLE 78 BRAZIL: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.5.6.2 Argentina
                                     12.5.6.2.1 Rising demand for variable frequency drives in consumer electronics industry to boost market growth
                                                    TABLE 79 ARGENTINA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
                        12.5.6.3 Chile
                                     12.5.6.3.1 Increasing investments in infrastructure development to fuel demand for variable frequency drives
                                                    TABLE 80 CHILE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.5.6.4 Rest of South America
                                     TABLE 81 REST OF SOUTH AMERICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
     12.6 MIDDLE EAST
             12.6.1 BY VOLTAGE
                        TABLE 82 MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
             12.6.2 BY APPLICATION
                        TABLE 83 MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY APPLICATION,  2018–2025 (USD MILLION)
             12.6.3 BY POWER RATING
                        TABLE 84 MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY POWER RATING,  2018–2025 (USD MILLION)
             12.6.4 BY TYPE
                        TABLE 85 MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
             12.6.5 BY COUNTRY
                        TABLE 86 MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY COUNTRY,  2018–2025 (USD MILLION)
             12.6.6 IMPACT OF COVID-19 ON GLOBAL VARIABLE  FREQUENCY DRIVE MARKET
                        TABLE 87 MIDDLE EAST: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE,  2018–2025 (USD MILLION)
                        FIGURE 46 MIDDLE EAST: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET,  2018–2025 (USD MILLION)
                        12.6.6.1 Saudi Arabia
                                     12.6.6.1.1 Investments in power sector to expand power generation capacity to fuel demand for variable frequency drives
                                                    TABLE 88 SAUDI ARABIA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
                        12.6.6.2 UAE
                                     12.6.6.2.1 Initiatives to boost manufacturing sector to increase demand for variable frequency drives
                                                    TABLE 89 UAE: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.6.6.3 Qatar
                                     12.6.6.3.1 Contribution toward renewable generation of electricity to drive demand for variable frequency drives
                                                    TABLE 90 QATAR: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
                        12.6.6.4 Oman
                                     12.6.6.4.1 Healthy growth of oil & gas sector to drive market growth
                                                    TABLE 91 OMAN: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.6.6.5 Kuwait
                                     12.6.6.5.1 Increasing investments in oil & gas sector to fuel demand for variable frequency drives
                                                    TABLE 92 KUWAIT: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.6.6.6 Rest of the Middle East
                                     TABLE 93 REST OF MIDDLE EAST: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
     12.7 AFRICA
             12.7.1 BY VOLTAGE
                        TABLE 94 AFRICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
             12.7.2 BY APPLICATION
                        TABLE 95 AFRICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY APPLICATION,  2018–2025 (USD MILLION)
             12.7.3 BY POWER RATING
                        TABLE 96 AFRICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY POWER RATING,  2018–2025 (USD MILLION)
             12.7.4 BY TYPE
                        TABLE 97 AFRICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
             12.7.5 BY COUNTRY
                        TABLE 98 AFRICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
             12.7.6 IMPACT OF COVID-19 ON GLOBAL VARIABLE FREQUENCY  DRIVE MARKET
                        TABLE 99 AFRICA: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET SIZE,  2018–2025 (USD MILLION)
                        FIGURE 47 AFRICA: COVID-19 IMPACT ON VARIABLE FREQUENCY DRIVE MARKET,  2018–2025 (USD MILLION)
                        12.7.6.1 Egypt
                                     12.7.6.1.1 Growing investments in oil & gas sector to increase demand for variable frequency drives
                                                    TABLE 100 EGYPT: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
                        12.7.6.2 Nigeria
                                     12.7.6.2.1 Increasing investments in mining sector and growing oil & gas sector to boost demand for variable frequency drives
                                                    TABLE 101 NIGERIA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE, 2018–2025 (USD MILLION)
                        12.7.6.3 South Africa
                                     12.7.6.3.1 Expanding manufacturing sector to fuel demand for variable frequency drives
                                                    TABLE 102 SOUTH AFRICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)
                        12.7.6.4 Rest of Africa
                                     TABLE 103 REST OF AFRICA: VARIABLE FREQUENCY DRIVE MARKET SIZE, BY VOLTAGE,  2018–2025 (USD MILLION)

13 COMPETITIVE LANDSCAPE (Page No. - 145)
     13.1 OVERVIEW
              FIGURE 48 KEY DEVELOPMENTS IN VARIABLE FREQUENCY DRIVE MARKET DURING JANUARY 2017–DECEMBER 2020
     13.2 MARKET SHARE ANALYSIS, 2019
              FIGURE 49 MARKET SHARE ANALYSIS, 2019
     13.3 MARKET EVALUATION FRAMEWORK
              TABLE 104 MARKET EVALUATION FRAMEWORK
     13.4 VARIABLE FREQUENCY DRIVE REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS
              FIGURE 50 TOP 5 PLAYERS DOMINATED MARKET IN LAST 5 YEARS
     13.5 KEY MARKET DEVELOPMENTS
             13.5.1 PRODUCT LAUNCHES
             13.5.2 CONTRACTS & AGREEMENTS
             13.5.3 MERGERS & ACQUISITIONS
             13.5.4 INVESTMENTS & EXPANSION
             13.5.5 PARTNERSHIPS
     13.6 COMPANY EVALUATION QUADRANT
             13.6.1 COMPANY EVALUATION QUADRANT DEFINITIONS AND METHODOLOGY
             13.6.2 STAR
             13.6.3 EMERGING LEADER
             13.6.4 PERVASIVE
             13.6.5 EMERGING COMPANY
                        FIGURE 51 VARIABLE FREQUENCY DRIVE MARKET COMPANY EVALUATION  QUADRANT, 2019
     13.7 COMPETITIVE LEADERSHIP MAPPING OF START-UPS
             13.7.1 PROGRESSIVE COMPANIES
             13.7.2 RESPONSIVE COMPANIES
             13.7.3 STARTING BLOCKS
             13.7.4 DYNAMIC COMPANIES
                        FIGURE 52 COMPETITIVE LEADERSHIP MAPPING OF START-UPS, 2019
             13.7.5 PRODUCT FOOTPRINT ANALYSIS OF TOP PLAYERS
                        FIGURE 53 PRODUCT FOOTPRINT ANALYSIS OF TOP PLAYERS IN VARIABLE FREQUENCY DRIVE MARKET

14 COMPANY PROFILES (Page No. - 156)
(Business overview, Products offered, Recent Developments, SWOT Analysis, MNM view)*
     14.1 ABB
              FIGURE 54 ABB: COMPANY SNAPSHOT
     14.2 SIEMENS
              FIGURE 55 SIEMENS: COMPANY SNAPSHOT
     14.3 SCHNEIDER ELECTRIC
              FIGURE 56 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
     14.4 DANFOSS
              FIGURE 57 DANFOSS: COMPANY SNAPSHOT
     14.5 ROCKWELL AUTOMATION
              FIGURE 58 ROCKWELL AUTOMATION: COMPANY SNAPSHOT
     14.6 CROMPTON GREAVES POWER AND INDUSTRIAL SOLUTION
              FIGURE 59 CROMPTON GREAVES POWER AND INDUSTRIAL SOLUTIONS: COMPANY SNAPSHOT
     14.7 EATON
              FIGURE 60 EATON: COMPANY SNAPSHOT
     14.8 YASKAWA
              FIGURE 61 YASKAWA: COMPANY SNAPSHOT
     14.9 FUJI ELECTRIC
              FIGURE 62 FUJI ELCTRIC: COMPANY SNAPSHOT
     14.10 HITACHI
              FIGURE 63 HITACHI: COMPANY SNAPSHOT
     14.11 GENERAL ELECTRIC
              FIGURE 64 GENERAL ELECTRIC: COMPANY SNAPSHOT
     14.12 WEG
              FIGURE 65 WEG: COMPANY SNAPSHOT
     14.13 NIDEC
              FIGURE 66 NIDEC: COMPANY SNAPSHOT
     14.14 TMEIC
     14.15 SEW-EURODRIVE
     14.16 DELTA ELECTRONICS
     14.17 HONEYWELL INTERNATIONAL
     14.18 ANAHEIM AUTOMATION
     14.19 PARKER HANNIFIN
     14.20 NORD DRIVE SYSTEMS
     14.21 INOVANCE TECHNOLOGY
     14.22 TECHSUPPEN
     14.23 SHENZHEN GOZUK
     14.24 MAVEN AUTOMATION
     14.25 SAKSUN INDUSTRIES
     14.26 A.S. AUTOMATION & CONTROLS

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

15 ADJACENT & RELATED MARKET (Page No. - 200)
     15.1 SYNCHRONOUS CONDENSER MARKET
             15.1.1 MARKET DEFINITION
             15.1.2 MARKET OVERVIEW
             15.1.3 SYNCHRONOUS CONDENSER MARKET, BY REGION
                        TABLE 105 SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
                        TABLE 106 SYNCHRONOUS CONDENSER MARKET SIZE, BY REGION, 2018–2025 (UNITS)
             15.1.4 NORTH AMERICA
                        TABLE 107 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                        TABLE 108 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                        TABLE 109 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
                        TABLE 110 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                        TABLE 111 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE,  2018–2025 (USD MILLION)
                        TABLE 112 NORTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY,  2018–2025 (USD MILLION)
                        15.1.4.1 US
                                     TABLE 113 US: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2018–2025 (USD MILLION)
                                     TABLE 114 US: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                     TABLE 115 US: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                        15.1.4.2 Canada
                                     TABLE 116 CANADA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                     TABLE 117 CANADA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
             15.1.5 EUROPE
                        TABLE 118 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                        TABLE 119 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                        TABLE 120 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                        TABLE 121 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                        TABLE 122 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
                        TABLE 123 EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
                        15.1.5.1 Italy
                                     TABLE 124 ITALY: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                     TABLE 125 ITALY: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                     TABLE 126 ITALY: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                        15.1.5.2 Germany
                                     TABLE 127 GERMANY: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                     TABLE 128 GERMANY: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                     TABLE 129 GERMANY: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
                        15.1.5.3 Norway
                                     TABLE 130 NORWAY: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                     TABLE 131 NORWAY: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                     TABLE 132 NORWAY: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                        15.1.5.4 Rest Of Europe
                                     TABLE 133 REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                     TABLE 134 REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                                     TABLE 135 REST OF EUROPE: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
             15.1.6 SOUTH AMERICA
                        TABLE 136 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                        TABLE 137 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                        TABLE 138 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
                        TABLE 139 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE,  BY REACTIVE POWER RATING (MVAR), 2018–2025(USD MILLION)
                        TABLE 140 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE,  2018–2025 (USD MILLION)
                        TABLE 141 SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY,  2018–2025 (USD MILLION)
                        15.1.6.1 Brazil
                                     TABLE 142 BRAZIL: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                     TABLE 143 BRAZIL: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                     TABLE 144 BRAZIL: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
                        15.1.6.2 Rest of South America
                                     TABLE 145 REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2018–2025 (USD MILLION)
                                     TABLE 146 REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                                     TABLE 147 REST OF SOUTH AMERICA: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
             15.1.7 REST OF THE WORLD
                        TABLE 148 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2018–2025 (USD MILLION)
                        TABLE 149 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                        TABLE 150 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
                        TABLE 151 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY REACTIVE POWER RATING (MVAR), 2018–2025 (USD MILLION)
                        TABLE 152 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY TYPE,  2018–2025 (USD MILLION)
                        TABLE 153 REST OF THE WORLD: SYNCHRONOUS CONDENSER MARKET SIZE, BY COUNTRY,  2018–2025 (USD MILLION)
                        15.1.7.1 Australia
                                     TABLE 154 AUSTRALIA: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE,  2018–2025 (USD MILLION)
                                     TABLE 155 AUSTRALIA: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD,  2018–2025 (USD MILLION)
                                     TABLE 156 AUSTRALIA: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER,  2018–2025 (USD MILLION)
                        15.1.7.2 Other Countries of ROW
                                     TABLE 157 OTHER COUNTRIES OF ROW: SYNCHRONOUS CONDENSER MARKET SIZE, BY COOLING TYPE, 2018–2025 (USD MILLION)
                                     TABLE 158 OTHER COUNTRIES OF ROW: SYNCHRONOUS CONDENSER MARKET SIZE, BY STARTING METHOD, 2018–2025 (USD MILLION)
                                     TABLE 159 OTHER COUNTRIES OF ROW: SYNCHRONOUS CONDENSER MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)

16 APPENDIX (Page No. - 219)
     16.1 INSIGHTS OF INDUSTRY EXPERTS
     16.2 DISCUSSION GUIDE
     16.3 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
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     16.5 RELATED REPORTS
     16.6 AUTHOR DETAILS

This study involved 4 major activities in estimating the current market size of the variable frequency drive market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through rigorous primary research. Both top-down and bottom-up approaches were used to estimate the total market size. Thereafter, the market breakdown and data triangulation technique was undertaken to estimate the market size of the segments and corresponding subsegments.

Secondary Research

This research study involved the use of extensive secondary sources, directories, and databases such as T&D World, Bloomberg Business Week, Factiva, and, world oil and gas journal, to identify and collect information useful for a technical, market oriented, and commercial study of the 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 coal and oil & gas trading companies; transmission & distribution companies in the sector; electrical equipment manufacturing companies; medium and low voltage component assemblers; organizations, forums and alliances; state and national regulatory authorities; and electrical system designers, owners, and operators. The demand side of this market is characterized by its applications such as pumps, fans, compressors, conveyors, and others. The others segment includes variable frequency drives used in extruders, crushers & mills, and mixers. The supply side is characterized by organizations manufacturing variable frequency drives and the equipment in which the variable frequency drives are installed. A few of such companies are ABB, Siemens, Schneider Electric, Danfoss, Rockwell Automation, Yaskawa, and Fuji Electric. Various primary sources, from both the supply and demand sides of the market, were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is as follows:

Variable Frequency Drive (VFD) Market  Size, and Share

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

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the global variable frequency drive market and its dependent submarkets. 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 supply 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.

Data Triangulation

After arriving at the overall market size-using the market size estimation processes as explained above-the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in utilities, oil and gas, mining, transportation, and other sectors.

Variable Frequency Drive (VFD) Market  Size, and Share

Report Objectives

  • To define, describe, and forecast the global variable frequency drive market by end-user, application, power rating, type, voltage, and region
  • To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze the market with respect to individual growth trends, prospects, and contribution of each segment to the market
  • The impact of the COVID-19 pandemic on the surge arrester market has been analyzed to estimate the market size
  • To analyze the market opportunities for stakeholders and details of the competitive landscape for market leaders
  • To forecast the growth of the market with respect to the major regions (Asia Pacific, Europe, North America, South America, Middle East, and Africa)
  • To strategically profile key players and comprehensively analyze their market ranking and core competencies
  • To track and analyze the competitive developments such as contracts & agreements, expansions, new product developments, mergers & acquisitions, and partnerships in the variable frequency drive market

Available Customizations:

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

Regional Analysis

  • Further breakdown of the region or country-specific analysis

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Variable Frequency Drive (VFD) Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Variable Frequency Drive (VFD) Market

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Jan, 2021
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