Market Leaders - Variable Frequency Drive Market
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. Variable frequency drives enable motors to run based on required current demand, rather than running at full speed and reducing output using mechanical controls such as throttles, dampers, or gears. Electric motors can be equipped with frequency converters to operate pumps and fans more efficiently, these factors are expected to drive the demand for global Variable frequency drive market.
The Asia Pacific region is estimated to be the largest market for variable frequency drives, followed by the North America. The Asia Pacific region is also projected to be the fastest-growing market during the forecast period. The increasing investments in LNG, chemical, and mining projects is likely to increase the demand for motors are the key drivers behind the growing demand for industrial buners in the Asia Pacific region.
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The variable frequency drive market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global variable frequency drive market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell Automation (US).
ABB is a leading company offering power and automation solutions. The company provides a broad range of products, systems, solutions, and services to various industries such as aluminum, automotive, cement, chemicals, data center, food & beverages, process automation, life sciences, marine, metals, mining, oil & gas, ports, power generation, pulp & paper, railway, smart cities, solar power, water treatment, and wind power. ABB conducts its operations through four business segments, namely, Electrification, Motion, Industrial Automation, and Robotics & Discrete Automation. The company offers variable frequency drive products and services through its Motion business segment which accounted for a 23.3% share of the total revenue in 2021. The Motion segment offers a broad range of electrical motors, generators, drives, and services, as well as integrated digital powertrain solutions. The segment offers products, services, and solutions through seven operating divisions, namely, Drive Products, System Drives, Traction, IEC LV Motors, Large Motors and Generators, NEMA Motors and Service. The Service segment offers base services and spare parts, upgrades & replacements, and smart solutions. The Drive Products and System Drives divisions offer low and medium AC drives and modules. ABB operates in over 100 countries across three regions, namely, Europe, the Americas, Asia, and the Middle East & Africa. It has approximately 320 consolidated operating and holding subsidiaries and production and R&D centers across the world.
Siemens is a German conglomerate offering electrification, automation, and digitalization solutions. The company conducts its operations through six business segments, namely, Digital Industries, Siemens Healthineers, Smart Infrastructure, Mobility, Portfolio Companies, and Siemens Financial Services. The company offers variable frequency drive solutions through its Digital Industries business segment which accounted for a share of 26.4% of its total revenue in 2021. The Digital Industries segment offers products and solutions for automation used in discrete and process industries, automation systems and software for factories, numerical control systems, motors, drives and inverters, and integrated automation systems for motors, drives, machine tools, and production machines. The segment also provides process control systems, machine-to-machine communication products, sensors for measuring pressure, temperature, level, flow rate, distance or shape, and radio frequency identification systems. The company provides a wide range of AC and DC variable frequency drives under this segment, including the SINAMICS and Blue drive series. Siemens has presence in Europe, North America, the Middle East, South America, Africa, and Asia Pacific. The company operates in more than 100 countries globally and has a strong network of regional offices, warehouses, research & development facilities, and sales offices. It has 16 corporate technology facilities for research & development and production and quality assurance globally which optimize its business processes.
Related Reports:
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
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