NEW YORK, March 7, 2023 /PRNewswire/ — According to P&S Intelligence, the global VFD market will reach $35.34 billion in revenue by 2030, with a CAGR in 2022 to 2030 will be 5.20%.
This is due to the growing demand for energy efficient machines, including pumps, motors and fans, as well as the implementation of strict government directives for energy conservation.
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The world is in the midst of a clean energy transition that will help achieve the goal of zero emissions by 2050. These measures are underpinned by initiatives to improve material efficiency, electrification and digitalization.
Rapid industrialization is one of the main reasons for the growing demand for these drives. As more and more businesses are built around the world, there is a growing demand for variable frequency drives as they are used in many applications including mixers, conveyors, pumps, welders, grinders, fans and cutters.
In 2022, the AC drive market share will increase to around 69%. This is mainly due to the fact that most traditional DC drives are being replaced by AC drives due to their higher maintenance and operation costs, as well as coal dust generation. The DC option also has a low power factor, which can be detrimental to the electrical system.
In 2022, the low voltage drive category will have the largest share of revenue and is expected to maintain its dominant position in the future. This is because such drives offer many general and industry-specific solutions and a range of applications.
In addition, they are used to automate machines in several industries, including cement, steel and mining, oil and gas, sugar, water and wastewater, pulp and paper, and plastics.
In addition, there is a growing demand for such drivers as they are suitable for both high-power and low-power applications.
View the detailed report of Variable Frequency Drive Market Analysis, Segment Analysis, Growth & Demand Forecast to 2030.
In 2022, the Asia-Pacific region will account for the largest share of revenue at 35% and is expected to grow the fastest going forward. This can be explained by the rapid industrialization of India, Australia, Japan and Australia.
Government initiatives to reduce energy consumption and increase spending on technology improvements to achieve high drive reliability and low power consumption are also driving sales of VFDs.
The oil and gas industry is the largest consumer of variable frequency drives as these drives are integrated into a range of upstream equipment such as pumps and motors. With new discoveries in new fields, exploration and development activities continue to increase, and the industry’s demand for frequency converters will continue to grow.
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Post time: Aug-03-2023