June 19, 2023 9:00 pm ET | Source: MarketsandMarkets Research Pvt. Ltd. MarketsandMarkets Research Pvt. Ltd.
CHICAGO, June 19, 2023 (GLOBE NEWSWIRE). According to a new MarketsandMarkets™ report, the variable frequency drive market will grow from $21.2 billion in 2022 to $26.8 billion in 2027 at a CAGR of 4.8%. The global variable frequency drive (VFD) market is rapidly expanding as companies look for more energy efficient and optimized motor control solutions. The growing need for energy efficiency and environmental friendliness is driving the adoption of variable frequency drives. The VFD adjusts the power consumption of the motor according to demand, providing precise motor speed control and energy optimization. This capability could lead to significant energy savings, reduced carbon emissions and lower operating costs for businesses across industries.
Viewing the detailed table of contents for the VFD Market section 182 – Table 60 – Figure 253 – Pages
There are various types of variable frequency drives available on the market that can be customized to meet the requirements of the end user. Various types of variable frequency drives include AC drives, DC drives, and servo drives. AC drives convert AC power to DC power using a converter and use an inverter to convert it from DC power back to AC power to start the AC motor. In contrast, a DC drive simply uses a rectifier-based converter circuit to convert incoming AC to DC to drive a DC motor. Servo drives control servo motors based on information received from programmable logic controllers (PLCs) or other controllers, with feedback control using signal encoders or other components.
According to the voltage type, the VFD market is divided into low voltage and medium voltage. Engineers in most plants use low voltage variable frequency drives to control motor (and equipment) speed to increase productivity and reduce maintenance requirements. Medium voltage frequency converters are integrated into large high voltage motors.
The variable frequency drive market is divided into small power drives, small power drives, medium power drives and high power drives according to the rated power. The mining and oil and gas industries are the main industries that use variable frequency drives of various capacities depending on the type / nature of the work. ABB, Siemens, Danfoss and others supply variable frequency drives in various power ratings according to customer requirements.
When integrated into centrifugal fans and pumps, variable frequency drives can reduce energy consumption by up to 60%. They also reduce the risk of cavitation in the pump. According to Control Engineering Europe (CEE), motor efficiency regulations went into effect in January 2017 requiring all AC motors rated between 0.75-375kW to run efficiently. With advances in power electronics, variable frequency drives have decreased in price and size while increasing performance. Over the years, energy efficient motors have been developed using high quality magnetic materials and higher tolerance levels. The high performance IE4 and IE5 motors provide a direct benefit to OEMs and end users. The limited amount of conventional power generation combined with rising electricity prices is prompting companies to invest in energy efficient equipment to increase energy efficiency. Energy-intensive industries such as oil and gas, metals and mining, pulp and paper, cement, and water and wastewater use VFDs to reduce energy consumption and CO2 emissions. As a result, a wide range of opportunities open up for manufacturers of variable frequency drives.
The study focuses on the major regional markets for the variable frequency drive industry, including North America, Europe, Asia Pacific and the rest of the world. The Asia-Pacific region is likely to dominate the market due to rapid industrialization, expansion of infrastructure and increased use of energy efficient solutions in countries such as China and India.
The leading players in the global VFD market are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark) and Rockwell Automation (USA).
Post time: Aug-15-2023