Global Variable Frequencies Drives Market Overview:
A Variable Frequency Drive (VFD) is a motor controller which drives an electric motor by changing the frequency and voltage supply. It is used to provide range of voltage and frequency for number of electric appliances and to the electric motor. It is also called as variable speed drive, adjustable frequency drive, adjustable speed drive, AC drive, inverter and microdrive. Variable frequency drive are solid-state regulators which are installed on the AC electric motors. It is also applicable for some DC electric motors to control its torque and speed. It helps to reduce the mechanical stress on the machines which eventually increases their shelf life. It is energy saving and improve performance. These Variable Frequency Drive (VFD) are broadly used in applications such as compressors, fans, conveyers and others. Variable frequency drives (VDF) are able to convert basic fixed frequency into variable frequency which help to enhance motor control. The use of variable frequency drives provide efficiency in power, cost savings and voltage flow control. Furthermore, VDF equipment is more reliable compared to the traditional mechanical approaches and the frequency variations are more useful in number of electrical appliances and end-user industries. Increasing need for energy efficiency and cost savings is anticipated to drive the growth of the market. In addition, rapid urbanization and industrialization in emerging economies such as China, India, Australia providing more opportunity for the market growth. Geographically, Asia pacific region is expected to grow with highest growth rate and able to gain high market share followed by North America and Europe. According to recent research of Enerdata 2019, China was the main contributor to the global power generation growth. In 2019, the power generation in China has been increased by 4.7 % compared to power generation in 2018.
Growth Drivers
- Rising urbanization and industrialization leads to infrastructural growth in emerging economies
- Raised demand for electricity across the globe and electrical appliances
- Inclination towards optimization process help to accelerate the Market growth
Roadblocks
- High investment cost
- Lack of skilled and trained labour
- Complexity due to heating problems owing to high power supply
- Low efficacy and efficiency towards for fluid pumping
Opportunities
- Advanced and modern networking and diagnostic capabilities of variable frequency drive providing opportunity to increase productivity in power generation, mining industries
Challenges
- Growing concern regarding cybersecurity
Competitive Landscape:
There are various companies are operating in this industry and heavily conducting research on the characteristics of Variable frequency drive and how to reduce challenges such as high heating problems and less efficacy towards fluid pumping. There are various market players are entering in this industry to capture market growth opportunities. The market leaders are investing on organic and non-organic strategic growth initiatives to become dominant in this industry.
Some of the key players profiled in the report are Eaton (United States), Hitachi, Ltd. (Japan), Siemens AG (Germany), WEG S.A (Brazil), ABB (Switzerland), General Electric (United States), Rockwell Automation, Inc. (United States), Honeywell International Inc. (United States), Mitsubishi Electric (Japan), Danfoss (Denmark), Nidec Motor Corporation (Japan) and VFD Solutions Inc.(Canada). Additionally, following companies can also be profiled that are part of our coverage like LARSEN & TOUBRO LIMITED (India) and Fuji Electric Co., Ltd. (Japan). Analyst at AMA Research see United States Players to retain maximum share of Global Variable Frequencies Drives market by 2026. Considering Market by By Power Range, the sub-segment i.e. Micro will boost the Variable Frequencies Drives market. Considering Market by By Voltage, the sub-segment i.e. Up to 690 V will boost the Variable Frequencies Drives market. Considering Market by End Use, the sub-segment i.e. Power Generation will boost the Variable Frequencies Drives market.
In July 2019, Eaton has acquired Switchgear Solutions, Inc. (ISG), a specialty manufacturer of medium-voltage electrical equipment serving commercial and industrial markets in the North American. Owing to this acquisition, company is able to strengthen its product portfolio of medium-voltage based electrical appliances.
What Can be Explored with the Variable Frequencies Drives Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Variable Frequencies Drives Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Variable Frequencies Drives
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Variable Frequencies Drives market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Variable Frequencies Drives market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Electrical equipment Manufacturers, Suppliers and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.