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Variable Frequency Drive (VFD) Market by End-user, Type, and Geography - Forecast and Analysis 2023-2027

  • Published: May 2023
  • Pages: 185
  • SKU: IRTNTR72767
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Variable Frequency Drives market growth will increase by $7124.1 million during 2023-2027.
The variable frequency drives market is expected to grow at a CAGR of 5.5% during 2023-2027.
Technavio has segmented the variable frequency drives market by end-user (Food and beverage, Water and wastewater treatment, Oil and gas, Power generation, and Automotive others) ,type (Low voltage drives and Medium voltage drives) , and geography (APAC, Europe, North America, Middle East and Africa, and South America).
ABB Ltd., Danaher Corp., Danfoss AS, Eaton Corp. Plc, Emerson Electric Co., Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., Johnson Controls International Plc, Mitsubishi Electric Corp., Nidec Corp., Rockwell Automation Inc., Schaffner Group, Schneider Electric SE, Siemens AG, Spoc Automation Inc., Toshiba Corp., WEG Equipamentos Eletricos S.A., Yaskawa Electric Corp. are a few of the key vendors in the variable frequency drives market.
APAC will register the highest growth rate of 35.99% among the other regions. Therefore, the variable frequency drives market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the variable frequency drives market growth are:
  • Presence of regulations that mandate use of variable frequency drives in industries
  • Technological advances in variable frequency drives
The variable frequency drives market vendors should focus on grabbing business opportunities from the Food and beverage segment as it accounted for the largest market share in the base year.
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