Variable Frequency Drive Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (AC Drive, DC Drive, and Servo Drive), Voltage Type (Low Voltage, and Medium Voltage), Power Rating (Micro Power Drive, Low Power Drive, Medium Power Drive, and High Power Drive), Application Type (Pumps, Conveyors, Fans, Compressors, and Others), and Region Forecast 2020-2031

Variable Frequency Drive Market size is expected to be valued at US$ 25.3 billion in 2022 and is poised to grow at a significant CAGR of 5.8% over 2022–2028. A variable frequency drive (VFD) is a kind of motor controller that regulates the frequency and voltage of an electric motor’s power supply. The VFD can also control the motor’s ramp-up and ramp-down throughout the start and stop, separately. It is also known as adjustable speed drive, variable speed drive, adjustable frequency drive, inverter AC drive, and Microdrive. It has extensive applications in various sectors such as oil & gas, power generation, infrastructure, mining, and cement industries. These extensive applications, and has many benefits of VFD, are some major factors that are primarily driving the growth of the global variable frequency market.  Additionally, it has also found applications in many devices to control its functions such as control fans, pumps, and compressors. These applications account for 75% of all drives in use across the globe which undoubtedly supports the expansion of the variable frequency drive market. variable frequency drive market is hampered by the stagnant growth of oil & gas pumps industries and a decrease in exploration and production activities. As oil & gas is one of the foremost end-user industries of variable frequency drives. Moreover, continuous fluctuations in oil and natural gas prices directly impact the market of variable frequency drives. Moreover, the growth of the variable frequency drives market is directly affected by the decline in capital expenditures by oilfield operators and service providers. Thus, stringent government regulations associated with greenhouse gases, climate change, and alternative energy sources may also hinder the growth of the establishments engaged in oil and natural gas exploration and production activities and negatively impact the demand for variable frequency drives. The COVID-19 pandemic also had a negative impact on the variable frequency drive market, due to disruption in the supply chain of raw and finished products.  The post-Pandemic situation is ready to rise energy demand across the globe, and make huge investments in various sectors that ultimately increase the demand for variable frequency drive over the forecasted period

Key Developments:

In July 2021, ABB’s medium voltage drives provide energy-efficient pumping in a major desalination plant, saline water conversion corporation ‘s (SWCC) water treatment plant based in Jubail, Saudi Arabia. The plant working with ABB‘s digitally enabled ACS2000 medium voltage variable speed drives (VSD) to reduce energy consumption. In December 2020, Rockwell Automation expanded its Kinetix 5100 Servo Drive to 480V available for usage in extensive applications such as packaging, converting print, machine and assembly, and life sciences. In June 2021, Eaton launched the PowerXL DM1 micro variable frequency for industrial and commercial sectors.