Smart grid technology has been anticipated to create lucrative growth avenues for VFD (variable frequency drive) manufacturers in the forthcoming years. This is primarily attributed to the developing applications of VFD (variable frequency drive) in smart grids for varying voltage and phase angle required. This in turn ensures more effective transmission of electricity. Key plyers in VFD (variable frequency drive) market are taking immense efforts in focusing on introducing bundled solutions for reducing customer buying efforts, thus improving overall customer experience.
By launching combined motor-drive and industry-specific package, leading VFD (variable frequency drive) manufacturers are simplifying customer buying efforts. Growing awareness amongst the end-users with regards to possible usage of single drives for the purpose of controlling multiple motors has been driving the growth of VFD (variable frequency drive) market. The study by Future Market Insights predicts that VFD (variable frequency drive) market is likely to expand at a robust 8.5% CAGR over the forecast period, 2016-2026. This growth has been attributed towards surging technological advancements and energy prices in VFD (variable frequency drive).
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AC drive segment in VFD (variable frequency drive) market offers has been observing significant demand compared to servo and DC drives. Main benefits of AC drives includes reduced level of vibration and noise as well as increased energy savings. AC drives are majorly utilized for the purpose of diverse torque application in the industries such as mining, water and wastewater and oil & gas. Low voltage range is expected to hold the largest share in VFD (variable frequency drive) market over the period of forecast owing to significantly high energy savings at lower capital costs as well as better process control, benefitting various industries. Increasing production towards the infrastructural activities across emerging nations is likely to drive the demand for low voltage range VFD (variable frequency drive).
Pump segment is anticipated to witness significant demand during the forecast period owing to huge potential for reliability, improved performance and energy savings. In addition, increasing oil & shale gas productions have been fuelling the global pump market. Apart from this, industrial applications are likely to prove lucrative for VFD (variable frequency drive) market in the forthcoming years. Rapidly increasing demand for the electric motors from several industries such as cement, discrete manufacturing, marine, pulp and paper and others are anticipated to drive the demand and supply for VFD (variable frequency drive) for industrial applications.
Asia-Pacific is leading the VFD (variable frequency drive) market during the forecast period. China is anticipated to hold the lion’s share in Asia-Pacific region. Governments of Japan, India and China are making heavy investments in clean energy and intends to supply over 20% power from the non-fossil sources by the end of forecast period, which in turn creates positive growth avenues for VFD (variable frequency drive) market. Massive investments on manufacturing industry is another factor driving the VFD (variable frequency drive) market in Asia-Pacific.
Key players and manufacturers in VFD (variable frequency drive) market are developing strategies to introduce cost-effective and innovative VFD (variable frequency drive) for buying out competition in the near future. Manufacturers are further planning to enter into partnerships with the electric motor manufacturers for expanding customer-base as well as enhancing their presence in VFD (variable frequency drive) market.
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