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The variable frequency drive market is expected to grow from an estimated USD 18.61 Billion in 2016 to USD 24.8 Billion by 2021, registering a CAGR of 5.94% from 2016 to 2021.
The global market is witnessing significant growth due to increasing urbanization and industrialization in developing countries such as India, growing need for energy efficiency, increased activities in the construction, power transmission & distribution networks, regulations on energy efficiency, growing trend of industrial automation, regulations to ensure efficiency and utilization of energy.
Among the two major voltage segments of variable frequency drives: low voltage and medium voltage, the former held the largest market share in 2015. Low voltage variable frequency drives have become popular mainly because of their ease of operation and size which is 25-40% smaller than medium voltage drives. Moreover, medium voltage drives are complex and difficult to handle or replace in case of a failure during an operation.
The variable frequency drive market has been segmented based on power range into micro power drive (UP TO 5 Kw), low power drive (6-40 kW), medium power drive (41-200 kW) and high power drive (Above 200 kW). The micro power drive segment accounted for the largest market share in 2015. These VFDs are increasingly popular due to their wide application in fans, pumps, compressors, conveyors, extruders, among others.
The variable frequency drive market is expected to grow from an estimated USD 18.61 Billion in 2016 to USD 24.8 Billion by 2021, registering a CAGR of 5.94% from 2016 to 2021.
The global market is witnessing significant growth due to increasing urbanization and industrialization in developing countries such as India, growing need for energy efficiency, increased activities in the construction, power transmission & distribution networks, regulations on energy efficiency, growing trend of industrial automation, regulations to ensure efficiency and utilization of energy.
Among the two major voltage segments of variable frequency drives: low voltage and medium voltage, the former held the largest market share in 2015. Low voltage variable frequency drives have become popular mainly because of their ease of operation and size which is 25-40% smaller than medium voltage drives. Moreover, medium voltage drives are complex and difficult to handle or replace in case of a failure during an operation.
The variable frequency drive market has been segmented based on power range into micro power drive (UP TO 5 Kw), low power drive (6-40 kW), medium power drive (41-200 kW) and high power drive (Above 200 kW). The micro power drive segment accounted for the largest market share in 2015. These VFDs are increasingly popular due to their wide application in fans, pumps, compressors, conveyors, extruders, among others.
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