Variable Frequency Drive Market By Product, Power Range, Application, and End Use Till 2027 “The global variable frequency drive (VFD) market size is projected to reach USD 37.4 billion by 2027 and registering 6.5% CAGR during the forecast period from 2020 to 2027. Growing technological advancements in developing economies and increasing awareness for energy efficiency are key factors driving the growth of the market.”
The global variable frequency drive (VFD) market size is projected to reach USD 37.4 billion by 2027 and registering 6.5% CAGR during the forecast period from 2020 to 2027. Growing technological advancements in developing economies and increasing awareness for energy efficiency are key factors driving the growth of the market. Government across several countries are striving to increase awareness regarding energy efficiency, which is expected to be one of the major factors for market growth. For example, the International Energy Agency (IEA) invested around USD 240 billion in energy efficiency across buildings, industry sectors and transport. The integration of VFDs with electric drives enables users to control speed and torque, thereby helps to increase their operating efficiency as well as reduces energy consumption. Therefore, rising application of VFD across different industries including power generation, automotive, food & beverage, and oil & gas is projected to propel the market growth. In addition, growing energy prices are also anticipated to increase the deployment of VFDs across multiple industries. The Asia Pacific dominated the global market due to rapid advancement in infrastructure, industrial growth, and growing demand for greater power efficiency. In this region, China, Japan, and India are the major contributors to VFD regional market growth. This growth is characterized by huge investment in manufacturing industries in these countries by the government to boost their economic growth.
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