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Variable Frequency Drive Market

Variable Frequency Drive Market Size by Type (AC Drive, DC Drive, & Servo Drive), Application (Pumps, HVAC, Fans, Conveyors, Compressors, & Others), Power Rating, Voltage, End-User, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-12717
  • Published Date: Oct, 2024
  • Pages: 238
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global variable frequency drive market is expected to reach USD 46.77 billion by 2033, at a CAGR of 5.7% from 2024 to 2033. Variable frequency drive market growth would be driven by increasing demand for energy-efficient appliances, devices & machinery, rapid urbanization, and industrialization 4.0. Increasing application of variable frequency drive in a range of industries will also drive the global variable frequency drive market. Increasing penetration of connected devices/gadgets in various sectors, which include industrial, commercial, and residential sectors, coupled with a growing demand for variable frequency force (VFD) attributable to their benefits such as dynamic torque management, energy-saving, and adjustable velocity from industries consisting of oil & fuel, automobiles, and the energy sectors, are principal factors anticipated to drive market growth and development. Additionally, increasing funding for infrastructure improvement results in excessive demand for heating, airflow, and air conditioning (HVAC) systems, increasing the demand for variable frequency drives in the upcoming years. 

Market Overview:

The variable frequency drive (IGBT) is a motor drive used in electro-mechanical drive systems. The variable frequency drive has wide applications; it is used in electric motors, fans, compressors, conveyors, power transmission systems, electric vehicles, utility pumps, crushers, chippers, coolers, among various other things. A variable frequency drive structure consists of a rectifier, intermediate DC link, inverted, and controlling circuit. The variable-frequency drive is a device used for ramping up the motor to allow a smooth start and control an AC motor's speed. The said structure allows the variable frequency drive to manage the speed of the AC motor by regulating the frequency delivered to the motor. The gradual adjustability of frequency reduces power loss & hence conserves energy. In the early stages of their application, VFDs used silicon-controlled rectifiers or gate tum off thyristors. With new developments, pulse width modulation is utilized for VFDs, PWM is cheaper, has low power consumption, and increases the efficiency up to 90%. They have a high-power handling capacity allowing them to utilize high frequencies with minimal energy loss in the form of heat. The increasing demand for electric & hybrid electric vehicles, rising electricity consumption, and growing infrastructure needs are the most prominent factors which will drive the demand for IGBTs. The rising applications in various industries and increasing awareness about energy conservation are attributed to the increasing demand for energy-efficient applications, driving the growing utilization of variable frequency drives, which reduce power loss. The increase in disposable income of the population has led to an upsurge in demand for high-end energy-efficient home appliances such as heating, ventilation, air conditioning systems, fans, coolers, & washing machines. Increased research leading to production innovations will widen the scope of VFDs applications, fueling the market's growth in the forecast period.

Variable Frequency Drive Market Size

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Market Dynamics:

Drivers
  • Increasing applications of VFDs

VFDs are utilized across diverse industries such as oil & gas, manufacturing, mining, agriculture, power generation, food & beverages, infrastructure, and others. The emergence of China & India as the manufacturing hub is also a positive development for the VFD market. The surge in the number of applications across industries can be attributed to the minimum power loss & optimum energy efficiency ensured by VFDs. The rising concerns about climate changes, increasing energy needs, and a shortage in energy production have led to government regulations encouraging the adoption of energy-efficient devices such as VFDs. The strict and mandatory government guidelines governing power & energy loss have contributed to various industries' increasing adoption of VFDs in the market.

Restraints:
  • High installation costs

Variable frequency drives are used to control the speed of the AC motor. They have various advantages such as reduced power line disturbances, controlled acceleration, adjustability, controlled stopping, and energy savings. However, the presence of other cheaper alternatives in the market which fulfill the demands of small and medium consumers is a more economical and rational choice. Additionally, the up-gradation and expansion are expensive and capital intensive.

Opportunities:
  • New & favorable government initiatives

The increased pace of climate change has created an urgency to drastically cut down carbon emissions. There is an evident shift in government initiatives that involves establishing renewable energy sources & smart power grids. The government subsidies & incentives for encouraging the production and consumption of energy-efficient technologies will also provide lucrative opportunities for the VFD market.

Challenges:
  • Availability of cheaper VFDs in the developing market

Variable frequency drives are used in electrical devices to achieve fast energy savings by adjusting the frequency delivered to the AC motor. Well-established market players produce high-quality VFDs, and their target audience is big industries. VFDs produced by well-established players are expensive for small and medium enterprises. The local players in the VFD market cater to the small & medium enterprises with their low-quality VFDs, which are cheaper. The local players also have an extensive distribution network. The untapped potential of the developing economies will remain unexploited for big industry players if their VFDs continue to be expensive. Product innovations focused on reduced production costs need to be encouraged, economies of scale need to be achieved to overcome this challenge. The consumer market will expand when the prices go down.

Segmentation Analysis:

The global variable frequency drive market has been segmented based on type, application, power rating, voltage, end-user, and regions.

  • The type segment is divided into AC drive, DC drive, & servo drive. The AC drive segment dominated the market, with a market share of around 48% in 2023. AC drives in appliances allow ease of control while adjusting frequencies. The ease of control facilitates the conservation of energy. The greater efficiency and predominant application of the AC drive is a fundamental contributing factor for its dominance in the market.
  • The application segment is divided into pumps, HVAC, fans, conveyors, compressors, & others. Over the forecast period, the compressors segment is expected to grow at the fastest CAGR of 6.5%. The growing utilization of VFD in compressors to improve mechanical resonances reduce operational costs to enhance production and energy savings will drive the growth for this segment.
  • The power rating segment is divided into high power drive, medium power drive & low power drive & micro power drive. In 2023, the low power drive segment dominated the market, accounting for around 34% of global revenue. The low capital costs & easy integration, which allow a quick payback period facilitating energy savings, will contribute towards the demand for low power drive VFDs.
  • The voltage segment is divided into high voltage & low voltage. The low voltage segment dominated the market, with a market share of around 58% in 2023. The wide range of industrial applications of low voltage VFDs coupled with a simple design for easy integration can be attributed to the segment's dominance.
  • The end-user segment is divided into oil & gas, mining, agriculture, power generation, manufacturing, food & beverages, infrastructure & others. In 2023, the power generation segment dominated the market, accounting for around 26% of global revenue. Rapid urbanization and industrialization are driving the energy demand. Increasing electricity consumption demand efficient energy distribution and the adoption of smart power grids, contributing to the rising utilization of VFDs in the power generation sector.
Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region emerged as the largest market for the global variable frequency drive market, with a 37.9% share of the market revenue in 2023.

Asia Pacific Region Variable Frequency Drive Market Share in 2023 - 38.1%

 

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  • The Asia Pacific currently dominates the variable frequency drive market due to rapid urbanization and industrialization in the region. Asia-Pacific is expected to continue its dominance in the forecast period due to the adoption of new policies by the government, which is encouraging the establishment of smart power grids to conserve energy and reduce carbon emissions by utilizing VFDs.
Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global variable frequency drive industry.

In December 2020, Rockwell Automation launched a Kinetix 5100 servo drive. This servo drive has a wide variety of applications, from packaging printing to machines & assembly.

List of Key Market Players:
  • Rockwell Automation
  • ABB
  • Siemens
  • Danfoss Corporation
  • Honeywell International Inc.
  • Hitachi Group
  • Eaton Corporation PLC
  • Johnson Controls International PLC
  • Schneider Electric
  • WEG
Key Target Audience
  • Market Players
  • Investors
  • Original Equipment Manufacturers
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Third-party knowledge providers
  • Value-Added Resellers (VARs)

Report Description:

  • Global variable frequency drive Market, Industry Analysis, Trends, Analysis and Forecast, 2024 to 2033 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2023 is considered as the base year of the report. 2020, 2021 and 2022 are the historic years, and 2024 to 2033 are the forecast years. The global variable frequency drive market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each segment, region, and country catering to the global variable frequency drive market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of variable frequency drive based on type, application, power rating, voltage, end-user and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to global variable frequency drive market. This offers vital and in-depth insights to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global variable frequency drive market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
  • The report provides an elaborative assessment of the porter's five forces analysis coupled with SWOT analysis to provide business related data and information. Porter's five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company's growth and development to sustain and survive in the long run.
  • Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which act as a key potential for the investors.
  • Potential growth prospects along with the penetration rate analysis of the product (market related, i.e., global variable frequency drive market) is covered to comprehend the adoption rate and evaluate the market size. 

Frequesntly Asked Questions

As per The Brainy Insights, the size of the variable frequency drive market was valued at USD 26.87 million in 2023 to USD 46.77 million by 2033.

Global variable frequency drive market is growing at a CAGR of 5.7% during the forecast period 2022-2030.

Asia Pacific region emerged as the largest market for the variable frequency drive.

The market's growth will be influenced by the increasing applications of VFDs.

High installation costs could hamper the market growth.

New & favourable governments initiatives will provide huge opportunities to the market.

Key players Rockwell Automation, ABB, Siemens, Danfoss Corporation, Honeywell International Inc., Hitachi Group, Eaton Corporation PLC, Johnson Controls International PLC, Schneider Electric, and WEG.

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  • Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
  • Segmentation on the basis of any specific country or region
  • Any segment can be classified on the basis of application
  • Application segment can be further divided on the basis of companies
  • The companies profiled are not limited, we can incorporate additional companies of your choice
  • We can split the company market share on the basis of product, application and region
  • Report can be prepared for any specific country/region/segment
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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Type
          4.3.2. Market Attractiveness Analysis by Application
          4.3.3. Market Attractiveness Analysis by Power Rating
          4.3.4. Market Attractiveness Analysis by Voltage
          4.3.5. Market Attractiveness Analysis by End User
          4.3.6. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing applications of VFDs
    5.3. Restraints
          5.3.1. High installation costs
    5.4. Opportunities
          5.4.1. New & favourable government initiatives
    5.5. Challenges
          5.5.1. Availability of cheaper VFDs in the developing market

6. Global Variable Frequency Drive Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. AC Drive
    6.3. DC Drive
    6.4. Servo Drive

7. Global Variable Frequency Drive Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Pumps
    7.3. HVAC
    7.4. Fans
    7.5. Conveyors
    7.6. Compressors
    7.7. Others

8. Global Variable Frequency Drive Market Analysis and Forecast, By Power Rating
    8.1. Segment Overview
    8.2. High Power Drive
    8.3. Medium Power Drive
    8.4. Low Power Drive
    8.5. Micro Power Drive

9. Global Variable Frequency Drive Market Analysis and Forecast, By Voltage
    9.1. Segment Overview
    9.2. High Voltage
    9.3. Low Voltage

10. Global Variable Frequency Drive Market Analysis and Forecast, By End User
    10.1. Segment Overview
    10.2. Oil & Gas
    10.3. Mining
    10.4. Agriculture
    10.5. Power Generation
    10.6. Manufacturing
    10.7. Food & Beverages
    10.8. Infrastructure
    10.9. Others

11. Global Variable Frequency Drive Market Analysis and Forecast, By Regional Analysis
    11.1. Segment Overview
    11.2. North America
          11.2.1. U.S.
          11.2.2. Canada
          11.2.3. Mexico
    11.3. Europe
          11.3.1. Germany
          11.3.2. France
          11.3.3. U.K.
          11.3.4. Italy
          11.3.5. Spain
    11.4. Asia-Pacific
          11.4.1. Japan
          11.4.2. China
          11.4.3. India
    11.5. South America
          11.5.1. Brazil
    11.6. Middle East and Africa
          11.6.1. UAE
          11.6.2. South Africa

12. Global Variable Frequency Drive Market-Competitive Landscape
    12.1. Overview
    12.2. Market Share of Key Players in the Variable Frequency Drive Market
          12.2.1. Global Company Market Share
          12.2.2. North America Company Market Share
          12.2.3. Europe Company Market Share
          12.2.4. APAC Company Market Share
    12.3. Competitive Situations and Trends
          12.3.1. Product Launches and Developments
          12.3.2. Partnerships, Collaborations, and Agreements
          12.3.3. Mergers & Acquisitions
          12.3.4. Expansions

13. Company Profiles
    13.1. Rockwell Automation
          13.1.1. Business Overview
          13.1.2. Company Snapshot
          13.1.3. Company Market Share Analysis
          13.1.4. Company Product Portfolio
          13.1.5. Recent Developments
          13.1.6. SWOT Analysis
    13.2. ABB
          13.2.1. Business Overview
          13.2.2. Company Snapshot
          13.2.3. Company Market Share Analysis
          13.2.4. Company Product Portfolio
          13.2.5. Recent Developments
          13.2.6. SWOT Analysis
    13.3. Siemens
          13.3.1. Business Overview
          13.3.2. Company Snapshot
          13.3.3. Company Market Share Analysis
          13.3.4. Company Product Portfolio
          13.3.5. Recent Developments
          13.3.6. SWOT Analysis
    13.4. Danfoss Corporation
          13.4.1. Business Overview
          13.4.2. Company Snapshot
          13.4.3. Company Market Share Analysis
          13.4.4. Company Product Portfolio
          13.4.5. Recent Developments
          13.4.6. SWOT Analysis
    13.5. Honeywell International Inc.
          13.5.1. Business Overview
          13.5.2. Company Snapshot
          13.5.3. Company Market Share Analysis
          13.5.4. Company Product Portfolio
          13.5.5. Recent Developments
          13.5.6. SWOT Analysis
    13.6. Hitachi Group
          13.6.1. Business Overview
          13.6.2. Company Snapshot
          13.6.3. Company Market Share Analysis
          13.6.4. Company Product Portfolio
          13.6.5. Recent Developments
          13.6.6. SWOT Analysis
    13.7. Eaton Corporation PLC
          13.7.1. Business Overview
          13.7.2. Company Snapshot
          13.7.3. Company Market Share Analysis
          13.7.4. Company Product Portfolio
          13.7.5. Recent Developments
          13.7.6. SWOT Analysis
    13.8. Johnson Controls International PLC
          13.8.1. Business Overview
          13.8.2. Company Snapshot
          13.8.3. Company Market Share Analysis
          13.8.4. Company Product Portfolio
          13.8.5. Recent Developments
          13.8.6. SWOT Analysis
    13.9. Schneider Electric
          13.9.1. Business Overview
          13.9.2. Company Snapshot
          13.9.3. Company Market Share Analysis
          13.9.4. Company Product Portfolio
          13.9.5. Recent Developments
          13.9.6. SWOT Analysis
    13.10. WEG
          13.10.1. Business Overview
          13.10.2. Company Snapshot
          13.10.3. Company Market Share Analysis
          13.10.4. Company Product Portfolio
          13.10.5. Recent Developments
          13.10.6. SWOT Analysis

List of Table

1. Global Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

2. Global AC Drive Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

3. Global DC Drive Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

4. Global Servo Drive Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

5. Global Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

6. Global Pumps Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

7. Global HVAC Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

8. Global Fans Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

9. Global Conveyors Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

10. Global Compressors Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

11. Global Others Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

12. Global Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

13. Global High Power Drive Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

14. Global Medium Power Drive Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

15. Global Low Power Drive Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

16. Global Micro Power Drive Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

17. Global Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

18. Global High Voltage Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

19. Global Low Voltage Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

20. Global Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

21. Global Oil & Gas Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

22. Global Mining Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

23. Global Agriculture Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

24. Global Power Generation Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

25. Global Manufacturing Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

26. Global Food & Beverages Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

27. Global Infrastructure Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

28. Global Others Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

29. Global Variable Frequency Drive Market, By Region, 2020-2033 (USD Billion) 

30. North America Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

31. North America Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

32. North America Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

33. North America Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

34. North America Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

35. U.S. Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

36. U.S. Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

37. U.S. Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

38. U.S. Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

39. U.S. Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

40. Canada Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

41. Canada Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

42. Canada Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

43. Canada Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

44. Canada Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

45. Mexico Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

46. Mexico Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

47. Mexico Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

48. Mexico Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

49. Mexico Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

50. Europe Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

51. Europe Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

52. Europe Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

53. Europe Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

54. Europe Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

55. Germany Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

56. Germany Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

57. Germany Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

58. Germany Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

59. Germany Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

60. France Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

61. France Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

62. France Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

63. France Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

64. France Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

65. U.K. Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

66. U.K. Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

67. U.K. Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

68. U.K. Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

69. U.K. Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

70. Italy Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

71. Italy Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

72. Italy Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

73. Italy Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

74. Italy America Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

75. Spain Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

76. Spain Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

77. Spain Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

78. Spain Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

79. Spain Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

80. Asia Pacific Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

81. Asia Pacific Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

82. Asia Pacific Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

83. Asia Pacific Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

84. Asia Pacific Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

85. Japan Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

86. Japan Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

87. Japan Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

88. Japan Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

89. Japan Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

90. China Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

91. China Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

92. China Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

93. China Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

94. China Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

95. India Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

96. India Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

97. India Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

98. India Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

99. India Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

100. South America Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

101. South America Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

102. South America Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion)

103. South America Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion)

104. South America Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

105. Brazil Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

106. Brazil Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

107. Brazil Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

108. Brazil Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion)

109. Brazil Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

110. Middle East and Africa Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

111. Middle East and Africa Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

112. Middle East and Africa Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

113. Middle East and Africa Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion)

114. Middle East and Africa Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

115. UAE Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

116. UAE Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

117. UAE Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

118. UAE Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion)

119. UAE Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

120. South Africa Variable Frequency Drive Market, By Type, 2020-2033 (USD Billion) 

121. South Africa Variable Frequency Drive Market, By Application, 2020-2033 (USD Billion) 

122. South Africa Variable Frequency Drive Market, By Power Rating, 2020-2033 (USD Billion) 

123. South Africa Variable Frequency Drive Market, By Voltage, 2020-2033 (USD Billion) 

124. South Africa Variable Frequency Drive Market, By End User, 2020-2033 (USD Billion) 

List of Figures 

1. Global Variable Frequency Drive Market Segmentation

2. Variable Frequency Drive Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Variable Frequency Drive Market Attractiveness Analysis by Type

9. Global Variable Frequency Drive Market Attractiveness Analysis by Application

10. Global Variable Frequency Drive Market Attractiveness Analysis by Power Rating

11. Global Variable Frequency Drive Market Attractiveness Analysis by Voltage

12. Global Variable Frequency Drive Market Attractiveness Analysis by End User

13. Global Variable Frequency Drive Market Attractiveness Analysis by Region

14. Global Variable Frequency Drive Market: Dynamics

15. Global Variable Frequency Drive Market Share by Type (2023 & 2033)

16. Global Variable Frequency Drive Market Share by Application (2023 & 2033)

17. Global Variable Frequency Drive Market Share by Power Rating (2023 & 2033)

18. Global Variable Frequency Drive Market Share by Regions (2023 & 2033)

19. Global Variable Frequency Drive Market Share by Company (2023)

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global variable frequency drive market based on below mentioned segments:

Global Variable Frequency Drive Market by Type:

  • AC Drive
  • DC Drive
  • Servo Drive

Global Variable Frequency Drive Market by Application:

  • Pumps
  • HVAC
  • Fans
  • Conveyors
  • Compressors
  • Others

Global Variable Frequency Drive Market by Power Rating:

  • High Power Drive
  • Medium Power Drive
  • Low Power Drive
  • Micro Power Drive

Global Variable Frequency Drive Market by Voltage:

  • High Voltage
  • Low Voltage

Global Variable Frequency Drive Market by End User:

  • Oil & Gas
  • Mining
  • Agriculture
  • Power Generation
  • Manufacturing
  • Food & Beverages
  • Infrastructure
  • Others

Global Variable frequency drive Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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