VFD Variable Frequency Drives Market Report 2024 (Global Edition)

Global VFD Variable Frequency Drives Market Report 2024 Market Size Split by Type (AC Drive, DC Drive, Servo Drive), by Voltage Type (Low Voltage, Medium Voltage), by Power Rating (Micro Power Drive, ...

VFD Variable Frequency Drives Market Report Description

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VFD Variable Frequency Drives Market Insights Video

Competitive Landscape of the VFD Variable Frequency Drives Market

The VFD (Variable Frequency Drives) market is highly competitive, with major players competing through technological innovation, product development, and strategic partnerships. They focus on enhancing energy efficiency, integrating IoT capabilities, and expanding their global footprint to meet diverse industry needs.

October 2023: Siemens launched the new high-performance variable frequency drive, SINAMICS G220, which is designed to meet the current and future challenges in every industry. Thanks to its improved hardware and software, the SINAMICS G220 takes digital drive technology to a new level, making users’ applications more efficient, secure, and future-proof. (Source: https://press.siemens.com/global/en/pressrelease/siemens-xcelerator-new-sinamics-g220-high-performance-frequency-converter-greater) April 2022: Rockwell Automation Inc. launched a new Allen-Bradley Armor Powerflex AC VFD for industrial motor control applications. The newly launched on-machine motor drive provides simple commissioning, predictive maintenance, and quicker installation. This drive helps industrial companies to minimize costs and simplify the machine's design and time to deploy. (Source: https://www.rockwellautomation.com/en-us/products/hardware/allen-bradley/new/armor-powerflex.html) April 2022: Johnson Controls, the global leader in smart, healthy, and sustainable buildings, announced the latest upgrade of the YORK® YVAA variable speed screw chiller across its global product line. The award-winning chiller features greater operating efficiency, a smaller footprint, and integration with refrigerants that have low global warming potential. (Source: https://www.johnsoncontrols.com/media-center/news/press-releases/2023/11/02/york-yvaa-style-b-air-cooled-screw-chiller)

Top Companies Market Share in VFD Variable Frequency Drives Industry: (In no particular order of Rank)

• ABB
• Eaton
• General Electric
• Hitachi Ltd.
• Rockwell Automation Inc.
• Schneider Electric
• Siemens AG
• The Danfoss Group
• WEG SA.
• Yaskawa Electric Corporation
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the VFD Variable Frequency Drives Market

Which Region Dominates the VFD Variable Frequency Drives Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue due to its advanced industrial infrastructure, stringent energy efficiency regulations, and high adoption of automation technologies. The region's focus on reducing operational costs and enhancing process control drives significant demand for VFDs.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the VFD Variable Frequency Drives market due to rapid industrialization, increasing automation in manufacturing, and rising energy efficiency initiatives. The region's expanding industrial sector, particularly in countries like China and India, drives demand for advanced VFD solutions to optimize operations and reduce energy consumption, fueling significant market growth.

The current report Scope analyzes VFD Variable Frequency Drives Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America VFD Variable Frequency Drives Market

According to Cognitive Market Research, the global VFD Variable Frequency Drives market size was estimated at USD 22514.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 9005.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the VFD Variable Frequency Drives market with a market size of USD 7105.48 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period due to the advancements in automation technologies across various industries.
• The Canada VFD Variable Frequency Drives market had a market share of USD 1080.68 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period due to the growing emphasis on energy efficiency.
• The Mexico VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 819.52 million in 2024.

Europe VFD Variable Frequency Drives Market

According to Cognitive Market Research, the global VFD Variable Frequency Drives market size was estimated at USD 22514.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 6754.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.

• The United Kingdom VFD Variable Frequency Drives market had a market share of USD 1134.72 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. In the UK, VFD Variable Frequency Drives sales to witness an upswing due to the increasing adoption of automation in industrial and infrastructure sectors.
• The France VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 621.39 million in 2024.
• According to Cognitive Market Research, the German VFD Variable Frequency Drives market size was valued at USD 1337.34 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period. In Germany, VFD Variable Frequency Drives surged due to the country's strong emphasis on industrial automation and sustainable manufacturing practices.
• The Italy VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 5.9% during the forecast period, with a market size of USD 580.87 million in 2024.
• The Russia VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 1046.91 million in 2024.
• The Spain VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 553.85 million in 2024
• The Luxembourg VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 209.38 million in 2024.
• The Portugal VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 141.84 million in 2024.
• The Greece VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 81.05 million in 2024.
• Rest of Europe's VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 1046.91 million in 2024.

Asia Pacific VFD Variable Frequency Drives Market

According to Cognitive Market Research, the global VFD Variable Frequency Drives market size was estimated at USD 22514.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 5178.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.

• According to Cognitive Market Research, the China VFD Variable Frequency Drives market size was valued at USD 2330.22 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. VFD Variable Frequency Drives surged in China due to rapid industrialization and increasing energy efficiency regulations.
• The Japan VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 714.60 million in 2024.
• The India VFD Variable Frequency Drives market had a market share of USD 621.39 million in 2024 and is projected to grow at a CAGR of 11.8% during the forecast period due to government initiatives promoting smart manufacturing and sustainable infrastructure development.
• The South Korean VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 9.1% during the forecast period, with a market size of USD 517.83 million in 2024.
• The Australian VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 269.27 million in 2024.
• The South East Asia VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 11.0% during the forecast period, with a market size of USD 357.30 million in 2024.
• The Rest of the Asia Pacific VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD 367.66 million in 2024.

South America VFD Variable Frequency Drives Market

According to Cognitive Market Research, the global VFD Variable Frequency Drives market size was estimated at USD 22514.2 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 1125.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil VFD Variable Frequency Drives market size was valued at USD 481.80 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. VFD Variable Frequency Drive flourished in Brazil due to the modernization of the industrial and infrastructure sectors.
• Argentina's VFD Variable Frequency Drives market had a market share of USD 189.12 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period due to the growing need for energy efficiency in industrial processes and infrastructure modernization.
• Colombia VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 100.19 million in 2024.
• Peru VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 92.31 million in 2024.
• Chile's VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 81.05 million in 2024.
• The Rest of Latin America's VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 181.24 million in 2024.

Middle East and Africa VFD Variable Frequency Drives Market

According to Cognitive Market Research, the global VFD Variable Frequency Drives market size was estimated at USD 22514.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 450.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031..

• The GCC Countries VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 192.72 million in 2024. VFD Variable Frequency Drives sales flourish due to the growing investments in infrastructure and water management projects.
• The Egypt VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 47.28 million in 2024.
• The South Africa VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 71.14 million in 2024. VFD Variable Frequency Drives sales flourish in South Africa due to the need for energy efficiency and cost savings in industrial operations.
• The Turkey VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 38.72 million in 2024.
• The Nigeria VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 47.28 million in 2024.
• The Rest of the MEA VFD Variable Frequency Drives market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 53.13 million in 2024.

VFD Variable Frequency Drives Market Analysis

VFD Variable Frequency Drives Market Type Segment Analysis

According to Cognitive Market Research, AC drives the dominant category over the projected period due to its widespread use in industrial applications for controlling motor speed and torque with high efficiency. They offer robust performance, energy savings, and adaptability, making them ideal for various processes. Their established technology and cost-effectiveness further solidify their market leadership.

DC drive is the fastest-growing category in the VFD Variable Frequency Drives market due to their superior torque control, reliability, and efficiency in specific applications such as high-performance motors and variable-speed operations. Their adaptability in industries requiring precise speed and torque regulation, coupled with advancements in technology, is driving increased adoption and growth in the market.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of VFD Variable Frequency Drives Industry. Request a Free Sample PDF!

VFD Variable Frequency Drives Market Voltage Type Segment Analysis

According to Cognitive Market Research, low voltage type is the dominant category over the projected period due to its widespread applicability in various industrial and commercial applications, cost-effectiveness, and ease of installation. Its versatility and ability to control smaller motors make it a preferred choice for many applications, driving its significant market share.

Medium voltage type is the fastest-growing category in the VFD Variable Frequency Drives market due to its ability to handle higher power applications efficiently and its increasing adoption in industrial sectors like mining, oil & gas, and large-scale manufacturing. Its benefits include improved energy efficiency, enhanced performance in demanding environments, and support for larger motors, driving its rapid market expansion.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

VFD Variable Frequency Drives Power Rating Segment Analysis

VFD Variable Frequency Drives Market Power Rating Segment Analysis

According to Cognitive Market Research, micropower drive is the dominant category over the projected period due to its compact size, cost-effectiveness, and suitability for small-scale applications. They offer precise control, energy savings, and ease of integration in residential and small commercial settings, making them highly sought after for low-power and efficiency-focused solutions.

High power drive is the fastest-growing category in the VFD Variable Frequency Drives market due to increasing demand for large-scale industrial applications that require robust and efficient motor control. Industries such as mining, oil & gas, and manufacturing are adopting high-power VFDs to improve energy efficiency, enhance process control, and support large equipment operations, driving their rapid growth.

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

VFD Variable Frequency Drives Application Segment Analysis

VFD Variable Frequency Drives Market Application Segment Analysis

According to Cognitive Market Research, the dominant category is pumps due to their extensive use in water and wastewater management, HVAC systems, and industrial processes. VFDs optimize pump operation by adjusting speed based on demand, improving energy efficiency, reducing wear, and enhancing performance, which drives significant market adoption.

The fastest-growing category in the VFD Variable Frequency Drives market is fan due to increasing energy efficiency regulations and the need for precise control of fan speeds in HVAC systems. VFDs enhance energy savings, reduce operational costs, and improve performance in managing airflow, making them highly sought after for both industrial and commercial fan applications.

• Pumps
• Conveyors
• Fans
• Compressors
• Others

VFD Variable Frequency Drives End-User Segment Analysis

VFD Variable Frequency Drives Market End-User Segment Analysis

According to Cognitive Market Research, the dominant category is industrial due to its extensive use in optimizing motor performance, enhancing energy efficiency, and reducing operational costs in manufacturing, HVAC, and process industries. The demand for automation and improved process control drives significant VFD adoption in this sector.

The fastest-growing category in the VFD Variable Frequency Drives market is infrastructure due to increasing investments in building and upgrading facilities, such as airports, highways, and smart cities. VFDs are crucial for optimizing HVAC systems, lighting, and water management, leading to enhanced energy efficiency and cost savings. The growing demand for sustainable and efficient infrastructure drives this rapid market expansion.

• Oil & Gas
• Industrial
• Power
• Infrastructure

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Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

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