The global variable frequency drives market is witnessing growth, due to the advancements in the variable frequency drive technology and increasing demand of reduced energy consumption. Some of the other major factors driving the growth of the global variable frequency drives market are increasing adoption of variable frequency drives in induction motor systems, and growing awareness regarding the usage of variable frequency drives. In addition, the major players such as Fuji Electric Co. Ltd. and Danfoss Group are investing huge capital for the development of next-generation variable frequency drives; which is again fueling the growth of the global variable frequency drives market.
Moreover, the increased demand for variable frequency drives in large pump applications and HVAC (heating, ventilation and air conditioning) fan systems, stringent environment regulations in different countries across the globe, and rapid infrastructure development in the emerging economies of Asia-Pacific and Latin America are creating ample opportunities for the growth of the global variable frequency drives market, during the forecast period. Moreover, the increasing focus of major players for the advancements in simulation technology and semiconductor devices, and new product development are the key trends witnessed in the global variable frequency drives market. However, the high cost of variable frequency drives and huge capital required for its development and manufacturing are some of the factors, restraining the growth of the global variable frequency drives market to some extent.
A variable frequency drive refers to a type of motor control device, which is used to control the motor speed and torque, by changing the voltage and frequency supply to the electric motor. Frequency determines the speed of an electric motor, i.e. its rotations per minute (RPMs). A variable frequency drive controls the speed of an electric motor in several applications when full speed of an electric motor is not required; thus reducing the power consumption. Variable frequency drives have several advantages, such as low power requirement on starting a motor, reducing the need for costly mechanical drive components, controlled motor stopping, and increased energy savings.
Geographically, Asia-Pacific dominates the global variable frequency drives market, owing to high energy consumption in the region, and high growth of healthcare and automotive industries. In addition, the several government regulations and initiatives to reduce power consumption are supporting the growth of the variable frequency drives market in the region. China leads the Asia-Pacific variable frequency drives market, which is driven by increasing electricity demand, increasing infrastructure development, and growth in variable frequency drives usage for reducing energy consumption.
The key players operating in the global variable frequency drives market are Crompton Greaves Limited (an Avantha Group company), ABB Ltd., Emerson Industrial Automation, General Electric Company, Danfoss Group, Eaton Corporation plc, Fuji Electric Co. Ltd., Vacon Plc, Siemens AG, Mitsubishi Electric Corporation, Schneider Electric, Hitachi Ltd., and Toshiba International Corporation.