Variable Frequency Drives Sales Set to Recover in 2021 as Regenerative Applications Complement Traditional Demand Channels: FMI
Variable frequency drives demand is set to grow at over 4% in 2021, with growing emphasis on heating, ventilation and air conditioning (HVAC) systems and automotive pumps which are expected to generate substantial growth opportunities. The projections are based on the latest edition by Future Market Insights (FMI), an ESOMAR-certified research and consulting firm.
The global automotive industry has made prolific advances in
the recent past. Emerging as a multibillion dollar industry, the autonomous
market is characterized by the emergence of a plethora of start-up investments.
Consequently, adoption of high-end HVAC systems and pumps has registered an
impressive uptick. According to FMI’s projections, the aforementioned segments
collectively accounted for nearly US$ 10 Billion as of 2019.
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Prolific growth opportunities exist in the Chinese market,
owing to an ever mushrooming automotive industry. Future Market Insights
estimates the economic giant to produce 4.5 million variable frequency drives
by 2021-end, as production cycles revert to normalcy in the aftermath of the
coronavirus crisis. Hence, manufacturers are introducing a slew of
technological innovations to tap this ever expanding opportunity, thus
generating powerful revenue ecosystems across the forecast period.
Key Takeaways of Variable Frequency Drives Market Study AC
drives adoption surging in popularity by drive type; set to acquire 260 BPS by
2031-end U.S. and Germany to emerge as highly lucrative markets, owing to
growing EV sales Growing concerns over excessive power consumption compelling
automotive manufacturers to invest in low-voltage VFDs Regenerative
applications to find growing applications, reaching nearly US$ 15 Bn by
2021-end Pumps and HVAC systems to collectively expand at a value CAGR worth
13% from 2021-2031
“Rapidly expanding infrastructure for capital
projects are attracting frequent capital investments, attributed to the
increasing scale of urbanization. Hence, automotive sales are rising, leading
to widening revenue pools for VFD manufacturers,” says the FMI analyst.
Competitive Landscape
The variable frequency drives market is a highly competitive
market, with a sizeable presence of both global as well as domestic players.
However, key players account for nearly half of the market share. It is
characterized by large supplier base and strong B2B networks.
The market has robust partnerships throughout the value
chain. Suppliers of variable frequency drives adopt acquisition and regional
expansion strategies to establish a foothold. Brand consciousness and
aggressive marketing makes it challenging for new entrants in the variable
frequency drives market.
More Insights on FMI’s VFD Market
A recent market study published by FMI on the variable
frequency drives market includes global industry analysis for 2016-2020 &
opportunity assessment for 2021-2031, and delivers a comprehensive assessment
of the most important market dynamics. The market has been segmented on the
basis of drive (AC drive & DC drive), voltage range (low and medium),
application type (standard and regenerative), end-use application (pump, fan,
compressor, conveyor, HVAC and others) and end-use industry (oil & gas,
food processing, automotive, mining & minerals, pulp & paper and
others) across five major regions.
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