Variable Frequency Drive (VFD) Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors, and Conveyors), Power Range, Voltage, and Region - Global Forecast to 2023

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Date: 18-Jun-2018
No. of pages: 167
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“The VFD market is projected to grow at a CAGR of 5.87%, from 2018 to 2023.”

The VFD market is projected to reach USD 27.57 billion by 2023, from an estimated USD 20.73 billion in 2018, at a CAGR of 5.87%, from 2018 to 2023. This growth can be attributed to the increasing industrialization and urbanization and rising need of energy efficiency. Stagnant growth in the oil & gas industry due to declining oil prices can hinder the growth of the market.

“The AC drives segment is expected to dominate the VFD market from 2018 to 2023.

The AC drives segment held the largest market share in 2017 and is estimated to be the fastest-growing segment during the forecast period. The AC drives segment provides more advantages as compared with DC and servo drives. The primary advantages of AC drives include increased energy savings and reduced levels of noise and vibrations.AC drives are mainly used for variable torque application in industries such as oil & gas, water & wastewater, and mining.

“Asia Pacific: The fastest growing market for VFDs.”

Asia Pacific is expected to be the largest market for VFDs in 2023 and is projected to grow at the highest CAGR, during the forecast period. China accounted for the largest share of the VFD market in the Asia Pacific region in 2017. Moreover, in January 2017, the government of China planned to invest about USD 361 billion in clean energy by 2020 as China aims to supply 20% of power from non-fossil sources by 2030, which shows a positive growth for the VFD market. All these factors are expected to drive the growth of the VFD market in Asia Pacific.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:


  • By Company Type: Tier 1- 55%, Tier 2- 9%, and Tier 3- 36%

  • By Designation: C-Level- 9%, Managers- 18%, and Others- 73%

  • By Region: Asia Pacific-82%, North America-9%, and RoW-9%


Note: Others includes product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are definedon the basis of their total revenues as of 2017. Tier 1:>USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:< USD 500 million

The leading players in the VFD market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell (US).

Research Coverage:

The report defines, describes, and forecasts the global VFD market by type, voltage, application, power ratings, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the VFD market.

Why Buy this Report?


  • The report identifies and addresses key markets for VFDs, which would help manufacturers review the growth in demand.

  • The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.

  • The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.

Variable Frequency Drive (VFD) Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors, and Conveyors), Power Range, Voltage, and Region - Global Forecast to 2023

Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regional Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitation
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Data From Primary Sources
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the VFD Market, 2018–2023
4.2 VFD Market, By Voltage
4.3 VFD Market, By Application
4.4 VFD Market, By Power Range
4.5 VFD Market, By Type
4.6 Asia Pacific VFD Market

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Use of VFDs Across Major Vertical Industries
5.2.1.2 Rising Need for Energy Efficiency
5.2.1.3 Supportive Regulatory Environment
5.2.2 Restraints
5.2.2.1 Stagnant Growth of the Oil & Gas Industry
5.2.3 Opportunities
5.2.3.1 Aging Power Infrastructure
5.2.3.2 Industrial Internet of Things (Iiot)
5.2.4 Challenges
5.2.4.1 Gray Market Providing Low-Quality and Cheap Products

6 Variable Frequency Drive Market, By Type
6.1 Introduction
6.2 Ac Drives
6.3 Dc Drives
6.4 Servo Drives

7 Variable Frequency Drive Market, By Voltage
7.1 Introduction
7.2 Low Voltage (Up to 690 V)
7.3 Medium Voltage (> 690 V)

8 Variable Frequency Drive Market, By Application
8.1 Introduction
8.2 Pumps
8.3 Fans
8.4 Compressors
8.5 Conveyors
8.6 Others

9 Variable Frequency Drive Market, By Power Range
9.1 Introduction
9.2 Micro Power Drives
9.3 Low Power Drives
9.4 Medium Power Drives
9.5 High Power Drives

10 Variable Frequency Drive Market, By End-User
10.1 Introduction
10.2 Industrial
10.3 Infrastructure
10.4 Power Generation
10.5 Oil & Gas

11 Variable Frequency Drive Market, By Region
11.1 Introduction
11.2 Asia Pacific
11.2.1 By Voltage
11.2.2 By Application
11.2.3 By Power Range
11.2.4 By Type
11.2.5 By Country
11.2.5.1 China
11.2.5.2 India
11.2.5.3 Japan
11.2.5.4 Australia
11.2.5.5 South Korea
11.2.5.6 Indonesia
11.2.5.7 Rest of Asia Pacific
11.3 Europe
11.3.1 By Voltage
11.3.2 By Application
11.3.3 By Power Range
11.3.4 By Type
11.3.5 By Country
11.3.5.1 Germany
11.3.5.2 France
11.3.5.3 UK
11.3.5.4 Russia
11.3.5.5 Italy
11.3.5.6 Spain
11.3.5.7 Rest of Europe
11.4 North America
11.4.1 By Voltage
11.4.2 By Application
11.4.3 By Power Range
11.4.4 By Type
11.4.5 By Country
11.4.5.1 US
11.4.5.2 Canada
11.4.5.3 Mexico
11.5 South America
11.5.1 By Voltage
11.5.2 By Application
11.5.3 By Power Range
11.5.4 By Type
11.5.5 By Country
11.5.5.1 Brazil
11.5.5.2 Argentina
11.5.5.3 Chile
11.5.5.4 Rest of South America
11.6 Middle East
11.6.1 By Voltage
11.6.2 By Application
11.6.3 By Power Range
11.6.4 By Type
11.6.5 By Country
11.6.5.1 Saudi Arabia
11.6.5.2 UAE
11.6.5.3 Qatar
11.6.5.4 Oman
11.6.5.5 Kuwait
11.6.5.6 Rest of Middle East
11.7 Africa
11.7.1 By Voltage
11.7.2 By Application
11.7.3 By Power Range
11.7.4 By Type
11.7.5 By Country
11.7.5.1 Egypt
11.7.5.2 Nigeria
11.7.5.3 South Africa
11.7.5.4 Rest of Africa

12 Competitive Landscape
12.1 Overview
12.2 Ranking of Players and Industry Concentration, 2017
12.3 Competitive Scenario
12.3.1 New Product Launches
12.3.2 Contracts & Agreements
12.3.3 Investments & Expansions
12.3.4 Mergers & Acquisitions
12.3.5 Others

13 Company Profile
(Business Overview, Products Offered, Recent Developments, MnM View)*
13.1 Benchmarking
13.2 ABB
13.3 Siemens
13.4 Schneider Electric
13.5 Danfoss
13.6 Rockwell
13.7 Crompton Greaves
13.8 Eaton
13.9 Fuji
13.10 Hitachi
13.11 Nidec
13.12 Tmeic
13.13 Weg SA
13.14 Yaskawa

*Details on Business Overview, Products Offered, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix
14.1 Insights of Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
14.4 Introducing RT: Real-Time Market Intelligence
14.5 Available Customizations
14.6 Related Reports
14.7 Author Details

List of Tables

Table 1 VFD Market Snapshot
Table 2 VFD Market Size, By Type, 2016–2023 (USD Million)
Table 3 AC Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 4 DC Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 5 Servo Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 6 VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 7 Low Voltage: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 8 Medium Voltage: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 9 Global VFD Market Size, By Application, 2016–2023 (USD Million)
Table 10 Pumps: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 11 Fans: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 12 Compressors: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 13 Conveyors: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 14 Others: VFD Market, By Region, 2016–2023 (USD Million)
Table 15 VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 16 Micro Power Drives: VFD Market Size, By Region,  2016–2023 (USD Million)
Table 17 Low Power Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 18 Medium Power Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 19 High Power Drives: VFD Market Size, By Region, 2016–2023 (USD Million)
Table 20 VFD Market Size, By End-User, 2016–2023 (USD Million)
Table 21 Industrial: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 22 Infrastructure: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 23 Power Generation: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 24 Oil & Gas: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 25 VFD Market Size, By Region, 2016–2023 (USD Million)
Table 26 Asia Pacific: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 27 Asia Pacific: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 28 Asia Pacific: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 29 Asia Pacific: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 30 Asia Pacific: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 31 China: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 32 India: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 33 Japan: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 34 Australia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 35 South Korea: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 36 Indonesia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 37 Rest of Asia Pacific: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 38 Europe: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 39 Europe: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 40 Europe: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 41 Europe: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 42 Europe: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 43 Germany: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 44 France: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 45 UK: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 46 Russia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 47 Italy: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 48 Spain: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 49 Rest of Europe: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 50 North America: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 51 North America: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 52 North America: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 53 North America: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 54 North America: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 55 US: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 56 Canada: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 57 Mexico: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 58 South America: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 59 South America: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 60 South America: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 61 South America: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 62 South America: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 63 Brazil: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 64 Argentina: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 65 Chile: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 66 Rest of South America: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 67 Middle East: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 68 Middle East: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 69 Middle East: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 70 Middle East: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 71 Middle East: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 72 Saudi Arabia: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 73 UAE: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 74 Qatar: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 75 Oman: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 76 Kuwait: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 77 Rest of Middle East: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 78 Africa: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 79 Africa: VFD Market Size, By Application, 2016–2023 (USD Million)
Table 80 Africa: VFD Market Size, By Power Range, 2016–2023 (USD Million)
Table 81 Africa: VFD Market Size, By Type, 2016–2023 (USD Million)
Table 82 Africa: VFD Market Size, By Country, 2016–2023 (USD Million)
Table 83 Egypt: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 84 Nigeria: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 85 South Africa: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 86 Rest of Africa: VFD Market Size, By Voltage, 2016–2023 (USD Million)
Table 87 Tmeic Was the Most Active Player in the Market Between 2014 & 2018

List of Figures

Figure 1 Research Design
Figure 2 Breakdown of Primaries: By Company Type, Designation, & Region
Figure 3 Bottom-Up Approach
Figure 4 Top-Down Approach
Figure 5 Data Triangulation Methodology
Figure 6 Assumptions of the Research Study
Figure 7 Ac Drives Segment to Register the Highest CAGR
Figure 8 Low-Voltage Segment to Lead the VFD Market
Figure 9 Low Power Drives Segment to Lead the VFD Market
Figure 10 Pumps to Be the Leading Application of VFD
Figure 11 Asia Pacific to Lead the VFD Market
Figure 12 Supporting Regulatory Environment & Rising Need of Energy Efficiency are Driving the VFD Market During the Forecast Period
Figure 13 Medium-Voltage Segment to Register the Highest CAGR
Figure 14 Pumps Segment Accounted for the Largest Market Share in 2017
Figure 15 High Power Drives Segment to Register the Highest CAGR
Figure 16 Ac Drives Was the Largest Type and Asia Pacific Was the Largest Market in the Ac Drives Segment in 2017
Figure 17 China Was the Largest VFD Market in Asia Pacific
Figure 18 Factors Governing the VFD Market
Figure 19 Global Electricity Consumption, 2011–2016
Figure 20 Crude Oil Price Trend, 2014–2018 (USD Per Barrel)
Figure 21 Low-Voltage Segment Accounted for A Larger Market Share in 2017
Figure 22 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 23 Asia Pacific Led the VFD Market in 2017
Figure 24 Asia Pacific: VFD Market Snapshot
Figure 25 Europe: VFD Market Snapshot
Figure 26 US Dominated the North American VFD Market in 2017
Figure 27 South American VFD Market, By Country, 2017
Figure 28 Saudi Arabia Dominated the Middle Eastern VFD Market in 2017
Figure 29 African VFD Market, By Country, 2017
Figure 30 Key Developments in the VFD Market, 2014–2018
Figure 31 ABB Led the VFD Market in 2017
Figure 32 ABB: Company Snapshot
Figure 33 Siemens: Company Snapshot
Figure 34 Schneider Electric: Company Snapshot
Figure 35 Danfoss: Company Snapshot
Figure 36 Rockwell: Company Snapshot
Figure 37 Crompton Greaves: Company Snapshot
Figure 38 Eaton: Company Snapshot
Figure 39 Fuji: Company Snapshot
Figure 40 Hitachi: Company Snapshot
Figure 41 Nidec: Company Snapshot
Figure 42 Weg SA: Company Snapshot
Figure 43 Yaskawa: Company Snapshot

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