Global variable frequency drive (VFD) market growth is expected to be hindered by high initial costs of medium voltage VFDs

 

Variable Frequency Drive Market
Variable Frequency Drive Market

R&D in the VFD market will be encouraged by government legislation and programmes targeted at energy efficiency and conservation, offering attractive prospects to market participants throughout the projected period. The market's expansion may be hampered by expensive installation fees and capital-intensive VFD upgrades. There are both large and small companies on the global VFD market, which is fragmented. The market expansion of the more significant companies in the VFD industry is being constrained by less expensive and inferior substitutes developed by regional market participants. Larger producers of VFDs charge high prices, excluding small and medium-sized businesses from the market.

The global variable frequency drive market is expanding as more industries, including those in mining, electricity, infrastructure, water, industrial, cement, chemical, and petrochemical, are using VFDs. The usage of VFDs in the production, assembly, and delivery processes of businesses is a result of the increased digitization and automation of global industries to fulfil the rising demand from the growing population. Because of the Internet of Things, VFDs in industrial settings may now be remotely monitored to control operating speed, allowing for flexibility to lessen downtime and perform diagnostics for better performance. VFDs control motor speed, enabling energy savings that have led to a rise in their use across a variety of industries.

For the purpose of controlling the speed, motion, and torque of electrical equipment, variable frequency drives are primarily used for commercial applications in areas such as electrical turbines in power plants, pumps in the oil and gas industry, compressors in commercial building water filtration systems, and others. Large variable frequency drives are expensive, and the price of setting one up includes all services from installation to after-sale support. The market expansion for variable frequency drives may be hampered by their high cost.

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