Variable frequency drive
(VFD) is a kind of motor controller which drives an electric motor by varying
the voltage and frequency supplied to the electric motor. It is also known as
adjustable speed drive, variable speed drive, and AC drive. It works as per the
requirement of the electric motor’s load, for instance, if an application
doesn’t require an electric motor to run at full speed, it will ramp down the
voltage and frequency to meet the electric motor’s load requirement.
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The global
variable frequency drive market is growing at a good pace and expected
to register a decent CAGR during the forecast period. This can be attributed to
the advantages it offers such as, reduce energy consumption and reduce energy
costs, increase production through tight process control, extend equipment
life, reduce maintenance, and others.
Need of energy efficiency,
increasing use of variable frequency drive in various industries, and favorable
regulatory environment are the major drivers witnessed in the market that are
driving the market growth. Electric motors are responsible for almost 65% of
the power consumption in industry. This device can reduce energy consumption in
the facility by almost 70%. It also improves the product quality and can also
reduce the production cost.
Availability of cheap and
low-quality products is the main challenge identified in the variable frequency
drive market, which can potentially hinder the market growth during the
forecast period. Various cheap substitutes and fake products are available in
the market at a low-cost, which has the ability to attract the customers, which
is posing as a challenge in the market.
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Globally, Asia-Pacific is
the largest variable frequency drive market and expected to register the
highest growth in the market, owing to the significantly increasing investment
in the renewable energy, positively affecting the growth of the market.
Countries such as India, China, and Japan are anticipated to be the largest
contributor in the market growth, owing to the massive investment in the
manufacturing industries by the government of these countries to support their
economic growth.
Some of the key players
operating in the variable frequency drive market are ABB, Fuji Electric,
Amtech Electronics, Eaton, Crompton Greaves, Emerson, Danfoss VLT Drives,
Hiconics, General Electric, Johnson Controls, Honeywell, KB Electronics,
Mitsubishi, Schneider Electric, Rockwell Automation, Siemens, Vacon, Toshiba
and Yaskawa Electric.
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