An Analysis of Driving Factors of VFDs Market

The increased shift toward digitalization, connectivity, and automating industrial processes by different industries has witnessed a growing demand in VFDs, helping them remotely monitor the process. VFDs provide a wide range of energy efficiency benefits. The use of these drives in any industry and application leads to better efficiency of the process. However, the power requirement is often changed in the result of deployment of the drive as per user requirement for the distribution system, which will increase the total cost of installation. Additionaly, lower power factors, harmonics, and operational noise could also affect the distribution capacity of the system, resulting increase in overhead cost. VFDs market is segmented into AC drive,DC drive,and servo drive based on type. The AC drive segment accounted for the major share of the market in 2021, owing to its extensive use for a large number of applications. The DC drive also accounts for a significant share of the market due to its simple circuit, making it one of the most economic and highly efficient drives compared to other drives. Servo drive is another segment in the VFD market with its major robotics and automation use. The market is divided into micro, low, medium,and high power ranges based on power range.The low power range dominates the global market. Easy configuration and less installation time lead to its adoption in general purpose applications as one of the premier choices in various industries. Due to their efficient installation in general purpose applications, medium power range drives are set to experience substantial growth during the forecast period.The micro power range of drives is flexible for various operations due to less-complex designs and easy machines integration. which is expected to witness a growth during the forecast period.The high power range of drives is considerably better in controlling and easy to maintain, due to which, it is expected to grow considerably in the forthcoming years. Variable Frequency Drives (VFDs) helps to control operation speed to reduce energy consumption. VFDs, combined with software solution, improves its overall efficiency. It is believed that energy-as-a-service model is key to new green economy.

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An increasing Demand for Variable Frequency Drive

The global health emergency caused due to the impact of COVID-19 has been staggering unprecedented impact on different industries. The implementations of travel ban and restrictions,shelter-in-place-orders,and shutdowns have slowed down the manufacturing industries and caused trade disputes across the globe. The variable frequency drive market, end-use industry, such as oil gas power, has witnessed a negative impact due to the spread of COVID-19. Other industry verticals, such as infrastructure power generation, have also experienced a negative impact, due to delay in projects, reduced electricity demand due to social distancing norms, disruption in the supply chain, and organizational changes caused due to travel restrictions. The primary electricity consumption as energy is dominated by buildings and industrial infrastructure, and it is anticipated that electric-powered motors consume around 45%of the world's electricity in buildings and industrial applications. The growth in public awareness for the need for action on climate change and the use of sustainable technology is expected to deliver greater benefits for the environment while the global economy will propel the demand of VFDs, as adding variable speed drives, particularly in pump,fan or compressor applications that are widespread across all industries and buildings,can typically reduce power consumption by an additional 25%. The design of modern,high-efficiency motors,paired with variable-speed drives,tends to be flexible and reliable,resulting in the drive's use in buildings with advancement in energy savings features.

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