Energia
Variable Frequency Drive Market size worth $ 26,897.3 Million, Globally, by 2028 at 5.2% CAGR: Verified Market Research®
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The rise in demand for energy-efficient solutions across various industries such as cement, pulp, and paper, chemical, waste & wastewater is expected to drive the Variable Frequency Drive Market. VFD application areas include compressors, fans, pumps, conveyors, among others. Compared to conventional motor drives, VFD has greater functionality and operation capabilities.
Increasing demand for HVAC installation is further expected to boost the market. The use of high-performance HVAC equipment can lead to 10%–40% of energy savings. Thus, a rise in demand for smart homes is expected to increase demand for HVAC systems and thus, VFD. In August 2021 , ABB's ACH580 variable frequency drives developed for HVAC applications, enabled 25% energy savings in the tallest building in Africa , The Iconic Tower. Stricter regulations coming up surrounding energy efficiency are further expected to create demand for VFD. For instance, the Indian government's Energy Conservation Act has urged industries to switch to energy-efficient machinery and equipment, creating demand for Variable Frequency drives.
Similarly, the Department of Energy (DOE), has also enabled energy-efficiency standards for industrial products such as pumps, compressors, electric motors, among others. Thus, with the rising number of stringent regulations surrounding energy efficiency across various industries and industrial products, demand for Variable Frequency Drive is bound to increase. With urbanization and industrialization on a rise, especially in developing countries, an increasing number of residential and commercial buildings are expected to come up, increasing usage of cement, Variable Frequency Drive is used in the cement industry, and with this rise, its demand is also expected to boost.
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