Top Companies in Variable Frequency Drive Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Variable Frequency Drive Market is projected to reach USD 26.9 Billion by 2028 at a CAGR of 4.5% over the forecast period.
The Global Variable Frequency Drive Market is valued at USD 20.7 Billion in 2021 and is projected to reach a value of USD 26.9 Billion by 2028 at a CAGR of 4.5% over the forecast period. The high demand for HVAC systems is caused by rising infrastructure development investments, which demand solutions to increase building energy efficiency. Therefore, this aspect is likely to have a beneficial impact on the target market's growth.
The demand for variable frequency drives is rising due to their benefits, including adjustable speed, dynamic torque control, and energy savings, in industries like power generation, automotive, and oil & gas.
Industry 4.0 integrates variable frequency drives more and more, especially in critical areas and the industrial internet of things (IIoT). Variable frequency drives with embedded electronics and onboard programmable logic controllers are becoming more and more common as industries embrace automation. Additionally, manufacturers throughout South Asia and the Pacific are anticipated to see their profit margins increase, with China emerging as the leader due to the rapidly expanding automobile and construction industries. Additionally, it is expected that Germany and the United States would present enormous potential.
ABB Ltd, Siemens AG, Danfoss A/S, Rockwell Automation, GE Energy Power Conversion, Toshiba International Corporation, Schneider Electric, Mitsubishi Electric Corporation, Honeywell International Inc., Emerson Industrial Automation, Fuji Electric Co. Ltd, Johnson Controls Inc., Eaton PLC, and Hitachi Ltd. are among the market leaders for Variable Frequency Drive Insoles. The market's core players employ many tactics to strengthen their position as leading businesses. One such key strategy is hiring companies to increase brand value among customers. Regularly releasing cutting-edge products that will benefit users is another crucial tactic.
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Let’s Look at the Top Companies That are Taking the Variable Frequency Drive Market by Storm
The competitive landscape is shaped by the market's diverse main competitors who supply scale products for numerous applications.
- ABB Ltd:
ABB Limited offers automation and power technologies. The Company's operating segments are power systems, robotics, automation, process automation, and power products.
- Siemens AG
Siemens AG is a manufacturer and engineering firm. The Company's primary areas of interest include automation, digitization, and electrification. Siemens offers engineering solutions in automation and control, power, transportation, and medical diagnosis.
- Danfoss A/S
This Company sells HVAC equipment. The business creates and produces centrifugal and reciprocating compressors, high-pressure pumps, condensing units, power modules, and district heating and cooling systems.
- Rockwell Automation
This Company makes industrial automation products. The Company sells industrial control panels, sensors, motor control devices, and control systems. Products from Rockwell Automation are sold all around the world.
- GE Energy Power Conversion
GE Energy Power Conversion offers systems for electric transformation. The business provides engineering, maintenance, repair, and installation services, including drives, motors, generators, automation systems, and control tools. The global industries served by GE Energy Power Conversion Group include mining, manufacturing, oil, marine, wind, hydro, and solar.
- Toshiba International Corporation
This Company manufactures electrical components and tools. The Company manufactures power components, auxiliary power supply systems, adjustable speed drivers, supercharged ion batteries, process controllers, programmable logic controls, and motors. In North America, the industrial and rail sectors are served by Toshiba International.
- Schneider Electric
Schneider Electric is a manufacturer of electrical power equipment. The Company sells circuit breakers, cables, accessories, fuses, motor starters, signaling devices, voltage transformers, light switches, sensors, valves, access control, and home security products. Schneider Electric serves worldwide customers.
- Mitsubishi Electric Corporation
This Company designs, produces and sells electronic equipment. The Company's offerings include industrial machinery, sizeable electric machinery, electronic equipment, data communications systems, and home electronics.
- Honeywell International Inc.
Honeywell International Inc. is an international manufacturer and technology corporation. The Company offers goods and services in the following areas: energy-efficient products and solutions, specialty chemicals, advanced materials, process technology for petrochemicals and refining, control, sensing, and security for commercial buildings, and safety and productivity solutions.
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