Large Scale Variable Frequency Drives Market
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Large Scale Variable Frequency Drives Market was evaluated at over USD 2.2 billion in 2023 and is anticipated to grow a CAGR of 5.7% by 2032. Flourishing investment for industrial infrastructural development, increasing demand for energy efficient technologies and stringent regulations for limiting energy consumption are complementing the business landscape. Favorable policies for infrastructural development and focus toward limiting emissions will positively influence the industry dynamics.
For instance, in March 2024, the Department of Energy announced USD 6 billion for decarbonization of energy intensive industries across 20 states and reduce GHG emissions. Furthermore, shifting focus on deployment of enhanced technologies, accelerating automation across industrial processes, inclination toward precise motor speed and process control further complement the industry outlook.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Large Scale Variable Frequency Drives Market size in 2023: | USD 2.2 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5.7 |
| 2023 Value Projection: | USD 3.7 Billion |
| Historical Data for: | 2021 to 2023 |
| No of Pages: | 120 |
| Tables, Charts & Figures: | 12 |
| Segments Covered: | Voltage, Application, End-Use and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Large scale variable frequency drives industry is set to grow owing to growing investments across energy intensive industries including oil & gas and power generation, mining and inclination toward energy efficiency. Continuous adoption of advanced motor control in several sectors, together with ongoing technological innovations and significant investments by manufactures for large scale industrial products, will augment the industry landscape. For instance, in March 2023, Siemens introduced new company called Innomotics, which manufactures medium voltage drives, geared motors, high voltage motors including wide range of digitalization portfolio and services.
Low voltage drives market is anticipated to surpass USD 1 billion by 2032. Increasing industrial automation, rising demand for energy efficient units and shifting focus toward motor control components is set to positively influence the industry outlook. These drives serve as a vital component for various industrial systems including oil & gas, marine, power generation requiring precision, control speed and torque less maintenance further augmenting the product deployment. stringent regulatory landscape toward energy efficiency together with ongoing R&D initiatives by the manufacturers to meet regulatory norms and standards will complement the low voltage drive industry landscape.
Medium voltage drives market is set to witness significant growth on account of accelerating integration of megawatt scale energy outputs across heavy-duty industries to meet the operational requirements. Expanding integration of enhance units across both hydrocarbon exploration and production operations, will boost the product demand. Furthermore, growing inclination toward instant motor control and paradigm shift towards energy-efficient systems, ensuring both energy security and optimized power utilization, will further propel the industry growth.
Pump segment is set to observe over 5% CAGR through 2032 owing to extensive adoption of these units for variety of industrial applications including oil & gas and mining along with the rapid growth of industrial infrastructure. In pump systems, these drives play a pivotal role, providing precise control over power frequency which allows for effective adjustments in pressure and flow. Implementation of stringent regulations for energy efficiency along with increasing integration of these units for heavy duty operations will further augment the product deployment.
Asia Pacific large scale variable frequency drives market is set to grow over USD 1.6 billion by 2032. Growing clean power generation, surging investments for industrial development, and paradigm shift towards energy conservation is set to complement the business landscape. Favorable policies designed to expedite industrial growth and supported by the widespread automation in manufacturing, will significantly boost the business landscape. For instance, in March 2024, Premier Li Qiang of China emphasized prioritizing the development of new productive forces which entails a strategic pivot towards high-end, smart, and clean manufacturing industries, marking a central focus of the government's 2024 agenda.
Major manufacturers operating across the industry are aiming toward introduction of enhanced technologies, opting for strategic mergers and acquisitions, joint ventures, partnerships and collaborations to enhance their market position over the others. Rising adoption of internet of things, improved performance optimization and introduction of digital technologies has prompted manufacturers to take innovative and new steps across the industry to hold majority of market share.
Major manufacturers operating across the industry comprise of:
Market, By Voltage
Market, By Application
Market, By End-Use
The above information has been provided for the following regions and countries:
Large scale variable frequency drives industry from the low voltage drives segment is expected to register reach over USD 1 billion by 2032 due to increasing industrial automation, rising demand for energy efficient units and shifting focus toward motor control components.
Eaton, GE Vernova, NIDEC CORPORATION, PARKER HANNIFIN CORP, Rockwell Automation, Schneider Electric, Siemens, TMEIC, TRIOL Corporation, VEM GmbH, WEG, and YASKAWA ELECTRIC CORPORATION, are some of the major large scale variable frequency drives companies worldwide.
Asia Pacific industry is expected to reach over USD 1.6 billion by 2032 due to growing clean power generation, surging investments for industrial development, and paradigm shift towards energy conservation in the region.
Market size for large scale variable frequency drives crossed USD 2.2 billion in 2023 and is expected to register 5.7% CAGR from 2024-2032 owing to the flourishing investment for industrial infrastructural development and increasing demand for energy efficient technologies worldwide.