Variable Frequency Drive Market
                     Variable 
Frequency 
Drive Market
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The revenue generated by variable frequency drive market was USD 23.56 billion in 2022, and it 
will propel at a compound annual growth rate of 5.20% by the end of this decade, to touch USD 
35.34 billion by 2030, as mentioned in one of the reports of P&S Intelligence.
Rapid industrialization also drives the demand for such drives. With increasing number of 
industries established all over the world, the requirement for variable frequency drives is on the 
rise, as they are put to use in mixers, conveyors, welders, ventilation fans, pumps, cutting 
machines, grinders, and many more.
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The AC drive had a revenue share of over 69% in 2022. This is due to the fact that most of the 
traditional DC drives are replaced by AC drives, as a result of their higher costs of operation and 
maintenance and generation of carbon dust. They also produce poor power factors, damaging 
to electrical systems.
Furthermore, in AC drives, the requirement for power system apparatuses is low, as there is no 
necessity for breakers, transformers, and HT capacitors.
Also, these reduce consumption of energy and improving life of the equipment. Therefore, these 
factors will boost the requirement for AC drives in the years to come.
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The low-voltage drive category dominated the variable frequency drive market in 2022, and it will continue 
like this in the years to come as well. This is due to the fact that these drives offer numerous industry-
specific and general solutions with numerous functions.
Furthermore, they are used in numerous industrial automation applications in various industries, for example 
rubber, and plastics, pulp & paper, cement, oil & gas, steel & metal, mining, sugar, water & wastewater.
Similarly, as a result of their capability to work for both low- and high-power uses, the requirement for these 
drives is on the rise.
APAC dominated the industry with 35% share in 2022. It will also have the fastest growth. This is because of 
the fast industrialization, driven by Japan, China, India, and Australia; numerous initiatives of the 
government for reducing the consumption of energy through energy-efficiency standards; and the increasing 
investments, leading to the progression in technology to concentrate on high dependability and reduced 
costs of energy.
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Furthermore, the requirement for VFDs is also growing in North America, as a result of strict regulations for 
energy efficiency, the upgradation of infra to secure electrical distribution systems, and quick 
industrialization.
As a result of the rising demand for energy efficiency all over the world, the impact will be positive on the 
demand for variable frequency drives, and they will be demanded more in the years to come.
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