RoboInd market brief: Asia Pacific Variable Frequency Drive Market is estimated at USD 8.85 billion in 2022 (Asia Pacific). The report cites a CAGR of 6.1% over 2023–2030.
Market snapshot
- USD 8.85 billion in 2022 (Asia Pacific)
- USD 9.3 billion in 2023 (Asia Pacific)
- USD 14.12 billion in 2030 (Asia Pacific)
Stated compound annual growth rate: 6.1% (2023–2030).
Market overview
The Asia Pacific variable frequency drive market size was valued at USD 8.85 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2023 to 2030. In emerging economies, rapid industrialization and the continued expansion of the manufacturing and industrial infrastructure are expected to drive the adoption of variable frequency drives. For instance, the incumbents of the power generation industry have been widely using variable frequency drives to ensure the smooth starting of huge motors and facilitate constant speed adjustment as needed. As such, the growing demand for variable frequency drives from the power generation industry bodes well for the growth of the market. In other industries, including metal & mining and food processing, variable frequency drives are being used to control the speed of service water pumps, conveyors, forced draught…
Market drivers and constraints
- Public report growth driver 1: The incumbents of the oil & gas and wastewater treatment industries are particularly replacing the hydraulic drives integrated with pumps with variable frequency drives as part of their efforts to smoothen the operations of the pumps and reduce the consumption of energy. The demand for variable frequency drives is poised to grow over the forecast period as this trend continues to penetrate other pump applications. As technologies advance and variable frequency…
- Public report growth driver 2: Variable frequency drives integrated with various sensors can also be used pulp & paper to measure vital parameters, such as temperature and pressure, to ensure optimal performance. These sensors can play a potent role in protecting the motor by ensuring ideal working conditions. Such advances in product design are opening opportunities for the growth of the market. Given that electric motors used in various industrial applications consume a substantial amount of…
- Public report growth driver 3: The growth of various industries and industry verticals in the Asia Pacific region and the subsequent rise in the demand for energy are driving the need for efficient energy management systems that can optimize energy consumption. Wastewater treatment, pulp & paper, chemical, mining, petrochemical, oil & gas, and cement are particularly considered energy-intensive industries, because most critical operations across these industries involve the use of…
- Public report growth driver 4: The proliferation of connected devices integrated with advanced technologies in household, commercial, and industrial environments, is expected to boost the demand for variable frequency drives across the region. These devices are connected over a mesh with other devices and provide multiple energy-saving opportunities by providing more accurate and precise control, thereby resulting in optimum productivity with minimal energy usage. The growing demand for space…
Applications and segments
- Public report segmentation list
Competitive landscape
Public report coverage names General Electric Company, Mitsubishi Electric Corporation, Rockwell Automation, Inc, Yaskawa Electric Corporation. The list reflects participants identified by the source and is not a ranking.
Reading the figures: Values follow the market definition and forecast period stated in the source report. Estimates using different scopes should not be combined without normalization.