For electric machine drive systems, the variable frequency drives are used to vary the frequency and voltage supplied to the AC induction electric motor. The VFD can scale up or down the voltage and frequency depending on the specification to meet the electric motor speed requirements.
What are the key factors that support demand for variable frequency drives?
Optin Energy
The global market size of variable frequency drives is projected to reach approximately US$ 28 billion by the end of 2025 from the US$ 15 billion in 2018.
The growing demand for energy-efficient equipment has a major impact on the growth of the global variable frequency drives industry. The rising power demand and energy shortages mean that governments have to concentrate on effective electricity use to obtain sustainable economic growth. The industrial energy consumption regulations and an increase in energy prices have pushed industrial operators into implementing energy-efficient equipment. The transition to more energy-efficient motors raised the total CAPEX for industrial customers.
Around the globe, the motors consume a large part of energy in industrial operations. The use of variable frequency drives to reduce the energy usage and overall loss of energy as it changes the voltage and frequency curve based on the requirement of applications. The integration of VFDs with electric drives helps end-users to control drive speed and torque to improve their operational performance and reduce energy consumption simultaneously.
In various European countries, the changing regulatory policies and legislation have fuelled the demand for variable frequency drives in the region. The rapid growth in infrastructure and urbanisation have driven by favourable industrial development is likely to be at the forefront in several Asian countries. The increasing VFD installation in mining, transmission and generation of energy and products such as AC, water pumps and elevators would result in high VFD demand over the next few years.
The rise of industrial internet of things (IIOT) has also contributed to the use of advanced VFD technologies. The technological advancement has made it possible to incorporate IoT in various industrial products such as drives, motors and sensors. Many VFD companies offer these IoT-friendly drives to help end-users to control and monitor their device remotely. The IoT enabled VFD would increase more demand from end-user industries by providing ease of operation.