Demand Management, Energy Efficiency, Industrial - January 19, 2016
Variable frequency drives market poised for significant growth
As electric motors become the preferred solution over mechanical and hydraulic motors for numerous commercial and industrial applications, the market for variable frequency drives, or VFDs, which are used to control these motors is growing. According to a new research report, the global variable frequency drives market is expected to grow steadily at a CAGR of nearly 8% by 2020.
A VFD is a type of motor controller that varies the frequency and voltage supplied to an electric motor, which increases efficiency and considerably reduces energy consumption. Other names for VFDs are variable speed drive, adjustable speed drive, adjustable frequency drive, AC drive, microdrive and inverter.
VFDs are increasingly being applied in HVAC systems as energy management tools. VFDs act as energy-saving devices in fans, pumps, air handling units, and chillers. They are increasingly used in equipment having variable load applications. Typically, energy savings vary from 30% to 50% when using a VFD.
The VFD segment currently dominates the market and is expected to further enhance its hold by 2020 due to extensive utilization in all types of industries and induction motors to achieve multiple speeds of operation. Moreover, its augmented usage in heavy industries, such as metals and mining, cement, paper, power generation, wind energy, water and wastewater, and marine, will result in its massive market share of more than 84% by 2020.
Leading vendors in the VFD market include ABB, Siemens, Toshiba and Yaskawa. Other Prominent Vendors in the market are American Electric Technologies, Amtech Electronics India, Emerson, Fuji Electric, Hiconics Drive Technology, Hitachi, Honeywell, Johnson Controls, Mitsubishi Electric, DELTA and Schneider Electric.