The Global North America Variable Frequency Drive Market is estimated to be valued at US$ 6285.02 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Variable frequency drives help in controlling the speed, torque and direction of rotation of three-phase AC electric motors by varying the frequency and voltage supply to the motor. They are an effective solution for meeting energy efficiency goals by conserving energy during motor operations.
Market key trends:
Growing industrial automation demand coupled with rising need for energy efficient motor control systems across various industries such as oil & gas, mining, power generation etc. is expected to drive the growth of North America variable frequency drive market during the forecast period. Technological advancements in variable frequency drives with integrated connectivity solutions for remote monitoring capabilities is also facilitating market growth. Integration of advanced components such as IGBTs with variable frequency drives to support precise motor control is another key trend in the market.
SWOT Analysis
Strength: North America has a very developed industrial sector with high demand for energy efficient and customized VFD solutions. The presence of major VFD manufacturers in the region is also a key strength.
Weakness: High initial investment required for installation of VFD systems. Legacy infrastructure may require upgrades or modifications to support VFD integration.
Opportunity: Strict government regulations toward energy efficiency and carbon emission laws are driving increased adoption of VFDs across industries. Growing focus on replacing outdated motor control systems with VFD presents an opportunity.
Threats: Trade tensionscan impact prices of key components. Growing popularity of alternative energy-efficient technologies like LED lighting poses competitive threat to certain VFD applications.
Key Takeaways
The North America Variable Frequency Drive Market Analysis is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to increasing industrial automation and focus on energy savings.
Regional analysis:
The United States dominates the North America VFD market, owing to large manufacturing sector, strict energy efficiency mandates, and presence of major VFD manufacturers in the country. Growing investments to modernize critical infrastructure will further support VFD deployment in the region. Canada and Mexico are also promising markets due to expansion of industries and construction activities.
Key players operating in the North America Variable Frequency Drive market are Fuji Electric Co., Ltd, Schneider Electric, Mitsubishi Electric Corporation, Toshiba International Corporation, Siemens AG, Emerson Industrial Automation, ABB Ltd., Johnson Controls Inc., American Electric Technologies Inc. (AETI), Rockwell Automation Inc., General Electric Company, Honeywell International Inc., and Hitachi Limited.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it