The North America variable frequency drive market Forecast is expected to hit a valuation of US$ 5056.2 Mn by 2032. The market has a valuation of US$ 4770 Mn as of 2022, and during the forecast period, the North America variable frequency drive market is expected to grow at a CAGR of 6%.
North America can be considered the region with the biggest advancement in automation and IT.
Variable frequency drives are used to power electric motors, and by adjusting the voltage and frequency, the motor performance may be adjusted. Since many robots use motors to move, this is particularly crucial when they are put to use. This could have an impact on the market for variable frequency drives in North America.
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According to Future Market Insights, the key factors fuelling the growth of the market include,
- Increasing emphasis on energy efficiency: Process engineers are adopting energy-saving devices to reduce operational expenses. For example, in 2015, Len Busch Roses, one of the largest nurseries for cut-stem flowers, deployed variable frequency drive to regulate airflow in snapdragon greenhouse with better precision.
- Introduction of general purpose variable frequency drives that are compatible with existing motors is reducing impediments to widespread adoption.
- Variable frequency drives are being employed in a wide range of end-use applications. Installation of variable frequency drives, along with a flow metre, results in energy savings.
Although Future Market Insights maintains a positive outlook on the North America variable frequency drives market, few challenges can restrain growth. These include technical anomalies associated with variable frequency drives and high initial costs of medium voltage variable frequency drives.
Ac Drive Most Sought-After
By drive type, Future Market Insights has segmented the market into AC drive, DC drive, and Servo drive. Among these, AC drives remain the sought-after device, accounting for nearly 72% revenue share of the market in 2016. While 4.20 million units of AC drives were sold in North America in 2016, collective sales of DC drives and servo drives accounted for 1.64 million units.
Low Voltage Range Drives In Demand
By voltage range, Future Market Insights offers market forecast and analysis on low voltage range and medium voltage range. End-users in North America prefer low voltage range variable frequency drives, with this segment accounting for over 80% revenue share in 2016.
Low Demand For Regenerative Variable Frequency Drives
By application type, Future Market Insights has segmented the variable frequency drive market into standard and regenerative. Demand for standard variable frequency drives is higher than regenerative variable frequency drives. The former accounted for over 88% revenue share of the market in 2016.
Compititive Landscape:
Key companies profiled by Future Market Insights in its report include Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Siemens AG, ABB Ltd., American Electric Technologies Inc., General Electric Company, Hitachi Limited, Honeywell International Inc., Rockwell Automation Inc., Johnson Controls, Inc., Emerson Industrial Automation, Toshiba International Corporation, and Schneider Electric SE.
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Market Segmentation
By Country:
- U.S.
- Canada
By Drive Type:
- AC Drive
- DC Drive
- Servo Drive
By Voltage Range:
- Low Voltage Range
- Medium Voltage Range
By Application Type:
- Standard
- Regenerative
By End-Use Application:
- Pump
- Fan
- Compressor
- Conveyor
- HVAC
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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