The North America variable frequency drive market is projected to reach US$ 7.79 Billion in revenues by 2027, according to a new research by Future Market Insights. In terms of volume, 6.25 million units of variable frequency drivers are expected to be sold in North America in 2017. The U.S. will continue to dominate sales, accounting for nearly 78% revenue share of the market.
U.S. variable frequency drive market revenue is anticipated to expand at a moderate CAGR over the period 2017–2027
Variable frequency drive sales value and volume consumption in the U.S. is projected to expand at the highest CAGR over the forecast period. In 2016, the U.S. variable frequency drive market was valued at more than US$ 3,300 Mn and has been estimated to increase to a little more than US$ 3,500 Mn by 2017 end, reflecting a Y-o-Y growth rate of 5.9%.
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The U.S. country market is anticipated to create incremental dollar opportunity of close to US$ 3,000 Mn between 2016 and 2027 in the North America variable frequency drive market. In terms of market value, the Canada variable frequency drive market was valued at US$ 911.8 Mn in 2016 and has been estimated to increase to more than US$ 950 Mn by 2017 end, reflecting a Y-o-Y growth rate of 5.2%.
Revenue contribution from the variable frequency drive market in Canada is expected to increase at a CAGR of 4.8% over the forecast period. The Canada market is anticipated to create incremental dollar opportunity of more than US$ 600 Mn between 2016 and 2027 in the North America variable frequency drive market.
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.
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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.
The key end-use application segments of variable frequency drives are,
- Pump
- Fan
- Compressor
- Conveyor
- HVAC
- Other applications
Pumps Largest End-use Application Segment
According to Future Market Insights, pumps are the largest end-use application segment, accounting for nearly 35% revenue share of the market in 2016. In 2016, demand for variable frequency drives from this segment was 1.90 billion units.
Oil & Gas Largest End-use Industry
By end-use industry, Future Market Insights offers market forecast and analysis on oil & gas, food processing, automotive, mining & metals, pulp & papers, and ‘others’. The oil & gas segment accounted for 44% revenue share of the market in 2016. Future Market Insights projects it to remain the largest end-use industry for variable frequency drives during the period 2017-2027.
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.
2022 Assessment and Key Insights Analyzed Till 2027
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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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