The North America variable frequency drive market is poised to achieve a noteworthy valuation of US$ 5,056.2 million by 2032. Currently standing at US$ 4,770 million in 2022, the market is projected to undergo a commendable Compound Annual Growth Rate (CAGR) of 6% throughout the forecast period. In the year 2021, the North America variable frequency drive market attained a valuation of US$ 4,500 million.
The market’s upward trajectory is driven by a confluence of factors, including advancements in technology, a decrease in variable frequency drive costs, and various other influential elements that are anticipated to propel the growth of the North America variable frequency drive market.
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Efficient Energy Management and Innovations in Motor Control
Escalating energy costs have necessitated the adoption of energy-efficient motor control systems, offering a viable alternative to conventional throttling mechanisms like valves and fixed speed controllers. Len Busch Roses, exemplifying this trend, employs Danfoss’ variable frequency drive to meticulously regulate airflow in their snapdragon greenhouse, yielding a substantial 22% reduction in energy expenditures.
The integration of smart grid technology is gaining traction, potentially revolutionizing voltage and phase angle variations, consequently enhancing electricity transmission efficiency.
Furthermore, the application of a single variable frequency drive to govern multiple electric motors has emerged as an energy-saving strategy, diminishing energy wastage. The synchronous bypass technique utilizes a variable frequency drive for initiating and synchronizing multiple motors, seamlessly transferring the load from one source to another. According to Rockwell Automation, an asynchronous variable frequency drive system capable of overseeing two motors can result in a remarkable 33% reduction in initial capital expenditure.
Key Insights from the North America Variable Frequency Drive Market
- The North America Variable Frequency Drive market is prominently led by AC drives, constituting over 70% of the market share. This dominance stems from their extensive utility in heavy and medium industries such as power generation, oil and gas, food and beverages, paper and pulp, infrastructure, and automotive sectors.
- Low voltage units, comprising more than 80% of the market share, are driven by escalating demand for low-power variable frequency drives across applications like fans, pumps, machine tools, cranes, fluid machines, printing machines, metal processing machines, and food processing equipment.
According to an analyst at Future Market Insights, the market’s growth is underpinned by the pursuit of enhanced productivity and reduced downtime.
Key Players Operating in the Industry:
- Fuji Electric Co.
- Schneider Electric
- Mitsubishi Electric Corporation
- Toshiba International Corporation
- Siemens AG
- Emerson Industrial Automation
- ABB Ltd.
- Johnson Controls Inc.
- American Electric Technologies Inc.
- Rockwell Automation Inc.
- General Electric Company
- Honeywell International Inc.
- Hitachi Limited
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Competitive Landscape
- In June 2021, Yaskawa Electric Corporation introduced the HV600 drive series, featuring advanced variable speed control for HVAC applications.
- Eaton Corporation unveiled the PowerXL DM1 micro variable frequency drive in June 2021, targeting OEMs across industrial and commercial sectors.
- Fuji Electric made strides in the renewable energy sphere, announcing a venture into virtual power plants in September 2022.
- Emerson expanded its reach in the life sciences sector through the acquisition of Fluxa in June 2022, bolstering its industry position.
Key Segments Profiled
By Voltage Range Type:
- Low Voltage Range
- Medium Voltage Range
By End-use Industry:
- Oil & Gas
- Food Processing
- Automotive
By Application:
- Standard
- Regenerative
About Future Market Insights (FMI)
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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