Variable frequency drives (VFDs) are used across various industrial applications for controlling speed and torque of electric motors as per the process requirement. VFDs provide various benefits like energy savings, smooth motor control, overload protection, and improved process control. In industries like oil & gas, mining, water and wastewater treatment, manufacturing require motors to efficiently control processes like pumps, fans, blowers and compressors. VFDs help in optimizing motor speed as per the load variations which helps in energy savings. The growing need for energy efficiency and precise process control in industries is driving the demand for VFDs.
The global North America Variable Frequency Drive Market is estimated to be valued at US$ 7240.35 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of IoT-enabled VFDs is one of the major trends observed in the market. IoT connectivity allows remote monitoring and control of VFD systems over internet. This enables real-time performance monitoring, predictive maintenance, and energy analytics. Leading players like ABB, Siemens and Schneider Electric are focusing on developing IoT-enabled VFD solutions to gain competitive advantage. Another notable trend is the growing popularity of regenerative VFDs which helps in recovering braking energy from motors and pumps and feeding it back to the power grid. This improves overall system efficiency. Rising focus towards industrial automation and growing infrastructural investments are some of the macroeconomic factors fueling the adoption of advanced VFD solutions in the region.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as there are some entry barriers such as high capital requirements, technical skills and strong brand loyalty towards existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many players and product substitutes. Buyers can negotiate on price.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many components suppliers and raw material suppliers.
Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes.
Competitive rivalry: The competitive rivalry is high due to presence of many regional and international players operating in the market.
Key Takeaways
The Global North America Variable Frequency Drive Market Demand is expected to witness high growth. The market is expected to reach a value of US$ 12,480.06 Mn by 2031 from US$ 7240.35 Mn in 2024 at a CAGR of 6.6%.
Regional analysis
The US accounts for the largest share in the North America Variable Frequency Drive market due to growing demand from industries such as oil & gas, mining and power generation in the country. Mexico is expected to grow at a fastest pace over the forecast period supported by increasing investments in manufacturing sector.
Key players
Key players operating in the North America Variable Frequency Drive market are Randmark Dental Products, LLC., S4S (UK) Limited, DentCare Dental Lab Pvt.Ltd., Glidewell, Burbank Dental Lab, Brux Night Guard, CUSTMBITE, DDS Lab, Watersedge Dental Laboratory Inc., Orofacial Therapeutics, LP., PFL Healthcare Limited, Keystone Industries, Artistic Dental Laboratories, Inc., Iverson Dental Laboratories, National Dentex Labs (NDX), BonaDent Dental Laboratories, Procter & Gamble.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
