North America Variable Frequency Drive Market

Inverter Segment Is The Largest Segment Driving The Growth Of North America Variable Frequency Drive Market

by

The global North America Variable Frequency Drive Market is estimated to be valued at US$ 6285.02 Mn or 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 are used to control the speed of electric motors and provide optimum power usage and efficiency. They offer advantages like reduced equipment wear and increased energy savings for various industrial applications.

Market key trends:
One of the major trends in the North America variable frequency drive market size is the growing adoption of IoT and connectivity features in VFDs. Major players are focusing on developing advanced variable frequency drives with IoT integration and remote monitoring capabilities. This allows real-time data analysis of motor performance and energy usage. Connected VFD solutions help predict maintenance needs, maximize uptime, and reduce downtime and maintenance costs. The integration of predictive analytics and AI into VFDs would further optimize motor control and energy efficiency.

SWOT Analysis
Strength: North America has a well-developed industrial infrastructure which drives the demand for variable frequency drives for applications in industries such as oil & gas, manufacturing, mining, etc. The growing emphasis on energy efficiency is also boosting the uptake of VFDs.
Weakness: The presence of stringent regulatory policies related to energy efficiency increases the compliance requirements for drive manufacturers. Higher installation and maintenance costs of VFDs act as a barrier for small-scale end-users.
Opportunity: Rising investments in infrastructure modernization and adoption of smart manufacturing practices present an opportunity for increased VFD installation. Greater focus on renewable energy generation also facilitates the demand for VFDs used in applications like wind turbines.
Threats: Economic downturns negatively impact the capital expenditure budgets of end-use industries which delays new investments and replacements. Supply chain disruptions amid the ongoing pandemic are also posing challenges.

Key Takeaways
The North America variable frequency drive market size is expected to grow from US$ 6285.02 Mn in 2023 to US$ 9419.53 Mn by 2030, expanding at a CAGR of 5.6% during the forecast period. The increasing need for energy-efficient ac motor control systems across various industrial verticals is a major growth driver.

Regional analysis:
The U.S. dominates the North America VFD market owing to the large-scale presence of process and discrete manufacturing industries. By 2030, the U.S. market is anticipated to reach a value of US$ 7181.96 Mn. Canada is projected to expand at a CAGR of 6.2% during 2023-2030 on account of ongoing investments in infrastructure modernization programs.

Key players:
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
Ravina
+ posts

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.