The Increasing Demand For Energy-Efficient Products To Fuel The Growth Of North America Variable Frequency Drive Market

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The global North America Variable Frequency Drive Market is estimated to be valued at US$ 6285.02 Million 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:
A variable frequency drive or VFD is an adjustable speed device used in AC induction motor drives systems for speed control and torque adjustments. VFDs are essential for energy savings and improving process control in various industrial applications such as pumps, fans, compressors and conveyors.

Market key trends:
One of the major market trends is the increasing demand for energy-efficient products in the industrial sector. VFDs help improve system efficiency by allowing motors to run at optimal speeds according to load requirements. This leads to significant energy savings of around 50% compared to constant speed motor drives. VFDs minimize process fluctuations and allow smooth torque control for improved performance. The ability of VFDs to reduce mechanical wear and increase motor life is also fueling their adoption across industries.

Segment Analysis
The North America variable frequency drive market size is segmented by type, application, and end-user. Based on type, the market is segmented into AC drives and DC drives. AC drives held the largest market share in 2022 and are expected to remain the dominant segment during the forecast period owing to their wide usage across various industrial processes that require variable speed control of motors.

Key Takeaways
The North America variable frequency drive market size was valued at US$ 6,285.02 Mn in 2023 and is expected to reach US$ 9,134.56 Mn by 2030, expanding at a CAGR of 5.6% over the forecast period. The growth can be attributed to the increasing need for energy efficiency and cost-effective operations across various industries.

Regional Analysis
Regionally, the US accounted for the largest market share in 2022 primarily due to the extensive usage of VFDs across industries like oil & gas, mining, and automotive manufacturing. However, Mexico is expected to witness the fastest growth over the forecast period supported by ongoing infrastructure development projects and growing industrial manufacturing activities in the country.

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. These companies are focusing on new product launches and expansions to strengthen their market positions.

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