Variable frequency drives play a crucial role in controlling the speed of motors in various industrial processes. Used widely across industries such as oil & gas, mining, power generation, food processing to optimize productivity. In oil & gas industry, variable frequency drives help in controlling the rotation of pumps, compressors, and fans inline with production requirements.
The global North America Variable Frequency Drive Market is estimated to be valued at Us$ 6285.02 Mn in 2023 and is expected to exhibit a CAGR Of 6.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand from oil & gas industry: Variable frequency drives provide significant advantages in oil & gas industry operations such as reducing energy consumption and improving process control. They help in controlling the speed of critical equipment such as pumps, fans, and compressors as per the production needs. This drives the demand for variable frequency drives in the oil & gas industry.
Increasing focus on energy efficiency: Variable frequency drives help in optimizing motor speed and reduce energy wastage during partial load conditions. They can effectively conserve around 5% to 30% of the total energy consumption in a plant. This has increased their adoption across industries to lower energy bills and boost profitability.
Segment Analysis
The North America variable frequency drive market is dominated by the HVAC sub-segment. Variable frequency drives help in controlling the speed and torque of HVAC equipment like chillers, air handling units and fans. This helps in optimizing energy consumption and enables cost savings. VFDs provide precise control of HVAC equipment which leads to better temperature and humidity control. The HVAC sub-segment accounts for over 30% of the North America variable frequency drive market due to the widespread use of VFDs in commercial and residential HVAC applications.
PEST Analysis
Political: Governments in the US and Canada are encouraging energy efficiency initiatives through regulations and incentives. This is driving demand for energy efficient VFD solutions across various industries.
Economic: With rising electricity prices and energy costs, industrial and commercial users are looking to reduce operating expenses through optimal energy management. VFDs help cut energy consumption and costs significantly.
Social: Growing awareness about carbon footprint reduction and sustainability is boosting adoption of green technologies like VFDs. This trend is especially prominent across manufacturing, power generation and infrastructure sectors.
Technological: Advancements in microprocessor control techniques and Insulated Gate Bipolar Transistors (IGBTs) have enhanced the functionality and performance of modern VFDs. Features like sensorless control and communication protocols are augmenting their use.
Key Takeaways
The Global North America Variable Frequency Drive Market Demand is expected to witness high growth owing to stringent regulations regarding energy efficiency. VFDs enable significant energy savings for industrial and commercial facilities.
Regional Analysis:
The United States dominates the regional market owing to the presence of a large manufacturing sector and increasing investments in infrastructure modernization. California is the fastest growing regional market in the country due to stringent emission norms and supportive policies for green projects.
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. These companies focus on new product launches and expanding their distribution networks to strengthen market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.