The global North America Variable Frequency Drive Market is estimated to be valued at US$ 5,636.1 million in 2021 and is expected to exhibit a CAGR of 5.6% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
In recent years, the demand for energy-efficient solutions has been on the rise, leading to the adoption of variable frequency drives across various industries. Variable frequency drives, also known as adjustable frequency drives or inverters, are electronic devices used to control the speed and torque of AC motors by varying their input frequency and voltage. These drives offer several advantages, such as energy savings, improved process control, reduced maintenance costs, and extended equipment life.
The North America VFD market is poised for significant growth due to the increasing focus on energy efficiency and the need to reduce greenhouse gas emissions. The implementation of stringent energy regulations and the rising awareness about the benefits of VFDs are driving market growth. However, factors such as high installation costs and lack of skilled personnel for proper maintenance and operation of VFDs can hinder market growth.
Market Key Trends:
One key trend in the North America VFD market is the growing adoption of VFDs in HVAC applications. Variable frequency drives help in reducing energy consumption in heating, ventilation, and air conditioning (HVAsystems by controlling the motor speed based on demand. This results in significant energy savings and improved overall system performance. For example, Schneider Electric offers the Altivar 312 range of VFDs specifically designed for HVAC applications, providing precise motor control and ensuring optimal energy efficiency.
The North America Variable Frequency Drive Market Growth is segmented based on the end-user industry. The industrial segment dominates the market, owing to the widespread adoption of VFDs in various industries such as manufacturing, oil and gas, mining, and power generation. The industrial sector requires efficient motor control solutions to enhance productivity and reduce energy consumption. VFDs offer precise speed control and energy savings, making them ideal for industrial applications.
Market size related content: The North America VFD market is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period. This growth can be attributed to increasing awareness about energy efficiency and the need for sustainable solutions. Factors such as rising energy prices, strict environmental regulations, and the focus on reducing carbon emissions are driving the adoption of VFDs across various industries.
Regional analysis related content: North America is anticipated to be the fastest-growing and dominating region in the global VFD market. This can be attributed to factors such as rapid industrialization, technological advancements, and government initiatives promoting energy efficiency. The United States is expected to hold a significant share in the market due to the presence of key players and favorable government regulations.
Key players related content: Key players operating in the North America VFD market include 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.
In conclusion, the North America Variable Frequency Drive market is witnessing significant growth due to the increasing demand for energy-efficient solutions. The adoption of VFDs in HVAC applications and the dominance of the industrial segment are key trends driving market growth. With the implementation of stringent energy regulations and the focus on sustainability, the demand for VFDs is expected to continue to rise in the coming years.