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 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 AC induction motors by varying the frequency and voltage supplied to the motor. It allows control and regulation of motor speed for various industrial and commercial applications. Variable frequency drives provide significant energy savings, improved process control, reduced mechanical stress and longer motor life.
Market key trends:
One of the key trends in the North America variable frequency drive market is the increasing adoption of IoT and cloud-based technologies. Variable frequency drive manufacturers are focusing on developing drives with integrated connectivity and analytics capabilities. For example, drives can now be monitored and controlled remotely using smartphones and tablets. Data from the drives can be analyzed on the cloud to gain insights into motor performance and optimize operations. This enables predictive maintenance and reduces downtime. Integrating IoT allows for greater customization of drive operations based on dynamic plant conditions.
Segment Analysis
The North America variable frequency drive market is segmented by type, voltage, applications, and end users. Based on type, the pumps segment held the largest market share in 2022. Variable frequency drives help in precise speed control of pumps used in applications such as water & wastewater treatment plants and thus the pumps segment dominates the market.
Key Takeaways
The North America Variable Frequency Drive Market Analysis is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to increasing demand for energy-efficient motors in industrial applications.
Regional analysis
The United States accounted for the largest share of the North America variable frequency drive market in 2022 owing to rapid industrialization and modernization of manufacturing infrastructure in the country. It is expected to continue dominating the regional market over the forecast period.
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 focus on new product launches and strategic partnerships to strengthen their position in the market.
The Variable Frequency Drive Market 2021 research report gives emerging industry data, global segments and regional outlook.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the variable frequency drive market include ABB, American Electric Technologies, Emerson Industrial Automation, General Electric, Hitachi, Honeywell International, Johnson Controls, Kongsberg Maritime, Rockwell Automation and Siemens.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Variable Frequency Drive Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/variable-frequency-drive-market/download-sampleMarket DynamicsThe market is witnessing growth at a remarkable rate owing to ongoing industrialization along with increase in investment for infrastructural development.
Also, rising trend of industrial automation with growing demand for energy efficient devices with low operational cost are the factors fueling the market growth.
