The North America variable frequency drive market is undergoing a significant transformation due to the increasing demand for energy-efficient devices. This demand surge can be attributed to growing environmental concerns, stringent energy efficiency regulations, and a shift toward sustainable practices. VFDs, also known as adjustable speed drives, are crucial components in industrial and commercial applications, as they regulate the speed and power consumption of electric motors. The rising emphasis on reducing energy consumption and carbon emissions has led industries across North America to seek out VFDs as a solution to optimize energy usage.
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Data Bridge Market Research analyses that the North America Variable Frequency Drive Market is expected to reach USD 7,717.39 million by 2030 from USD 5,328.10 million in 2022, growing with a substantial CAGR of 4.8% in the forecast period of 2023 to 2030. North America variable frequency drive market
Key Findings of the Study
Technology advancements in the variable frequency drive
The North America variable frequency drive market is witnessing a dynamic shift driven by rapid technological advancements. These innovations are revolutionizing the capabilities and applications of VFDs, making them more efficient, versatile, and user-friendly. One of the key technological trends is the integration of advanced sensors and IoT capabilities within VFD systems. These sensors provide real-time data on motor performance, energy consumption, and operational health, enabling predictive maintenance strategies and enhancing overall system reliability.
Another significant advancement is the development of more sophisticated and precise control algorithms. Modern VFDs incorporate advanced control techniques such as vector control and direct torque control, allowing for highly accurate speed and torque regulation. This is particularly beneficial in applications requiring precise motor control, such as robotics, CNC machines, and HVAC systems. The integration of advanced control algorithms not only enhances energy efficiency but also optimizes motor performance across a wide range of operating conditions.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 – 2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Type (AC Drive, DC Drive, and Servo Drive), Power Rating (Micro Power Drive, Low Power Drive, Medium Power Drive, and High Power Drive), Voltage (Low Voltage, Medium Voltage, and High Voltage), Application (Pumps, Fans, Compressors, Conveyors, and Others), End User (Industrial, Oil & Gas, Energy & Power, Infrastructure, Pharmaceutical, Food & Beverages, Agriculture, and Others)
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Countries Covered
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U.S., Canada, and Mexico
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Market Players Covered
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ABB (Switzerland), Phase Technologies (U.S.), LLC., Eaton. (Ireland), Rockwell Automation (U.S.), Johnson Controls (U.S.), WEG.(Brazil), Honeywell International Inc.(U.S.), NORD Drivesystems Pvt. Ltd. (Germany), Inovance Technology Europe GmbH (Germany), Anaheim Automation, Inc.(U.S.), SEW-EURODRIVE (Germany), Nidec Motor Corporation Corporation (A Subsidiary of NIDEC Group Company) (Japan), TMEIC (Japan), YASKAWA ELECTRIC CORPORATION (Japan), Gozuk (China), PARKER HANNIFIN CORP (U.S.), Delta Electronics, Inc. (Taiwan), and Danfoss A/S (Denmark) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis
The North America variable frequency drive market is segmented into five notable segments based on type, power rating, voltage, application, and end user.
- On the basis of type, the market is segmented into AC drive, DC drive, and servo drive.
In 2023, AC drive is expected to dominate the North America variable frequency drive market
In 2023, AC drive is expected to dominate the market due to its efficiency, wide compatibility with AC motors, and cost-effectiveness, growing with a market share of 61.68%.
- On the basis of power rating, the market is segmented into micro power drive, low power drive, medium power drive, and high power drive. In 2023, micro power drive is expected to dominate the market with a market share of 33.66%.
- On the basis of voltage, the market is segmented into low voltage, medium voltage and high voltage. In 2023, low voltage is expected to dominate the market with a market share of 53.03%.
- On the basis of application, the market is segmented into pumps, fans, compressors, conveyors and others. In 2023, pumps segment is expected to dominate the market with a market share of 33.70%.
- On the basis of end user, the market is segmented into industrial, oil & gas, energy & power, infrastructure, pharmaceutical, food & beverages, agriculture and others.
In 2023, industrial is expected to dominate the North America variable frequency drive market
In 2023, industrial is expected to dominate the market with a market share of 21.86% because of its wide adoption in manufacturing, automation, and industrial processes.
Major Players
Data Bridge Market Research recognizes the following companies as the major key players in the North America variable frequency drive market are ABB (Switzerland), Phase Technologies (U.S.), LLC., Eaton. (Ireland), Rockwell Automation (U.S.), Johnson Controls (U.S.), WEG.(Brazil), Honeywell International Inc.(U.S.), NORD Drivesystems Pvt. Ltd. (Germany), Inovance Technology Europe GmbH (Germany), Anaheim Automation, Inc.(U.S.), SEW-EURODRIVE (Germany), Nidec Motor Corporation Corporation (A Subsidiary of NIDEC Group Company) (Japan), TMEIC (Japan), YASKAWA ELECTRIC CORPORATION (Japan), Gozuk (China), PARKER HANNIFIN CORP (U.S.), Delta Electronics, Inc. (Taiwan), and Danfoss A/S (Denmark) among others.
Market Developments
- In August 2023, Danfoss A/S introduced the VLT Real-time Clock MCB 117 option for all VLT drives, enhancing data accuracy by providing a consistent system clock with battery backup. Precise time stamps aid in error analysis and troubleshooting, improving event understanding and causal identification. With easy installation and synchronization, this option offers advanced time-stamped data logging benefits for better insights across the entire VLT drive range.
- In June 2023, Honeywell International Inc. dedication to exceptional design has been highlighted through its reception of 10 prestigious product design awards, including the Red Dot Design Awards and the iF Design Awards. These accolades underscore Honeywell's commitment to enhancing user experiences, prioritizing safety, efficiency, and productivity across their product offerings. With a history of over 60 international design awards, Honeywell's User Experience (HUE) team's collaborative and user-focused approach consistently shines through in their innovative solutions.
- In April 2022, WEG. introduced the CFW900 Variable Speed Drive, a cutting-edge solution for motor control in industrial processes. With advanced technology, it ensures energy savings, safety, and high performance. The VSD offers a user-friendly interface for easy configuration, along with bluetooth connectivity and a mobile app for remote control and data retrieval. The CFW900 sets new standards in efficiency, flexibility, and connectivity for motor control applications.
- In April 2022, Johnson Controls. upgraded its YORK YVAA variable speed drive screw Chiller, enhancing its global product line. The chiller upgraded version boasts improved operational efficiency, a smaller footprint, and compatibility with low-GWP refrigerants. Moreover, it offers expanded configuration choices, reduced noise levels, and innovative technologies such as liquid-cooled variable speed drives and EC fans. These advancements reinforce its position as a reliable and efficient solution for mission critical applications in diverse environments
- In March 2021, YASKAWA ELECTRIC CORPORATION. introduced the AC Servo Drive Σ-X Series, succeeding the renowned Σ-7 Series. This launch aimed to elevate customer value through industry-leading motion performance and digital data solutions, solidifying Yaskawa's commitment to innovation. Yaskawa Electric continues its legacy of excellence, replacing the esteemed Σ-7 Series with the unveiling of the AC Servo Drive Σ-X Series.
Regional Analysis
Geographically, the countries covered in the North America variable frequency drive market report are U.S., Canada and Mexico.
As per Data Bridge Market Research analysis:
U.S. is the dominant and the fastest growing region in the hoses market in north america during the forecast period 2023 - 2030
U.S. is expected to dominate the market because of its robust industrial sector, technological innovation, and emphasis on energy efficiency. The demand for VFDs is expected to remain high, as industries in the U.S. prioritize automation and optimal energy consumption, driving market growth. In addition, the country's infrastructure projects and manufacturing activities further contribute to its leading position in the VFD market. U.S. is expected to grow during the forecast period due to a surge in industrial automation adoption, heightened focus on energy efficiency across sectors, supportive government regulations, and the integration of advanced technologies driving demand for variable frequency drives.
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