The North America variable frequency drive market is experiencing significant strides, positioning itself for substantial growth and aiming for a noteworthy valuation of US$ 5,056.2 million by the year 2032. Having already achieved a value of US$ 4,770 million in 2022, the market is expected to sustain this impressive momentum with a commendable compound annual growth rate (CAGR) of 6% throughout the forecast period.
A key driver propelling this remarkable growth is the escalating electricity rates in North America. With energy costs on the rise, businesses and manufacturers are proactively seeking innovative solutions to optimize their energy consumption. Variable frequency drives (VFDs) have emerged as highly effective tools to achieve this objective. These devices facilitate precise regulation of voltage and frequency, empowering machinery to operate at the most energy-efficient levels. Consequently, this leads to substantial cost savings, making VFDs an attractive investment for businesses strategically aiming to reduce their electricity expenses. The market’s trajectory reflects a strategic response to the evolving energy landscape, emphasizing the increasing significance of energy-efficient solutions in the industrial sector.
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Efficient Energy Management and Innovations in Motor Control:
Escalating energy costs have necessitated the adoption of energy-efficient motor control systems, offering a viable alternative to conventional throttling mechanisms like valves and fixed speed controllers. Len Busch Roses, exemplifying this trend, employs Danfoss’ variable frequency drive to meticulously regulate airflow in their snapdragon greenhouse, yielding a substantial 22% reduction in energy expenditures.
The integration of smart grid technology is gaining traction, potentially revolutionizing voltage and phase angle variations, consequently enhancing electricity transmission efficiency.
Furthermore, the application of a single variable frequency drive to govern multiple electric motors has emerged as an energy-saving strategy, diminishing energy wastage. The synchronous bypass technique utilizes a variable frequency drive for initiating and synchronizing multiple motors, seamlessly transferring the load from one source to another. According to Rockwell Automation, an asynchronous variable frequency drive system capable of overseeing two motors can result in a remarkable 33% reduction in initial capital expenditure.
Key Insights from the North America Variable Frequency Drive Market:
- The North America Variable Frequency Drive market is prominently led by AC drives, constituting over 70% of the market share. This dominance stems from their extensive utility in heavy and medium industries such as power generation, oil and gas, food and beverages, paper and pulp, infrastructure, and automotive sectors.
- Low voltage units, comprising more than 80% of the market share, are driven by escalating demand for low-power variable frequency drives across applications like fans, pumps, machine tools, cranes, fluid machines, printing machines, metal processing machines, and food processing equipment.
According to an analyst at Future Market Insights, the market’s growth is underpinned by the pursuit of enhanced productivity and reduced downtime.
Key Players Operating in the Industry:
- Fuji Electric Co.
- Schneider Electric
- Mitsubishi Electric Corporation
- Toshiba International Corporation
- Siemens AG
- Emerson Industrial Automation
- ABB Ltd.
- Johnson Controls Inc.
- American Electric Technologies Inc.
- Rockwell Automation Inc.
- General Electric Company
- Honeywell International Inc.
- Hitachi Limited
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Competitive Landscape:
- In June 2021, Yaskawa Electric Corporation introduced the HV600 drive series, featuring advanced variable speed control for HVAC applications.
- Eaton Corporation unveiled the PowerXL DM1 micro variable frequency drive in June 2021, targeting OEMs across industrial and commercial sectors.
- Fuji Electric made strides in the renewable energy sphere, announcing a venture into virtual power plants in September 2022.
- Emerson expanded its reach in the life sciences sector through the acquisition of Fluxa in June 2022, bolstering its industry position.
Key Segments Profiled:
By Voltage Range Type:
- Low Voltage Range
- Medium Voltage Range
By End-use Industry:
- Oil & Gas
- Food Processing
- Automotive
By Application:
- Standard
- Regenerative
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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