By 2032, the frequency converter market in North America will be valued at $5,056.2 million. The market is currently valued at $4.77 billion by 2022 and is projected to have a Compound Annual Growth Rate (CAGR) of 6%. throughout the forecast period. In 2021, the frequency converter market in North America will be valued at $4.5 billion.
The upward trajectory of the market is driven by a combination of factors including technological advances, declining cost of frequency converters, and various other influencing factors that are expected to drive the growth of the frequency converter market in North America.
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Rising energy costs call for energy efficient motor control systems that are a viable alternative to traditional throttling mechanisms such as valves and speed controllers. Len Bush Rose exemplifies this trend by using Danfoss VFDs to fine-tune airflow in a snapdragon greenhouse, resulting in a significant 22% reduction in energy bills.
The integration of smart grid technologies is gaining momentum, potentially revolutionizing voltage and phase angle for more efficient power transfer.
In addition, using a single frequency converter to control multiple motors has become an energy-saving strategy to reduce energy waste. Synchronous bypass technology uses frequency converters to start and synchronize multiple motors, smoothly transferring load from one source to another. According to Rockwell Automation, an asynchronous variable frequency drive system capable of controlling two motors can significantly reduce initial capital costs by 33%.
According to Future Market Insights analyst, the market growth is driven by the desire to increase productivity and reduce downtime.
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Future Market Insights, an ESOMAR-accredited market research organization and a member of the Greater New York Chamber of Commerce, provides an in-depth understanding of the controlling factors that affect market demand. It reveals growth opportunities for different segments depending on source, application, sales channel and end use over the next 10 years.
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Post time: Aug-23-2023