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The North American variable speed drive market will be valued at US$4.4 billion in 2023 and is expected to grow at a compound annual growth rate of 4% from 2024 to 2032.
The growing use of industrial automation, the adoption of energy efficiency initiatives and the growing need for precision motor control in various applications are key factors in increasing business viability. In addition, strict government regulations aimed at reducing carbon dioxide emissions and promoting energy conservation have encouraged the adoption of variable speed drives throughout the region. Various initiatives, including the Energy Policy Act (EPAct) and various energy efficiency programs at the state level, have stimulated the adoption of energy-saving technologies, including VFD, which is contributing to further market growth.
The North American variable frequency drive (VFD) industry is experiencing significant growth, driven by growing demand from the industrial automation sector and the urgent need to cope with volatile energy price fluctuations. Various electrical equipment, including pumping systems, represent a key aspect of industrial infrastructure and significantly increase energy demands. For example, the US Department of Energy emphasizes that pumping systems account for 25% of the total motor energy consumption in the nation’s industrial sector. In addition, strengthening measures to reduce energy losses and improve energy efficiency in various industrial operations will actively contribute to improving the situation in the industry.
Depending on the voltage, the market can be divided into low-voltage and medium-voltage. By 2023, low-voltage frequency converters will account for more than 88% of the market share. Advances in VFD technology have led to more efficient and cost-effective solutions, making them increasingly available in a wider range of industries and applications. In addition, government incentives and initiatives aimed at improving energy efficiency have further boosted the adoption of variable speed drives by providing financial incentives for companies to invest in low-voltage drive technologies.
Based on the driving force, the market is segmented into communication. DC and servo. By 2032, the AC drive market growth rate will exceed 4%. Advances in AC drive technology, such as the integration of IoT capabilities and smart features, are improving its performance and functionality. In addition, the versatility and scalability of AC drives make them suitable for a wide range of applications, from small businesses to large industrial plants.
The U.S. variable speed drive market is expected to exceed $4.3 billion by 2032 due to modernization of aging infrastructure and retrofitting existing equipment with low-power alternatives. As industries prioritize energy optimization, many industries are seeing the introduction of variable speed drives that optimize energy use by controlling motor speed, resulting in significant energy savings. Additionally, the influx of new investments in various end-use verticals will significantly enhance functionality, further enhancing the industry’s prospects. For example, in January 2022, the US Energy Information Administration (EIA) reported that oil production in the Permian region increased significantly, reaching approximately 5 million barrels per day (Mbpd), a significant increase of 13% over the same period 2021. .
ABB, a manufacturer and service provider of variable frequency drives (VFDs), stands for innovation and excellence in electrical solutions. The industry’s biggest players compete based on a variety of factors, including product quality, performance, reliability, price and customer service. Additionally, these companies invest heavily in R&D to innovate and introduce new technologies to meet changing customer needs and shape industry dynamics.
The North America Variable Speed Drives market research report covers the industry in detail and provides estimates and forecasts in thousands of units and millions of US dollars for the period 2019 to 2032, covering the following segments:
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Post time: Sep-02-2024