FMI Research Indicates North America Variable Frequency Drives Market Size to Exceed USD 9.8 Billion by 2034

The North America Variable Frequency Drives market, valued at USD 5.3 Billion in 2024, is set to experience robust growth, with a projected compound annual growth rate (CAGR) of 6.2% over the next decade. The market is expected to reach USD 9.8 Billion by 2034, driven by increasing energy efficiency demands, widespread adoption of automation, and the growing shift towards renewable energy sources.

When we talk about variable frequency drives, are used to drive electric motors, and the operation of these motors can be controlled by varying the frequency and the voltage. This is especially crucial when the robots are put into operation, as many of them run using motors. This might influence the North America variable frequency drive market outlook.

Request Sample Report Now! https://www.futuremarketinsights.com/report-sample#5245502d4e412d33363531

With rising rates of electricity in North America, the demand for these frequency drives is expected to increase in the region. The reason is whenever the manufacturers feel that the electricity consumption for driving a machine should be less as compared to other machines, the voltage and the frequency can be regulated. This is expected to have a positive impact on the North America variable frequency drive market future trends.

Apart from that, the manufacturers in North America are developing frequency drive machines that fall in line with the environmental regulations that have been set up by the authorities, keeping in view the climatic conditions. This is expected to drive the North America variable frequency to drive market key trends & opportunities.

Key Takeaways from the North America Variable Frequency Drives Market:

- Integration of smart, IoT-enabled VFDs is driving demand as industries seek real-time diagnostics and predictive maintenance.

- Rising energy efficiency demands and sustainability initiatives are fueling the adoption of Variable Frequency Drives in North American
VFDs are increasingly used in renewable energy applications like wind turbines, solar power systems, and grid management.

- The oil and gas industry is expected to hold a 40% market share of VFDs in North America in 2024, driven by operational efficiency and energy savings.

- Low-voltage VFDs are forecasted to account for 70% of the market share in 2024 due to their cost-effectiveness and ease of installation.

"Adoption of VFDs in renewable energy applications, such as wind and solar power, further accelerates market expansion. The oil and gas industry continues to be a major consumer, leveraging VFDs for enhanced operational efficiency. Low-voltage VFDs are expected to dominate the market due to their cost-effectiveness and ease of installation." - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Key Drivers of Growth in North America Variable Frequency Drives Market:

Energy Efficiency and Cost Savings: With escalating energy prices, particularly due to geopolitical factors and the global pandemic, industries are increasingly turning to VFDs to optimize motor speed and reduce energy consumption. The adoption of energy-efficiency standards and tax incentives in regions like the United States further encourages the widespread use of VFDs.

Automation in Industrial and Commercial Sectors: The growth of the Industrial Internet of Things (IIoT) and automation technologies has significantly boosted the demand for VFDs. They are essential for process control, motor optimization, and energy savings in various sectors, including automotive manufacturing, food and beverage processing, and oil & gas.

Renewable Energy and Infrastructure Modernization: As North American industries modernize aging infrastructure and embrace renewable energy sources, the demand for energy-efficient systems like VFDs continues to rise. These drives are increasingly used in renewable energy installations such as wind and solar farms, as well as in water treatment plants and transportation systems.

Access the Full Report North America Variable Frequency Drives Market Trends and Projections Now! https://www.futuremarketinsights.com/reports/north-america-variable-frequency-drive-market

Regional Insights into the North America Variable Frequency Drives Market:

- United States (70.3% Market Share): The United States remains the largest market for VFDs in North America, driven by industrial applications, energy efficiency regulations, and the growing demand for automation in manufacturing processes.

- Canada (18.7% Market Share): Canada's industrial and renewable energy sectors continue to spur demand for VFDs, particularly in water treatment and HVAC systems, as well as renewable energy installations.

- Mexico (11% Market Share): Mexico's manufacturing sector and the oil & gas industry are key drivers of VFD adoption, with significant investments in infrastructure modernization and energy efficiency.

Leading Companies in the North America Variable Frequency Drives Market:

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.

North American Variable Frequency Drives Market Segmentation:

By Voltage Range Type:

Based on the voltage range type, the market is segmented into low voltage range and medium voltage range.

By End Use:

As per the North America variable frequency drives industry analysis, the end use for VDFs is oil and gas, food processing, and automotive.

By Application:

The market is bifurcated into standard and regenerative by application.

By Region:

The market is analyzed region-wise, including Midwest, Northeast, Southeast, Southwest, and West.

Browse More Reports:

Fabric Spreading Machine Market - https://www.futuremarketinsights.com/reports/fabric-spreading-machine-market

Lined Valve Market - https://www.futuremarketinsights.com/reports/lined-valve-market

Low Voltage Protection and Control Market - https://www.futuremarketinsights.com/reports/low-voltage-protection-and-control-market

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)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact FMI:  

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com

This release was published on openPR.