North America AC Drives Market - By Voltage (Low, Medium), By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-Use (Oil & Gas, Power Generation, Mining & Metals, Pulp & Paper, Marine) & Forecast, 2024 – 2032

North America AC Drives Market Size

North America AC Drives Market Size was valued at USD 3.7 billion in 2023 and the industry is set to grow at CAGR of 4.3% between 2024 and 2032. Rising demand for energy-efficient motor control solutions and technological advancements will shape the industry dynamics. Growing automation sector along with accelerating investment for industrialization is driving the product demand.
 

For instance, in May 2023, the U.S. International Trade Administration highlighted the U.S. as a significant hub of innovation as the country exported automation equipment valued at over USD 13 billion in 2022, excluding the various services and software offerings competitively produced by U.S. firms. Moreover, ongoing initiatives to modernize existing systems coupled with growing electricity demand will positively influence the industry outlook.
 

North America AC Drives Market Trends

North America AC drives industry is set to grow owing to continuous technological advancements and stringent regulatory framework are driving the demand for energy-efficient systems across various application verticals. Growing emphasis on reducing power expenditures and energy consumption is further boosting demand for AC drives. For instance, according to the U.S. Energy Information Administration, in 2022, the primary energy consumption across the country in 2022 was 100.41 quadrillion British thermal units (Btu). Accelerating industrial automation, rapidly growing sectors including healthcare, IT, and artificial intelligence along with ongoing technological advancements is set to further augment the industry landscape.
 

North America AC Drives Market Analysis

The low voltage AC drives segment of North American market is projected to surpass USD 4.8 billion by 2032 owing to increased demand for energy-efficient units in industrial automation sector driven by stringent government regulations aimed at promoting environmental sustainability. Rising need for uninterrupted and dependable power supply to offset growing electricity consumption, coupled with the introduction of strict regulations promoting energy efficiency, will augment the product deployment. Moreover, various manufacturers are continuously developing advanced VFDs with built-in sensors and connectivity features to enhance operational efficiency shaping the low voltage drive industry trends.
 

The power generation segment is set to witness a CAGR of over 4.5% through 2032 on account of the ability of AC drives to deliver efficiency, and environmental benefits. Their operational and economic advantages are driven by increased R&D initiatives and ongoing technological advancements further augmenting product deployment. These drives require minimal maintenance and expenses, improving energy generation and productivity and can meet diverse requirements, ensuring excellent machine operations, energy efficiency, and longevity further contribute to the industry's growth.
 

U.S. AC drives market is set to cross USD 3.5 billion by 2032 due to ongoing transformations in industrial infrastructure and a rising demand for advanced mechanical components. Accelerating investment for infrastructure development along with introduction of favorable policies by respective authorities is set to complement the industry landscape. For instance, in November 2021, the U.S. government enacted the Bipartisan Infrastructure Law, allocating USD 1.2 trillion in federal funds toward various transportation, energy, and climate infrastructure initiatives. Moreover, the paradigm shift toward adopting energy-efficient systems along with increasing consumer spending levels, is set to positively influence the industry outlook.
 

North America AC Drives Market Share

Key players operating in the industry are bolstering their market presence through strategic collaborations, partnerships, and mergers & acquisitions as they actively seek to enhance their competitive position. ABB, Siemens, General Electric, Fuji Electric Corp. of America, Yaskawa America, Inc. and Eaton are the key players which holds the majority of market share in the North America AC drives industry.
 

North America AC Drives Market Companies

Some of the key industry players operating across industry include:

• ABB
• Danfoss
• Delta Electronics, Inc.
• Eaton
• Emerson Electric Co.
• Fuji Electric Corp. of America
• General Electric
• Invertek Drives Ltd.
• Nidec Motor Corporation
• Omron Corporation
• PARKER HANNIFIN CORP
• Rockwell Automation
• Schneider Electric
• Siemens
• TMEIC
• WEG
• Yaskawa America, Inc.
   

North America AC Drives Industry News

• In January 2024, Invertek Drives Ltd showcased the advantages of VFD technology at the AHR Expo organized in Chicago, U.S. The company emphasized its Optidrive Eco and Optidrive Coolvert drives during the event. The Coolvert drive ensures precise control of BLDC and PM Rotary and Scroll compressors, adjusting compressor speed according to evolving system demand. This optimization aids in reducing energy consumption, enhancing system efficiency, and minimizing CO2 emissions.
   
• In July 2023, OMRON launched the OMRON M1 Integrated AC Drives Solution in July 2023. This advanced system integration solution offers enhanced flexibility, efficiency, and space-saving benefits for machine design. It supports various motor types and features an autotuning function for easy motor parameter adjustment. These systems provide benefits such as quiet operation, consistent temperature control, comfort, and a reduced environmental footprint.
   

North America AC drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2019 to 2032 for the following segments:

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Market, By Voltage

• Low
• Medium

Market, By Application

• Pump
• Fan
• Conveyor
• Compressor
• Extruder
• Others

Market, By End-Use

• Oil & Gas
• Power generation
• Mining & metals
• Pulp & paper
• Marine
• Others

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico