North America AC Drives Market Analysis

North America AC Drives Market Analysis

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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.