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North America AC Drives Market Size

Report ID: GMI8652
Published Date: Mar 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
North America AC Drives Market Size in 2023:	USD 3.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.3%
2032 Value Projection:	USD 5.4 Billion
Historical Data for:	2019 to 2023
No. of Pages:	175
Tables, Charts & Figures:	216
Segments covered:	Voltage, Application, End-Use and Country
Growth Drivers:	Rising investment for development of industrial infrastructure Regulatory framework for limiting the energy consumption. Encouraging measures to reduce carbon footprint. Growing automation industry
Pitfalls & Challenges:	Significant deployment cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

Market Size for North America AC Drives was valued at USD 3.7 billion in 2023 and is set to record a CAGR of 4.3% through 2032, driven by rising demand for energy-efficient motor control solutions and technological advancements.

Power generation segment held a decent market share in 2023 and 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.

The U.S. AC Drives Industry held a decent revenue share in 2023 and 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.

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 are some of the major industry contenders.