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North America AC Drives Market Trends

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

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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.

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.