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North America Variable Frequency Drives Market Size

Report ID: GMI8802
Published Date: Apr 2024
Report Format: PDF

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North America Variable Frequency Drives Market Size

North America Variable Frequency Drives Market was valued at USD 4.4 billion in 2023 and is projected to grow at a CAGR of 4% between 2024 and 2032.

North America Variable Frequency Drives Market

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The increasing utilization of industrial automation, introduction of energy efficiency initiatives, and the growing need for precise motor control in various applications are among the key imperatives augmenting the business dynamics. Moreover, stringent government regulations aimed at reducing carbon emissions and promoting energy conservation have propelled the adoption of VFDs across the region. Various initiatives including the Energy Policy Act (EPAct) along with different state-level energy efficiency programs incentivize the deployment of energy-saving technologies, including VFDs, further driving market growth.

North America Variable Frequency Drives Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Variable Frequency Drives Market Size in 2023:	USD 4.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4%
2032 Value Projection:	USD 6.2 Billion
Historical Data for:	2019 - 2023
No. of Pages:	220
Tables, Charts & Figures:	285
Segments covered:	Drive, Application, Voltage, End-Use
Growth Drivers:	Increasing demand for energy efficient systems Rapidly increasing energy demand Ongoing investment and expenditure for development of advanced industrial infrastructure Favourable regulatory framework
Pitfalls & Challenges:	High initial deployment cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

Market size for North America variable frequency drives was valued at USD 4.4 billion in revenue in 2023 and is projected to grow at 4% CAGR from 2024 to 2032, driven by the increasing utilization of industrial automation and introduction of energy efficiency initiatives.

North America low voltage frequency drive market held over 88% revenue share in 2023, backed by the advancements in VFD technology leading to more efficient and cost-effective solutions.

U.S. variable frequency drive market is poised to surpass USD 4.3 billion by 2032 on account of the modernization of aging infrastructure coupled with the upgradation of existing equipment with low energy alternatives.

ABB, Anaheim Automation, Inc., Danfoss, Delta Electronics, Inc., Eaton, Emerson Electric Co., Fuji Electric Corp. of America, Hitachi Industrial Equipment & Solutions America, LLC, Johnson Controls, Mitsubishi Electric Corporation, Nidec Industrial Solutions., PARKER HANNIFIN CORP, Phase Technologies, LLC., Rockwell Automation and Schneider Electric and others.