U.S. Variable Frequency Drives Market Trends

U.S. Variable Frequency Drives Market Trends

U.S. variable frequency drives industry is anticipated to witness significant growth on account of growing focus on energy efficiency, increasing demand for efficient motor control solutions accelerating automation across various industries. Expanding clean energy generation, favorable governmental standards, increasing adoption of smart manufacturing, availability of economical products and availability of financial grants and schemes for domestic manufacturing will further augmenting the industry landscape. For instance, in March 2023, the U.S. government announced a funding of USD 50 million to ensure high performance computing and smart manufacturing will be accessible by domestic firms. Moreover, implementation of internet of things (IoT), adoption of artificial intelligence technologies, smart manufacturing practices and industry 4.0 have positively influenced the business dynamics.