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U.S. Variable Frequency Drives Market size worth over $2.5bn by 2028
- Published Date: February 14, 2022
U.S. Variable Frequency Drives Market size is set to surpass USD 2.5 billion by 2028, as reported in the latest study by Global Market Insights Inc.
The market growth is attributed to the rising electricity demand along with the flourishing oil & gas sector. Stringent directives and standards for energy efficiency together with shifting customer inclination toward renewable energy integration will further escalate product demand. In addition, surging investments across smart and sustainable infrastructures coupled with rapid industrialization will positively complement the industry landscape.
Low maintenance costs, high performance, reliability, and extended product life cycle are some of the key factors accelerating the deployment of variable drives. The replacement of traditional AC drives in line with the introduction of the (IIoT) technology will positively influence the industry growth.
The abrupt spread of COVID-19 pandemic across nations has adversely impacted their economy severely impeding the overall market demand. However, the ongoing rules implemented by respective governments together with the introduction of several vaccination drives on a large scale have provided stability to the industry by bringing operations back to normalcy. In addition, the upliftment of respective government authorities’ sanctions toward the global movement will positively propel various project pipelines, in turn, influencing the industry progression. Manufacturers across the industry aim to strengthen their market presence through strategic collaborations & partnerships and M&A.
Escalating investments across industrial facilities will complement the market expansion
Rising incomes to support advanced equipment deployment together with a better standard of living across developing and developed nations will positively stimulate the demand for energy-efficient systems that cater to the industry dynamics. The application of variable frequency drives in pumps holds a major share across the industry owing to their adoption in power generation and oil & gas applications for continuous operations. The increasing acceptance of flow control drives across green energy infrastructures to increase performance will boost product penetration. The market is anticipated to observe an upsurge due to the expansion and refurbishment of existing T&D infrastructures.
Browse key industry insights spread across 105 pages with 35 market data tables & 28 figures & charts from the report, “U.S. Variable Frequency Drives Market Size, By Voltage (Low, Medium), By Drive (AC, DC, Servo), By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-use (Oil & Gas, Power Generation, Mining & Metals, Pulp & Paper, Marine), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Encouraging government incentive schemes and norms for the adoption of different power generation technologies to foster the market progression
Favorable government schemes for the acceptance of renewables, such as tax rebates, financial assistance/incentives, and resiliency incentives, are some of the prominent factors augmenting product usage. Rising demand in the oil & gas generation industry in line with escalating investments & expenditure for the development of manufacturing and power generation establishments will further fuel product demand. The paradigm shift toward energy efficiency along with increasing productivity, lowering energy consumption, and reducing operational costs has inclined manufacturers’ focus to deploy centrifuges, evaporators & conveyor technologies that are compliant with traditional codes & standards.
Growing power demand along with ongoing exploration of unexploited energy potential to impel the market value
U.S. variable frequency drives market will witness significant momentum owing to the increasing population. Respective governments have introduced directives on the implementation of green energy infrastructure to gain sustainability in the energy sector and meet the escalating energy demand in a balanced manner. Favorable policies, resiliency initiatives, state incentives, and environmental regulations are some of the prominent government measures, encouraging product acceptance across North America.
Eminent players operating in the market are Schneider Electric, Johnson Controls, Siemens, GE, Fuji Electric Co., Honeywell International, Emerson Electric, Rockwell Automation, ABB, Mitsubishi Electric, Eaton, WEG, Danfoss, Yaskawa America, Inc., Hitachi Ltd, Triol Corporation, and Nidec Industrial Solutions. Manufacturers across the industry aim to strengthen their market presence through strategic collaborations & partnerships and M&A.