North America Variable Frequency Drive Market, By Voltage, By Application, By End-use Industry

The North America variable frequency drive market is estimated to be valued at US$ 5,754.8 Mn in 2024 and is expected to reach US$ 7,804.6 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.

Figure. North America Variable Frequency Drive Market Share (%), By Voltage 2024

The variable frequency drive (VFD) market in North America has been witnessing significant growth over the past few years. A VFD is a type of motor controller that drives an electric motor by varying the frequency and voltage supplied to the electric motor. It is used in industrial applications where controlling the motor speed is important for process control, motor energy savings, and better motor control. VFD adoption in North America is driven by increased focus on reducing energy costs in industries such as oil & gas, mining, food & beverage, and pulp & paper. Stringent energy efficiency regulations and growing need for controlling motor speed according to system requirements are further propelling the North America variable frequency drive market.

Market Dynamics:

The North America variable frequency drive market is driven by growing demand from industries such as oil & gas, mining, food & beverage and pulp & paper. Increasing energy costs have compelled industrial facilities to focus on reducing energy consumption through efficient speed control of motors. VFDs provide significant energy savings compared to traditionally used torque controlling motors. Additionally, stringent energy efficiency regulations in the region, such as Energy Independence and Security Act, have accelerated the VFD adoption. However, high initial costs of VFD installation compared to standard motors may hinder the market growth. Ongoing technological advancements in VFD components and control capabilities offer lucrative opportunities. Integration of advanced communication protocols is enabling connectivity of VFDs with smart devices and industrial IoT frameworks.

Key Features of the Study:

This report provides in-depth analysis of the North America variable frequency drive market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031, considering 2023 as the base year

It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players

It profiles key players in the North America variable frequency drive market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies

Key companies covered as a part of this study include ABB Ltd., Delta Electronics, Inc., Eaton Corporation, Fuji Electric Co., Ltd., General Electric Company, Hitachi, Ltd., Honeywell International Inc., Inovance Technology, NIDEC Corporation, Parker Hannifin Corporation, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, TMEIC Corporation, and Yaskawa Electric Corporation

Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

The North America variable frequency drive market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the North America variable frequency drive market

Detailed Segmentation-

• By Voltage
  • Low Voltage (Less than 1 kV)
  • Medium Voltage (1 kV to 6.6 kV)
  • High Voltage (Above 6.6 kV)
• By Application
  • Pumps
  • Fans
  • Compressors
  • Conveyors
  • Elevators
  • HVAC
  • Others (Cranes, Extruders, etc.)
• By End-use Industry
  • Industrial
  • Commercial
  • Residential
  • Infrastructure
  • Oil & Gas
  • Others (Mining, Food & Beverage, etc.)
• Key Players Insights
  • ABB Ltd.
  • Delta Electronics, Inc.
  • Eaton Corporation
  • Fuji Electric Co., Ltd.
  • General Electric Company
  • Hitachi, Ltd.
  • Honeywell International Inc.
  • Inovance Technology
  • NIDEC Corporation
  • Parker Hannifin Corporation
  • Rockwell Automation, Inc.
  • Schneider Electric SE
  • Siemens AG
  • TMEIC Corporation
  • Yaskawa Electric Corporation