U.S. Variable Frequency Drives Market Size - By Voltage, By Drive, By Application, By End-Use & Forecasts, 2023

Description

List of Tables

The U.S. Variable Frequency Drives Market is anticipated to showcase a CAGR of 3.3% over 2023 to 2032. The industry growth is driven by the growing emphasis on energy efficiency in industries. Variable frequency drives or VFDs enable precise control of motor speed, thereby optimizing energy consumption and reducing operational costs.

Moreover, the burgeoning industrial automation trend is propelling the market forward. The reports cite that industrial automation industry was worth over USD 165 billion in 2019 and is slated to surpass USD 295 billion by 2026. VFDs are integral to automating processes, ensuring precision, and enhancing overall productivity. These factors, coupled with the inclination for sustainable solutions, are creating a conducive environment for market expansion.

The U.S. variable frequency drives industry is divided on the basis on voltage, drive, application, end-use, and region.

Based on voltage, the low voltage segment is slated to register over 3% CAGR through 2032, as these VFDs are versatile and find applications across a wide range of industries, including manufacturing, HVAC, and wastewater treatment. Their cost-effectiveness, ease of installation, and ability to deliver substantial energy savings make them a preferred choice for many businesses. As the emphasis on energy efficiency continues to grow, the low voltage VFDS are poised to gain traction.

As per drive, the servo drive segment will grow with a rate over 2% during 2023-2932. Servo drives offer unparalleled precision and accuracy in controlling motor speed and position. Their adoption has been particularly prominent in industries that demand precise motion control, such as robotics and CNC machining. The increasing prioritization of precision and efficiency in the operations will favor the incorporation of servo drives across industries.

Speaking of application scope, the U.S. variable frequency drives market share from compressors application is touted to grow at over 3% CAGR during the study period, owing to the significance of VFDs in optimizing compressor performance. By varying the motor speed according to demand, VFDs ensure that compressors operate at their peak efficiency, reducing energy consumption and extending the equipment's lifespan. The need for energy-efficient solutions across various sectors will augment the industry growth from compressor segment.

Moving on to end-use, the mining and metals segment of the U.S. variable frequency drives industry is poised to record more than 3% CAGR through 2032. These drives enable precise control of machinery, enhancing safety and productivity in challenging environments. As the industry rebounds from cyclical fluctuations and strives for sustainability, the adoption of VFDs is on the rise. This technology not only optimizes mineral processing but also contributes to reducing the carbon footprint of mining operations, aligning with global environmental goals. The increasing focus on making the metal & mineral processing sector energy-efficient as well as eco-friendly will boost the demand for VFDs in the U.S.

Product Code: 3104

Chapter 1 Methodology & Scope

1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid
  - 1.4.2.2 Public

Chapter 2 US Variable Frequency Drives Industry Insights

2.1 Industry ecosystem analysis
- 2.1.1 Vendor Matrix
2.2 Regulatory landscape
2.3 Industry impact forces
- 2.3.1 Growth drivers
- 2.3.2 Industry pitfalls & challenges
2.4 COVID- 19 impact on the industry outlook
2.5 Growth potential analysis
2.6 Porter's Analysis
- 2.6.1 Bargaining power of suppliers
- 2.6.2 Bargaining power of buyers
- 2.6.3 Threat of new entrants
- 2.6.4 Threat of substitutes
2.7 PESTEL Analysis

Chapter 3 Competitive Benchmarking

3.1 Innovation & sustainability landscape
3.2 Competitive landscape, 2023
- 3.2.1 Strategic dashboard

Chapter 4 US Variable Frequency Drives Market, By Voltage ('000 Units & USD Million)

4.1 Key voltage trends
4.2 Low
4.3 Medium

Chapter 5 US Variable Frequency Drives Market, By Drive ('000 Units & USD Million)

5.1 Key drive trends
5.2 AC
5.3 DC
5.4 Servo

Chapter 6 US Variable Frequency Drives Market, By Application ('000 Units & USD Million)

6.1 Key application trends
6.2 Pump
6.3 Fan
6.4 Conveyor
6.5 Compressor
6.6 Extruder
6.7 Others

Chapter 7 US Variable Frequency Drives Market, By End-Use ('000 Units & USD Million)

7.1 Key end-use trends
7.2 Oil & Gas
7.3 Power Generation
7.4 Mining & Metals
7.5 Pulp & Paper
7.6 Marine
7.7 Others

Chapter 8 Company Profiles

8.1 General Electric
8.2 Siemens
8.3 Johnson Controls
8.4 Honeywell International, Inc.
8.5 Emerson Electric Co.
8.6 ABB
8.7 Schneider Electric
8.8 Mitsubishi Electric Corporation
8.9 Eaton
8.10 Fuji Electric Corp. of America
8.11 Rockwell Automation
8.12 WEG
8.13 Yaskawa America, Inc.
8.14 Danfoss
8.15 Hitachi Industrial Equipment & Solutions America, LLC
8.16 Nidec Industrial Solutions
8.17 TRIOL CORPORATION