July 21, 2024
North America Variable Frequency Drive Market
Ict

North America Variable Frequency Drive Market is Driven by Increasing Demand for Energy-Efficient Systems

Variable frequency drives (VFDs) are used to control the speed of electric motors and in turn, the processes they power. VFDs can precisely control the rotational speed, reducing energy consumption and lowering process control costs. They are increasingly being used across various industrial sectors for motor and equipment control applications such as HVAC, pumps, fans and compressors. VFDs reduce energy usage by allowing equipment speeds to be varied to match load demand rather than operating at a constant high speed. They also enable soft starting and help prevent equipment damage due to high inrush currents during motor starts. VFDs function by varying the frequency and voltage supplied to an AC electric motor, regulating the motor’s rotational speed. This makes them an attractive option for applications requiring variable-speed control capabilities.

The global North America Variable Frequency Drive Market is estimated to be valued at US$ 6285.02 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends in the North America variable frequency drive market is the growing preference for sensorless technology. Sensorless VFDs eliminate the need for shaft position sensors as they can detect the rotor position without any physical feedback. This makes them more cost-effective compared to sensored drives. Their lack of mechanical components also improves reliability. Sensorless technology is gaining prominence due to advantages such as reduced maintenance costs and easier commissioning. Leading VFD manufacturers are focusing on developing advanced sensorless solutions to capitalize on the increasing demand. Another trend is the emergence of regenerative drives which utilize regenerated power from braking motors to power other motors or electrical systems. They help recover energy that would otherwise be wasted, improving energy efficiency. Regenerative VFDs are seeing higher uptake in applications with frequent starts/stops such as material handling equipment.

Porter’s Analysis

Threat of new entrants: The North America market is moderately concentrated with presence of large players making it difficult for new players to enter the market. However, low initial investment and rising demand create opportunities.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of several vendors. However, customized products increase switching costs.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and less differentiation.

Threat of new substitutes: Threat of substitution is moderate as energy efficient solutions emerge but users stick to established brands due to reliability.

Competitive rivalry: Competition is high due to presence of global and regional players catering to diversified customer segments with new product launches and expansion.

Key Takeaways

The North America Variable Frequency Drive Market Size is expected to witness strong growth over the forecast period due to growing industrial automation and infrastructure development.

Regional analysis: The US holds the major share due to rapid industrialization and presence of key players. Canada is expected to grow at a high rate led by growth in mining, oil & gas and transportation industries. Rising investments in renewable energy will further drive the market.

Key players operating in the North America Variable Frequency Drive market are Randmark Dental Products, LLC., S4S (UK) Limited, DentCare Dental Lab Pvt.Ltd., Glidewell, Burbank Dental Lab, Brux Night Guard, CUSTMBITE, DDS Lab, Watersedge Dental Laboratory Inc., Orofacial Therapeutics, LP., PFL Healthcare Limited, Keystone Industries, Artistic Dental Laboratories, Inc., Iverson Dental Laboratories, National Dentex Labs (NDX), BonaDent Dental Laboratories, Procter & Gamble. These players are focused on new product launches and partnerships to strengthen their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it