Variable frequency drives (VFDs) are used to control the speed of electric motors, translating input power to variable output power while maintaining motor speed and torque. VFDs help save energy by reducing the motor's speed during low demand periods. They are also used in various industrial sectors like oil & gas, power generation, mining, and others. Advantages include lower operating costs, better process control, lower noise levels, and smoother motor operation.
The Global North America Variable Frequency Drive Market is estimated to be valued at US$ 7240.35 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.
Key Takeaways
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. The industrial sector accounts for over 40% market share due to extensive VFD usage in oil & gas, mining, and other industries. Technological advancements are helping improve motor control efficiency and reduce energy usage.
Growing demand from renewable energy sector and increasing investments in wind and solar energy will boost North America Variable Frequency Drive Market Demand growth over the forecast period.
Technological innovations are leading to development of smarter and more efficient VFDs with enhanced features like integrated safety functions, networking capabilities, and automatic energy savings.
Market Trends
The oil & gas sector remains the major end user due to widespread VFD deployment in upstream and downstream activities. The rising adoption of electric vehicles is also driving demand as electric motors with VFDs provide efficient power transmission.
Increasing investments in renewable energy like solar and wind power generation across North America are boosting VFD market growth. VFDs help optimize motor performance according to fluctuating renewable energy outputs.
Market Opportunities
Growing emphasis on energy efficiency and conservation worldwide presents significant growth opportunities. Governments providing subsidies for use of VFDs in industrial plants and commercial buildings will further support market expansion.
Advancing digitization and automation trends offer an opportunity for development of next-gen smart VFD solutions with integrated sensors, diagnostic tools and connectivity features.
Impact of Covid-19 on North America Variable Frequency Drive Market
The outbreak of COVID-19 pandemic has significantly impacted the growth of North America variable frequency drive market. During the initial lockdown phases, the demand from end use industries like oil & gas, mining, power generation, etc declined sharply as their operations were halted. This led to reduced demand for variable frequency drives which are used in various process equipment and machinery across these industries. The supply chain disruptions caused by restrictions on transportation and travel bans also affected the procurement of raw materials for manufacturing VFDs.
However, as the lockdowns eased, the end use industries started resuming production with limited capacities and strengthened health & safety protocols. This led to a gradual increase in demand for variable frequency drives from second half of 2020. Also, the rising focus on automation and advanced control systems post COVID has boosted adoption of VFDs. The demand is further expected to rise steadily as production levels continue increasing across different verticals in North America region. Ongoing investments towards modernization and efficiency improvement of existing infrastructure is also supporting market growth.
Geographical Concentration of North America Variable Frequency Drive Market
In terms of value, United States accounts for the major share of over 60% in the North America variable frequency drive market. This is attributed to presence of large process manufacturing sector, robust infrastructure, and high emphasis on industrialization and automation. Canada holds second position with around 25% share and is witnessing fastest growth in the region primarily due to increasing oil & gas projects and rising investments in mining industry. Mexico is emerging as another lucrative market driven by development of automotive industry, power sector expansion, and government initiatives to strengthen manufacturing sector.
Fastest Growing Regional Market for North America Variable Frequency Drive
Canada is expected to be the fastest growing regional market for variable frequency drives in North America between 2024-2031. This growth can be attributed to factors like recovery of oil prices allowing resumption of stalled energy sector projects, increasing investments in renewable energy infrastructure, and expansion of mining activities. Furthermore, government schemes promoting adoption of energy efficient technologies across industries is creating conducive environment for VFD market growth in Canada. Ongoing modernization of existing plants and rising automation trends will continue driving demand from key end use industries over the forecast period.
Get more insights, On North America Variable Frequency Drive Market
Check more trending articles related to this topic: Hashgraph Market
