April 22, 2024
North America Variable Frequency Drive Market

North America Variable Frequency Drive Market Set For Considerable Expansion Driven By Rising Adoption In HVAC Applications

The 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 from 2024 to 2031. Variable frequency drives (VFDs) are devices used to control the speed of AC motors by varying the frequency and voltage supplied to the motor. They offer advantages such as energy savings and prevent equipment damage due to variable torque characteristics. VFDs find widespread application in HVAC, pumps, fans, conveyors and other industrial processes where control of motor speed is important.

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. Growing adoption of energy efficient technologies and government initiatives to promote green buildings and smart infrastructure are creating significant opportunities for VFD manufacturers. The market is also witnessing expansion into different end-use verticals and geographies driven by technological advances and rising investments.

Market Drivers

The high growth of the North America Variable Frequency Drive Market Demand is primarily attributed to the rapidly growing HVAC industry. VFDs allow HVAC units to modulate motor speeds as needed, saving energy and reducing equipment wear and tear. Strict energy efficiency norms in the US and Canada are accelerating installations of VFDs in HVAC systems. Additionally, growing industrial automation, focus on process control and the need for flexible speed control of industrial fans, pumps and conveyors are fueling VFD demand. Wide product portfolio with updated features and competitive pricing by key players is strengthening market position.

PEST Analysis:

Political: The changing regulations around energy efficiency and reduced carbon emissions are driving the adoption of VFDs in North America. Governments are providing subsidies and tax breaks to promote use of efficient equipment.

Economic: A strong economy and growth in industries like oil & gas, mining, construction is fueling investments in industrial infrastructure and machinery. This is increasing demand for VFDs to optimize operations and reduce energy costs.

Social: Rising awareness about conservation of resources and sustainability is influencing purchasing decisions. Companies focus on investing in technologies that enhance efficiency and minimize environmental impact.

Technological: Advancements in power electronics and digital control systems enable improved functionality of North America Variable Frequency Drive Market Features like connectivity and remote monitoring are being integrated to unlock additional benefits like predictive maintenance.

The United States accounts for the major share of the North American VFD market in terms of value. This is owing to the huge scale of operations in industries like manufacturing, food processing, oil & gas where VFDs find widespread usage. Countries like Canada and Mexico are also growing markets driven by rising industrialization.

The oil & gas industry in the region is witnessing significant expansion activities and investments in infrastructure and production capacities. This makes Canada an emerging hotspot for VFD deployment and the fastest growing regional market in the coming years. Favorable regulations, abundant natural resources and a stable political environment are factors supporting growth of the oil & gas sector in Canada.

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