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Variable frequency drive has been classified into two types, namely electronic drive (DC) and electronic drive (AC). Electronic drive AC is a simple power converter that uses a silicon control rectifier (SCR) to convert AC power to DC power. AC drives function on AC power input and transforms it into DC. A servo drive is a special electronic amplifier used to power electric servomechanisms. It monitors feedback signals from the servomechanism and continually adjusts for deviation from expected performance.

Market Statistics:

North America variable frequency drive (VFD) market is expected to surpass US$ 8,248.7 Mn in terms of value by the end of 2028.

North America Variable Frequency Drive (VFD) Market: Drivers

Advantages such as compatibility with existing motors are expected to drive growth of the North America variable frequency drive (VFD) market during the forecast period

Motors when they are connected to VFDs they receive power comprised of fundamental frequency, carrier frequency, and rapid voltage buildup.  Currently, key manufacturers in the market are focused on launching VFDs for general purposes retrofitted with advanced capabilities. Hence, these factors are expected to drive growth of the North America variable frequency drive (VFD) market in the near future. For instance, Toshiba Corporation’s medium voltage adjustable speed drive T300MVi is compatible with all power systems and can be installed on existing motors to replace single- and two-speed starters.

North America Variable Frequency Drive (VFD) Market: Opportunities

A variety of application areas of VFD can provide lucrative growth opportunities

Applications of VFDs are increasing gradually, owing to decreasing price of variable frequency drives. End users in North America are familiar with benefits offered by VFDs and hence, are preferring deployment for indoor applications. For instance, adoption of variable frequency reduces energy consumption of swimming pools as well as pumping systems. VFDs, when installed along with a flow-meter, ensure appropriate water volume and eliminate energy wastage due to worst-case design philosophy.

North America Variable Frequency Drive (VFD) Market: Recent Developments

In May 2021, Emerson Electric, a U.S. based manufacturing company launched Copeland Commercial HVACR Variable Frequency Drives for Refrigeration. They are specifically engineered to save energy in a variety of demanding commercial and industrial refrigeration applications.

In December 2020, Rockwell Automation, a U.S. based industrial automation company launched Kinetix 5100 servo drive for many application such as  packaging, converting, print & web, and machine and assembly with the voltage availability of 480V.

North America Variable Frequency Drive (VFD) Market: Restraints

Stagnant growth of the oil & gas industry is expected to restrict growth of the North America variable frequency drive (VFD) market during the forecast period

Oil and gas industry has witnessed stagnant growth in the recent past. This is owing to rising preference of consumers for electric and hybrid cars. As a result of this, the demand for gasoline and diesel is decreasing rapidly. Thus, these factors are expected to hinder the North America variable frequency drive (VFD) market growth during the forecast period

North America Variable Frequency Drive (VFD) Market - Impact of Coronavirus (Covid-19) Pandemic

The industrial sector has been hit in many ways due to the Covid-19 pandemic. In United States of America, from 3 January 2020 to 6:35pm CEST, 24 September 2021, there have been 42,300,954 confirmed cases of COVID-19 with 677,323 deaths, reported to WHO. As of 16 September 2021, a total of 388,936,652 vaccine doses have been administered. The pandemic has led to lack of demand leading to lower production. Shortage of labor has also reduced the scale of operations, thereby impacting quality, cost and production volumes. Such scenario in the industrial sector is expected to impact demand for variable frequency drives in North America.

Key Takeaways:

  • North America variable frequency drive (VFD) market was valued at US$ 5,321.6 Mn in 2020 and is forecast to reach a value of US$ 8,248.7 Mn by 2028 at a CAGR of 5.6% between 2021 and 2028.
  • The pump segment was valued US$ 1,801.80 Mn in 2020 and is expected to witness a CAGR of 5.0% over the forecast period.

Market Trends:                                                                                                         

Increasing product launches by market players

Prominent players operating in the VFD market are focused on adding advanced industrial VFDs to their existing portfolios in order to expand application scope for VFDs. For instance, in January 2015, Hitachi America Ltd. (Industrial Components and Equipment Division) added new series of industrial AC variable frequency drives (VFD) to its portfolio through the launch of SJ700 D Series of AC VFD. Moreover, key players in the market are focused on developing and launching medium voltage VFDs for deployment in applications such as centrifugal compressors and fans. In October 2015, Siemens introduced servo drive systems, which combined Sinamics S120 converter, suitable for motion control applications, with Sinamics S-1FG1 servo-geared motor.

To know the latest trends and insights related to North America Variable Frequency Drive (VFD) Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/north-america-variable-frequency-drive-market-4713

Strategic agreements among market players

Major companies in the market are focused on partnership, collaboration, and agreements, in order to gain a competitive edge in the market. For instance, in January 2017, Mitsubishi Electric Sales Canada Inc., a subsidiary of Mitsubishi Electric Corporation of Japan, signed an agreement for corporate marketing with the National Hockey League (NHL) to promote its Electric brand of commercial and residential products among NHL fans.

North America Variable Frequency Drive (VFD) Market: Competitive Landscape   

Key companies involved in the North America variable frequency drive (VFD) market are Fuji Electric Co., Ltd, Schneider Electric, Mitsubishi Electric Corporation, Toshiba International Corporation, Siemens AG, Emerson Industrial Automation, ABB Ltd., Johnson Controls Inc., American Electric Technologies Inc. (AETI), Rockwell Automation Inc., General Electric Company, Honeywell International Inc., and Hitachi Limited.

Key Developments

Key players in the market are focused on product launches, in order to expand product portfolio. For instance, in May 2019, Toshiba Mitsubishi-Electric Industrial System Corporation (TMEIC) introduced TMdrive-Guardian, an outdoor closure for its TMdrive-MVe2 medium voltage VFD.

Major companies in the market are involved in product development, in order to enhance the market presence. For instance, in January 2019, ABB Ltd. introduced ACH580, a series of variable frequency drives.

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