Variable Frequency Drive Market to Witness an Outstanding Growth by 2027
Variable frequency drive sales value and volume consumption in the U.S. is projected to expand at the highest CAGR over the forecast period. In 2016, the U.S. variable frequency drive market was valued at more than US$ 3,300 Mn and has been estimated to increase to a little more than US$ 3,500 Mn by 2017 end, reflecting a Y-o-Y growth rate of 5.9%.
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The U.S. country market is anticipated to create incremental dollar opportunity of close to US$ 3,000 Mn between 2016 and 2027 in the North America variable frequency drive market. In terms of market value, the Canada variable frequency drive market was valued at US$ 911.8 Mn in 2016 and has been estimated to increase to more than US$ 950 Mn by 2017 end, reflecting a Y-o-Y growth rate of 5.2%.
Revenue contribution from the variable frequency drive market in Canada is expected to increase at a CAGR of 4.8% over the forecast period. The Canada market is anticipated to create incremental dollar opportunity of more than US$ 600 Mn between 2016 and 2027 in the North America variable frequency drive market.
Upsurge in energy prices and technological advancements in variable frequency drives are anticipated to fuel revenue growth of the variable frequency drive market in U.S. and Canada
Escalating energy prices has created the need for energy-efficient motor control systems. With the aim of reducing energy consumption, process engineers and other executives managing the operation department are increasingly inclined towards deployment of variable frequency drives. It acts as a substitute to throttling devices such as valves and dampers and fixed speed controllers.
This factor is expected to boost the growth of the variable frequency drive market in the U.S and Canada. The emergence of new application areas coupled with advantages such as the low operational cost of systems with a deployment of variable frequency drives are factors expected to create favourable opportunities for variable frequency drives vendors in Canada and the U.S.
Motors, when connected to variable frequency drives, receive power that comprises changeable carrier frequency, fundamental frequency, and very rapid voltage buildup. These factors can result in a negative impact, especially when existing motors are retrofitted with such drives.
Currently, leading variable frequency drive manufacturers are introducing general purpose variable frequency drives with the added advantage of deployment compatibility with existing motors. This, in turn, is fuelling the growth of the variable frequency drive market in North America.
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With a decreasing price of variable frequency drives, the relevant application areas are broadening. End users in North America are aware of the numerous advantages offered by variable frequency drives and are inclined towards deployment of such drives for indoor applications as well.
For instance, adoption of variable frequency drives to reduce the energy consumption of swimming pool filtration and pumping systems is gaining traction in matured markets.
Variable frequency drives, when installed along with a flow-meter, ensure appropriate water volume and eliminate energy wastage due to worst-case design philosophy. All these positive aspects are driving the U.S and Canada variable frequency drive market.
High deployment costs associated with medium voltage variable frequency drives is predicted to hamper the growth of the North America variable frequency drive market
Although prices of variable frequency drives have declined over the last decade, medium voltage variable frequency drives come with a high price tag. For typical applications in the industrial sector, the deployment of medium voltage variable frequency drives is expected to increase during the forecast period. However, high initial costs associated with medium voltage variable frequency drives is hampering the growth of the market.
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