North America Variable Frequency Drive Market Investment Share & Emerging Trend, Analysis Report to 2028 | Fuji Electric Co., Ltd, Schneider Electric

Market Overview:

Variable frequency drives are electronic devices used to control AC motors by varying the frequency and voltage supplied to the motor and thereby regulating the motor speed. They are commonly used in applications where variable speed control of an electric motor system is required.

North America variable frequency drive (VFD) market is estimated to be valued at US$ 5,636.1 million in 2021 and is expected to exhibit a CAGR of 5.6 % over the forecast period (2021-2028).

Market Dynamics:

The growth of the North America variable frequency drive market is driven by increasing industrial automation and stringent government regulations regarding energy consumption. Rapid industrialization has led to wide adoption of automated systems and machineries across various industries such as oil & gas, mining, manufacturing, and others. Variable frequency drives help optimize processes and reduce energy consumption by allowing devices to achieve precise speed control. In addition, stringent government regulations regarding energy efficiency are compelling industries to adopt energy-efficient alternatives such as variable frequency drives.

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Growing Adoption of Energy-Efficient Devices Is Driving Growth in the North America Variable Frequency Drive Market

As energy prices continue to rise across North America, industries and commercial buildings are looking for ways to save on energy costs. Variable frequency drives help control the speed of electric motors and significantly improve their energy efficiency compared to traditional on/off controls. By varying the frequency and voltage supplied to an AC motor, a VFD allows the motor to run at optimal speeds required for different applications and processes. This leads to substantial electricity savings. As environmental regulations become more stringent, the adoption of energy-efficient technologies like VFDs is growing across many industries such as HVAC, pumping systems, material handling equipment and others. The need to reduce operating costs and comply with sustainability standards are major factors propelling the increased use of VFDs in North America.

Rising Infrastructure Development Projects Are Fueling Demand for Variable Frequency Drives

Governments across the United States and Canada are undertaking massive infrastructure projects related to roads, bridges, airports, seaports and other public facilities. As the development of transportation and utility infrastructure accelerates, the construction industry is demanding an increasing number of material handling equipment powered by electric motors. Variable frequency drives play a vital role in controlling and adjusting the speed of motors used in machines such as cranes, excavators, conveyor belts and pumps. Their accurate control capabilities help improve productivity and safety on infrastructure job sites. The booming infrastructure sector in North America is expected to drive strong demand for VFDs over the coming years to efficiently operate equipment used in construction projects.

Top Key Players:

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.

Detailed Segmentation:

On the basis of Technology, the global wireless connected devices market is segmented into:

Bluetooth
Wi-Fi
Zigbee
RFID
Others

On the basis of Devices, the global wireless connected devices market is segmented into:

Computing/ Communication Devices
Entertainment Devices
Wearable Devices
Others

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High Initial Costs Can Limit Widespread Adoption of Variable Frequency Drives

While VFDs deliver significant energy savings over the long run through their operation cost benefits, their initial capital costs are considerably higher compared to standard motor controls. Small and medium-sized facilities may hesitate to invest in these advanced drivers due to budget constraints. Variable frequency drives suitable for large horsepower applications used in industries require even higher investments. The payback period for return on investment ranges from 1 to 3 years typically but could be longer for smaller operations. Additional costs are also involved in installation, programming and commissioning of VFD systems. High initial pricing remains a key market restrain in certain application segments and for cost-sensitive end users in North America.

Growing Focus on Energy Management Creates Opportunities for Variable Frequency Drives

Buildings and facilities now pay more attention to energy usage analytics and performance optimization in order to lower costs and emissions. This has boosted demand for energy management systems that integrate sensors, controls and software for real-time energy monitoring across infrastructure operations. Variable frequency drives with advanced monitoring and integrated communications capabilities allow remote control and data logging of motor parameters. This data can provide valuable insights into potential energy savings opportunities. VFD manufacturers are enhancing their product offerings with integrated connectivity and analytics features to capitalize on the increasing adoption of smart energy management solutions. The rising focus on energy performance management presents a major market opportunity for variable frequency drives in the coming years.

Market Trend Indicates Surge in Demand for Variable Speed AC Drives for HVAC Applications

Heating, ventilation and air conditioning (HVAC) systems consume a significant proportion of total electricity usage in buildings. There is a growing preference among building owners, developers and contracting firms to install energy-efficient variable speed HVAC equipment to reduce operational expenditures. Variable frequency drives are enabling performance improvements and cost savings when used for speed control of fans, pumps and compressors in commercial HVAC systems. With stricter building energy codes and green building incentives coming into effect, the demand for VFDs is set to rapidly grow from HVAC contractors and OEMs. Various technical advancements are allowing VFD manufacturers to further optimize HVAC equipment and make controls smarter. This prominent market trend underscores HVAC as a key application segment that will drive future expansion of the variable frequency drive industry.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the North America Variable Frequency Drive Market over the forecast period?
What are the key trends expected to influence the North America Variable Frequency Drive Market between 2023 and 2030?
What is the expected demand for various types of products/services in the North America Variable Frequency Drive Market?
What long-term impact will strategic advancements have on the North America Variable Frequency Drive Market?
Who are the key players and stakeholders in the North America Variable Frequency Drive Market?
What are the different segments and sub-segments considered in the North America Variable Frequency Drive Market research study?

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