Variable Frequency Drive Market to Record an Exponential CAGR by 2027

The North America variable frequency drive market is projected to reach US$ 7.79 Bn in revenues by 2027, according to a new research by Future Market Insights. In terms of volume, 6.25 million units of variable frequency drivers are expected to be sold in North America in 2017. The U.S. will continue to dominate sales, accounting for nearly 78% revenue share of the market.

According to Future Market Insights, the key factors fuelling the growth of the market include,
Increasing emphasis on energy efficiency: Process engineers are adopting energy-saving devices to reduce operational expenses. For example, in 2015, Len Busch Roses, one of the largest nurseries for cut-stem flowers, deployed variable frequency drive to regulate airflow in snapdragon greenhouse with better precision.Introduction of general purpose variable frequency drives that are compatible with existing motors is reducing impediments to widespread adoption.Variable frequency drives are being employed in a wide range of end-use applications. Installation of variable frequency drives, along with a flow metre, results in energy savings.

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Although Future Market Insights maintains a positive outlook on the North America variable frequency drives market, few challenges can restrain growth. These include technical anomalies associated with variable frequency drives and high initial costs of medium voltage variable frequency drives.

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Key companies profiled by Future Market Insights in its report include Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Siemens AG, ABB Ltd., American Electric Technologies Inc., General Electric Company, Hitachi Limited, Honeywell International Inc., Rockwell Automation Inc., Johnson Controls, Inc., Emerson Industrial Automation, Toshiba International Corporation, and Schneider Electric SE.

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This release was published on openPR.