The global 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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
SWOT ANALYSIS
Strength: The North America variable frequency drive market benefits from the presence of advanced infrastructure and technological developments in the region. Supportive government policies promote the adoption of VFDs to conserve energy. VFDs enable precise control of speed and torque, resulting in enhanced process efficiency and reduced energy consumption.
Weakness: High initial installation and maintenance costs of variable frequency drives pose a challenge for small and medium enterprises. Technological complexities involved require skilled workforce for effective operations and maintenance.
Opportunity: Growing focus on upgrading aging infrastructure and the need for energy-efficient solutions present lucrative opportunities. Rapid industrialization and expansion of manufacturing industries will drive the demand. Increasing applications in public utility systems, wastewater treatment plants, and oil & gas industries will augment the market expansion.
Threats: Availability of low-cost alternatives such as fixed speed drives restricts the sales of VFDs. Trade restrictions and economic uncertainties associated with the ongoing pandemic may negatively impact the market growth. Stringent government regulations regarding energy consumption standards pose compliance challenges.
Key Takeaways
The Global North America Variable Frequency Drive Market Size 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 2024 to 2031.
The North America variable frequency drive market is expected to witness high growth. Regional analysis: The U.S. dominates the North America VFD market owing to strong industrial base, focus on energy efficiency, and presence of prominent players. Canada and Mexico are other major countries expected to witness steady growth.
Key players: 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.
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