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North America Variable Frequency Drives Market was valued at USD 4.4 billion in 2023 and is projected to grow at a CAGR of 4% between 2024 and 2032.
The increasing utilization of industrial automation, introduction of energy efficiency initiatives, and the growing need for precise motor control in various applications are among the key imperatives augmenting the business dynamics. Moreover, stringent government regulations aimed at reducing carbon emissions and promoting energy conservation have propelled the adoption of VFDs across the region. Various initiatives including the Energy Policy Act (EPAct) along with different state-level energy efficiency programs incentivize the deployment of energy-saving technologies, including VFDs, further driving market growth.
Report Attribute | Details |
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Base Year: | 2023 |
North America Variable Frequency Drives Market Size in 2023: | USD 4.4 Billion |
Forecast Period: | 2024 - 2032 |
Forecast Period 2024 - 2032 CAGR: | 4% |
2032 Value Projection: | USD 6.2 Billion |
Historical Data for: | 2019 - 2023 |
No. of Pages: | 220 |
Tables, Charts & Figures: | 285 |
Segments covered: | Drive, Application, Voltage, End-Use |
Growth Drivers: |
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Pitfalls & Challenges: |
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