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U.S. Variable Frequency Drives Market Size

Report ID: GMI3104
Published Date: Jul 2024
Report Format: PDF

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U.S. Variable Frequency Drives Market Size

U.S. Variable Frequency Drives Market was estimated at USD 3.2 billion in 2023 and is projected to register over 3.4% CAGR between 2024 and 2032. Growing adoption of advanced technological units for precise speed, and process control, coupled with increasing automation across several industrial applications will complement the business landscape.

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Flourishing investments for industrial development, implementation of stringent regulations toward energy consumption and increasing demand for energy efficient systems further influencing the industry outlook. For instance, in July 2024, the U.S. Department of Commerce announced to open a competition for R&D activities of up to USD 1.6 billion to accelerate domestic semiconductor advanced packaging. The CHIPS for America program will award approximately USD 150 million, leveraging private sector investments.

U.S. Variable Frequency Drives Market Report Attributes
Report Attribute	Details
Base Year:	2023
U.S. Variable Frequency Drives Market Size in 2023:	USD 3.2 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	3.4%
2032 Value Projection:	USD 4.3 Billion
Historical Data for:	2021 - 2023
No. of Pages:	75
Tables, Charts & Figures:	10
Segments covered:	Voltage, Drive, Application and End-Use
Growth Drivers:	Ongoing investment for the development of advanced industrial infrastructure Favourable regulatory framework and increasing deployment of energy efficient systems
Pitfalls & Challenges:	High initial deployment cost

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Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

U.S. Variable Frequency Drives Market Size was evaluated at over USD 3.2 billion in 2023 and will record CAGR 3.4% through 2032, on account of growing adoption of advanced technological units for precise speed, and process control, coupled with increasing automation across several industrial applications.

Low voltage drives segment is set to surpass USD 3.7 billion by 2032, owing to rising automation across industrial operations, ongoing improvements in technology, and focus on safety and adhering to efficiency guidelines.

AC Drives segment is anticipated to observe over 3.5% CAGR through 2032, backed by the growing implementation of robotics across various industrial operations including manufacturing, HVAC and oil & gas.

General Electric, Siemens, Johnson Controls, Honeywell International, Inc., Emerson Electric Co., ABB, Mitsubishi Electric Corporation, Schneider Electric, Eaton, Fuji Electric Corp. of America, Rockwell Automation, WEG, Yaskawa America, Inc., Danfoss, Nidec Industrial Solutions, among others.