The main factor driving the growth of the variable frequency drives market is the introduction of general purpose variable frequency drives that are compatible with the current motors deployed in the market.
Albany, NY -- (SBWIRE) -- 09/21/2017 -- Owing to the ever increasing prices of energy there is a need for motor control systems that are efficient in conserving energy. Hence, in order to reduce the consumption of energy, process engineers in the specific industries prefer using variable frequency drives. Such type of devices act as an auxiliary to devices like dampers and valves. This is the main reason of the variable frequency drive market getting a boost in the United States and Canada. Variable frequency drives are finding new types of applications and they also have a low cost of operation and this is also expected to boost their market in the region of North America. In order to study this regional market in greater detail, Market Research Reports Search Engine (MRRSE) has included a new report in its repository titled "Variable Frequency Drive Market: North America Industry Analysis and Opportunity Assessment, 2017–2027".
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Factors Responsible for the Growth of Variable Frequency Drives
The main factor driving the growth of the variable frequency drives market is the introduction of general purpose variable frequency drives that are compatible with the current motors deployed in the market. Such general purpose variable frequency drives don't compromise the performance parameters of the motors. This factor is boosting the sales of variable frequency drives in the market of North America. The other reason for the ever increasing popularity of variable frequency drives is their reduced price, due to which the areas where these drives are used are expanding. For example, variable frequency drives are being used in the filtration and pumping systems of swimming pools. When the variable frequency drives are being installed in conjunction with a flow meter, it ensures appropriate volume of water and eliminates the wastage of energy due to design flaws. These factors are boosting the market of variable frequency drives in North America.
United States is anticipated to be the most lucrative market for variable frequency drives and is anticipated to register the highest CAGR during the assessment period. In the year 2016, the market of variable frequency drives in the United States was valued at approximately US$ 3,300 Mn and is estimated to reach a figure of about US$ 3,500 Mn by the end of the year 2017, exhibiting a year-on-year growth rate of 5.9%. The United States market is predicted to produce an incremental dollar opportunity of about US$ 3,000 Mn during the assessment period. In the case of Canada, the market of variable frequency drives was valued at US$ 911.8 Mn in 2016, estimated to reach a figure of about US$ 950 Mn by the end of the year 2017, and exhibiting a year-on-year growth rate of 5.2%. The Canada variable frequency drive market is projected to exhibit a CAGR of 4.8% during the forecast period in terms of value. The Canada market is anticipated to produce an incremental dollar opportunity of about US$ 600 Mn during the assessment period.
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Restraints in the North America Variable Frequency Drive Market
Even though the prices of variable frequency drives have reduced in the last 10 years, medium voltage variable frequency drives still remain costly. These medium voltage variable frequency drives are typically used in the industrial sector and their use is predicted to increase in this sector. However, a high cost of deployment is the main restraint affecting revenue growth of this market.
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