North America Variable Frequency Drive Market Is Estimated To Witness High Growth Owing To Growing Industrial Automation
The North America variable frequency drive market is estimated to be valued at US$ 6285.02 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A variable frequency drive is an industrial electrical device that adjusts the speed of electric motors by varying the frequency and voltage supplied to them. It is widely used in applications such as pumps, fans, blowers, industrial machinery and conveyor systems to control motor speed for efficient operation and energy saving. Variable frequency drives are used to obtain optimal speed control and reduce energy consumption as compared to constant speed drives.
Market Dynamics:
Growing industrial automation and rising demand for energy efficient solutions are expected to drive the North America variable frequency drive market over the forecast period. Rising labor costs and need for enhancing productivity has increased adoption of automation across industries such as food & beverage, metal & mining, oil & gas, etc. This has propelled the demand for variable frequency drives which can precisely control motor speed for various industrial processes. Moreover, variable frequency drives provide better process control, energy savings up to 50% as compared to traditional drives, and reduced operating cost which is further fueling their adoption in North America.
Read More - https://www.feedsfloor.com/other/hydroponics-market-estimated-witness-high-growth-owing-automation
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian