The global 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 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The North America Variable Frequency Drive market has a sizable market size and accounts for over 35% of the global market share. Many industrial applications use VFDs in cooling towers, pumps and fans which gives strength to market growth. Governments in US and Canada are encouraging adoption of energy efficient technologies through incentives and policies which is helping market expansion.
Weakness: High initial installation and component costs can deter small industries and plants from adopting VFDs. Lack of technical know-how and skilled workforce for installation and maintenance is another weakness especially in underdeveloped regions.
Opportunity: Stringent government regulations to reduce carbon footprint and improve energy efficiency will drive demand for VFDs. Expanding manufacturing sector for automotive, industrial machinery offers potential for increased usage. Growing construction activities and real estate projects present an opportunity.
Threats: Availability of cheap substitutes like fixed speed motors can pose threat. Economic slowdowns can negatively impact capital expenditure plans of end-use industries affecting market revenues. Trade wars and restrictions can disrupt supply chains.
Key Takeaways
The North America Variable Frequency Drive Market Size is expected to witness high growth over the forecast period owing to expansion of manufacturing and construction industries.
Regional analysis: The United States currently dominates the North America VFD market owing to wide base of manufacturing industries, expanding construction sector and supportive government policies. California and Texas are leading markets in the country due to concentration of automotive, semiconductor and oil & gas industries. Canada is expected to witness fastest growth during forecast period led by industrial activity in Ontario province around cities of Toronto and Hamilton. Manufacturing and infrastructure modernization initiatives by government will facilitate usage of VFDs.
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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