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The North American AC drive market will be worth US$3.7 billion in 2023, with the industry expected to grow at a compound annual growth rate of 4.3% from 2024 to 2032. Increasing demand for energy-efficient motor control solutions and technological advancements will shape the dynamics of the industry. The growth of the automation industry and accelerated investment in industrialization are driving demand for products.
For example, in May 2023, the US International Trade Administration highlighted that the United States is an important innovation hub as the country will export more than $13 billion worth of automation equipment by 2022, not counting the various services and services competitively produced by US companies. . In addition, ongoing initiatives to modernize existing systems and growing demand for electricity will have a positive impact on the industry’s prospects.
The North American AC drive industry will grow as continued technological advancements and strict regulatory frameworks drive demand for energy-efficient systems across a variety of applications. The growing focus on reducing energy costs and power consumption is further driving the demand for AC drives. For example, according to the US Energy Information Administration, national primary energy consumption in 2022 will be 100.41 trillion British thermal units (BTU). Accelerating developments in industrial automation, fast-growing industries such as healthcare, information technology and artificial intelligence, and continued technological advancement will further expand the industry landscape.
The low-voltage AC inverter market in North America is expected to exceed $4.8 billion by 2032 as stringent government regulations to promote environmental sustainability drive increased demand for energy-efficient equipment in the industrial automation sector. Increasing demand for uninterrupted and reliable power supply to offset rising electricity consumption, coupled with the introduction of strict regulations to promote energy efficiency, will increase product adoption. In addition, various manufacturers are constantly developing advanced variable speed drives with built-in sensors and connectivity features to improve operational efficiency, thereby setting trends in the low-voltage drive industry.
By 2032, the power generation sector will grow at a CAGR of over 4.5%, driven by the efficiency and environmental benefits offered by AC drives. Their operational and economic advantages stem from expanding research and development programs, as well as ongoing technological advances that further expand product adoption. These drives require minimal maintenance and cost, increase power generation and productivity and can meet a variety of requirements, providing excellent machine performance, energy efficiency and durability, further fueling industry growth.
With the ongoing transformation of industrial infrastructure and growing demand for advanced mechanical components, the US AC drive market will exceed US$3.5 billion by 2032. Accelerating investment in infrastructure construction and introducing preferential policies by relevant departments will complement the industry model. For example, in November 2021, the US government passed the Bipartisan Infrastructure Act, committing $1.2 trillion in federal funds to various transportation, energy and climate infrastructure initiatives. In addition, a paradigm shift in the implementation of energy efficient systems and increased consumer spending will have a positive impact on the industry’s prospects.
Key industry players are strengthening their market positions through strategic collaborations, partnerships, and mergers and acquisitions, while actively seeking to improve their competitive position. ABB, Siemens, General Electric, Fuji Electric America, Yaskawa America and Eaton are the major players in the AC drive industry in North America, accounting for the majority of the market share.
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Post time: Jul-23-2024