Yes. You can use a VFD- Variable frequency device. I remember Chris Kovacs mentioning he did that with some of his equipment. VFDs range in price from $100-500 and I don't know a ton more than that, but the internet yields lots of answers. 

The other option, depending on the machine could be a motor change. It might be cheaper than the VFD option.

What kind of machine are you pondering? You have a link to share?