In 2021, the medium voltage drives market was valued at more than USD 1.5 billion, and it is expected to grow at a CAGR of around 3.8% between 2022 and 2032.
Growing customer interest in incorporating renewables, combined with stringent standards and norms focusing on the deployment of energy-efficient systems, will drive medium voltage drives demand.
Furthermore, rapid urbanization and industrialization in emerging economies and increased investments in reliable and smart infrastructure will push medium voltage drives the market growth.
The 3 MW – 7 MW medium voltage drives market, is expected to gain significant traction as they are used to control the speed and torque of motors in a variety of applications. The use of medium voltage drives is rapidly increasing due to their low cost, small size, and ease of integration as standalone systems in various industries.
Key factors positively influencing medium voltage drives market growth include capital and operation cost savings, significant energy savings, control accuracy, and improved operational flexibility.
The medium voltage drives market is seeing an increased emphasis on lowering energy bills and energy-saving potential. Furthermore, installing these units allows pumps, fans, compressors, conveyors, and extruders to operate optimally and at a reduced capacity.
Growing demand for air compressors in the petrochemical industry for production processes is expected to fuel medium voltage drives market growth. As power consumption varies with load size, installing MV drives that produce significant energy-saving effects can save a significant amount of energy.
Due to their increasing installation across industrial verticals, medium voltage drives will see significant growth. In addition, these units are intended to provide improved control options and interfaces for various electronic motor drives.
Furthermore, these devices provide optimized machine throughput across a wide range of applications and motors, including dynamic linear motors, standard AC induction motors, energy-saving hybrid motors, and high-performance servo motors, which will accelerate medium voltage drives deployment.
Key Takeaways:
· The medium voltage drives market's DC variable frequency drive segment is expected to grow due to its widespread application in the chemical and cement industries.
· The power range segment in the medium voltage drives market is expected to grow steadily over the assessment period, owing to advancements in high-power motor designs that necessitate efficient drives to operate smoothly at higher outputs.
· The DC sub-segment in the medium voltage drives market had a revenue share of about 3% in 2021 and is expected to grow steadily throughout the analysis period.
· The oil and gas sub-segment in the medium voltage drives market is expected to reach a significant valuation by the end of 2032 due to increased investments to boost the development of upstream, midstream, and downstream hydrocarbon activities.
· The three major market territories, Asia Pacific, North America, and Europe, are expected to reach USD 1.5 billion by 2028. Growing investment in energy-efficient infrastructure fueled by rapid development in key regions will supplement the demand for MV drive units.
· The demand for high-tech MVDs in various industrial applications such as lifting, oil and gas exploration, mining, and construction will drive medium voltage drives market adoption.
· Germany's medium voltage drives market is expected to undergo a dramatic turnaround due to rising energy consumption, which is a major factor driving the medium voltage drives market landscape across the country.
Competitive Landscape
GE, Siemens, Danfoss, Nidec Corporation, ABB, Schneider Electric, Eaton, Yaskawa Electric Corporation, Fuji Electric Co., Ltd., Johnson Controls, Rockwell Automation, Inc., WEG, Hitachi Ltd., and CG Power and Industrial Solutions Limited are among the medium voltage drives market key players.
Major players in the medium voltage drives market around the world are focusing on M&As and strategic collaborations to gain a competitive advantage over their competitors. In addition, manufacturers are also focusing on lowering product costs and achieving forward, and backward integration across the industry ecosystem, helping to shape the medium voltage drives market landscape.
Recent Developments:
Rockwell Automation, Inc., a U.S.-based industrial automation company, will launch its novel servo drive, the Allen-Bradley Kinetix 5300 servo drive, in November 2020. The Allen-Bradley Kinetix 5300 servo drive is intended for small and medium-sized machines in industries such as packaging, electronics assembly, converting, printing, and web (CPW).
Danfoss introduced the new VACON 1000 medium-voltage drive on September 23, 2021, as a compact solution to its portfolio of modular, versatile medium voltage drives.
ABB expanded its all-compatible drive offerings on April 16, 2019, to include the ACS6080 medium voltage (MV) drive for critical applications. The new drive introduced a new control technology that enables high-performance motor control in demanding processes used in mining, metals, and marine industries.
These insights are based on a report on Medium Voltage Drives Market by Future Market Insights
