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Asia Pacific Medium Voltage Drives Market Size By Power Range, By Drive (AC, DC, Servo), By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-Use (Oil & Gas, Power Generation, Mining & Metals, Pulp & Paper, Marine) & Forecast, 2022 - 2030

  • Report ID: GMI5395
  • Published Date: Nov 2022
  • Report Format: PDF

Asia Pacific Medium Voltage Drives Market Size

Asia Pacific Medium Voltage Drives Market size valued at USD 800 million in 2021 and is projected to expand at CAGR of over 4% from 2022 to 2030. The growing interest in renewable technologies has increased the demand for environmental-friendly products. Consistent refurbishment and replacement of conventional technologies across large and medium-scale enterprises is also fueling the development of sustainable energy products. The rising integration of novel operating systems across heavy-duty applications for energy conservation will thus fuel the usage of medium voltage drives across the region.
 

Asia Pacific Medium Voltage Drives Market

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Moreover, high initial costs related to the deployment of medium voltage drives in industrial applications may impede market growth to a certain extent. Fluctuations in the prices of components used for manufacturing products along with the reduced availability of raw materials may decrease the product demand. However, substantial investments from governmental organizations will drive the installation of medium voltage drives in the APAC region.
 

Asia Pacific Medium Voltage Drives Market Analysis

APAC Medium Voltage Drives Market, By Drive

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APAC medium voltage drives market value from the ≤ 1 MW power range segment is expected to surpass USD 300 million by 2030. Growing demand for sustainable equipment with reduced operational and mechanical costs will increase the adoption of medium voltage drives. Furthermore, current technological advancements enhancing motor systems have augmented product adoption. In addition, supportive regulatory norms emphasizing the development of sustainable infrastructure will contribute to industry development in the region.
 

The AC drive segment is anticipated to register more than 4% growth rate between 2022 and 2030. This growth is attributed to the broad feature range of AC medium voltage drives. These units offer high reliability, direct torque control, remote access, design flexibility, and in-built drive monitoring, among other benefits. Additionally, the rising preference for effective systems in industrial applications such as conveyors, compressors, extruders, mixers, fans, and grinding mills to optimize energy usage will further proliferate product consumption.
 

Asia Pacific medium voltage drives market from compressor applications is poised to reach nearly USD 90 million by 2030. Medium voltage drives are used extensively in process compressors, especially in the petrochemical and chemical industries. The use of these drives in compressor units can offer effective process operations and improved energy savings. The deployment of advanced compressors in industrial sectors such as chemical to enhance production efficiency will foster the development of critical components.
 

Asia Pacific Medium Voltage Drives Market, By End-Use

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In terms of end-use, the mining & metals segment accounted for around USD 230 million in 2021. Rapid advancements in production technologies are enabling the introduction of efficient and reliable systems designed for harsher industrial environments such as mines. Moreover, the rising demand for high-cost metals across different verticals will increase the usage of systems with minimal downtime and, in turn, augment industry dynamics in the region.
 

Medium voltage drives market value in China recorded USD 390 million in 2021. The introduction of expansive R&D projects focusing on the operational attributes of medium voltage drives and motors, alongside consistent grid infrastructure developments has increased the demand for advanced energy systems. The extended capacity of motors & drives provides maximized energy output and energy savings, which will foster the deployment of sustainable MV drives in the country and contribute to regional industry growth.
 

Asia Pacific Medium Voltage Drives Market Share

Some of the top companies operating in the industry are

  • Siemens
  • ABB
  • Danfoss
  • Fuji Electric Co., Ltd.
  • Schneider Electric
  • GE
  • Rockwell Automation Inc.
  • Eaton
  • Honeywell International, Inc.
  • Hitachi Hi-Rel Power Electronics Private Limited
  • Toshiba-Mitsubishi Electric Industrial Systems Corporation (TMEIC)
  • Delta Electronics, Inc.
  • Teco Electric & Machinery Pte Ltd
  • VEM Group
  • Hiconics Eco-energy Technology Co., Ltd.
  • Triol Corporation

These leaders are focusing on strategic product launches to increase their portfolio and strengthen their market position.
 

Citing an instance, in March 2021, Fuji Electric unveiled the FRENIC-MEGA drive which regulates the torque or rotational speed of an AC motor. This unit provides optimal equipment operations and helps VT applications save energy. These MV drives were designed to address the increasing demand for stable and precise speed control of equipment to improve productivity. This product launch was aimed at expanding the product portfolio of the company in the MV inverter drives sectors.
 

Impact of COVID-19 Pandemic

The COVID-19 pandemic had a severe impact on the energy sector, especially in the South Asian region. Although strict lockdowns and social distancing norms increased domestic power consumption, there was a significant decline in power consumption across commercial and industrial units. China, the epicenter of the viral outbreak, was among the most affected countries in the region. Owing to its zero-COVID policy, many factories and power facilities were shut down to curb rising case numbers.
 

Such policies reduced the demand for novel electrical components such as medium voltage drives in the region, impeding industry progress to a certain extent. However, consistent efforts to mitigate energy consumption, reduce energy losses, as well as consistent advancements in drive technologies may help the APAC MV drives industry recover over the coming years.
 

Asia Pacific medium voltage drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Million” from 2018 to 2030, for the following segments:

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Market Insights, By Power Range:

  • ≤ 1 MW
  • 1 MW - 3 MW
  • 3 MW - 7 MW
  • > 7 MW

Market Insights, By Drive:

  • AC
  • DC
  • Servo

Market Insights, By Application:

  • Pump
  • Fan
  • Conveyer
  • Compressor
  • Extruder
  • Others

Market Insights, By End-Use:

  • Oil & Gas
  • Power Generation
  • Mining & Metals
  • Pulp & Paper
  • Marine
  • Others

The above information has been provided for the following countries:

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Thailand
  • Singapore
  • Malaysia
  • Philippines
  • Vietnam
  • Indonesia
     
Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The Market size of APAC MV drives crossed USD 800 million in 2021 and is anticipated to depict over 4% CAGR between 2022-2030, due to a growing focus on renewable technologies.
The ? 1 MW power range segment is projected to exceed USD 300 million by 2030, on account of accelerated expansion of grid infrastructure.
MV drives market in China was surpassed USD 390 million in 2021, owing to increased R&D initiatives to improve the operational efficiencies of motors and drives, alongside consistent grid infrastructure development.
Siemens, ABB, Danfoss, Fuji Electric Co., Ltd., Schneider Electric, GE, Rockwell Automation Inc., Eaton, and WEG are some of the companies operating in the industry.

Asia Pacific Medium Voltage Drives Market Scope

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 20
  • Tables & Figures: 501
  • Countries covered: 11
  • Pages: 390
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