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Base Year: 2024
Companies covered: 17
Tables & Figures: 32
Countries covered: 19
Pages: 110
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Medium Voltage AC Drives Market
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Medium Voltage AC Drives Market Size
The global medium voltage AC drives market size stood at USD 1.6 billion in 2024 and is projected to observe a growth rate 6% from 2025 to 2034. Industries are increasingly seeking energy-efficient motor control solutions and ways to optimize their processes along with ongoing implementation of automation across various industrial sectors complementing the industry landscape. Growing need for energy-efficient units, driven by efforts to cut energy use and enhance environmental sustainability will augment the industry landscape.
Government regulations toward reducing emissions coupled with continuous R&D investments for technological improvements and incorporating Industrial Internet of Things (IIoT) capabilities will positively influence the business dynamics. For instance, in July 2024, the U.S. Department of Commerce announced a competition for research and development activities in semiconductor advanced packaging, with funding up to USD 1.6 billion. The CHIPS for America program aim to award approximately USD 150 million, leveraging additional private sector investments to accelerate domestic semiconductor production. Moreover, evolution of technology and ongoing technological advancements allow for more precise system sizing, leading to improved energy efficiency and further contributing to the industry growth.
Medium Voltage AC Drives Market Trends
The global medium voltage AC drives industry is set to grow owing to increasing demand for motor control units across several industrial processes along with shifting focus to reduce energy consumption and boost energy efficiency. The increasing demand for reliable and continuous power supply, driven by rising electricity consumption, has accelerated the product installation. Government authorities have implemented energy efficiency regulations to promote the adoption of energy-saving technologies, contributing to the industry growth. For instance, in October 2024, the U.S. Department of Energy's has chosen 16 projects for a USD 38 million funding initiative which focuses on developing cross-sector technologies to reduce industrial emissions.
Medium Voltage AC Drives Market Analysis
1-3 MW segment is anticipated to grow over USD 860 million by 2034. Ongoing inclination by manufacturers to enhance energy efficiency and lower carbon emissions by fine-tuning motor speeds to match actual needs will accelerate the product demand. Increasing focus on energy conservation across industrial processes and ongoing advancements in technology, introducing new control options for various motor types will augment product deployment. Their versatility across various industries, including petrochemicals, mining, oil and gas, and cement manufacturing, where they enhance operational performance, will contribute to the growth of the medium voltage drives industry.
Pumps segment is anticipated to witness a CAGR of over 5.5% till 2034. Ongoing discovery of hydrocarbon reserves and increasing need for pumps in production and exploration processes across various industry processes will positively influence the business dynamics. Continuous technological advancements, stringent regulatory standards to improve energy efficiency and shifting focus on reducing energy consumption further accelerating product adoption. Variable frequency drives allow pumps to operate more efficiently at reduced capacities by adjusting motor speed, these drives optimize power and electrical energy usage accelerating the product deployment.
U.S. medium voltage AC drives market is set to grow over USD 415 million by 2034. increasing investments across manufacturing sector, particularly in high-power machinery along with rising demand for reliable motor control solutions will boost the product demand. Continuous technological advancements and introduction of stringent regulatory measures aimed at enhancing energy efficiency will positively influence the business dynamics. For instance, The IEC introduced standard 60034-2-3:2024 in March 2024. This guideline sets forth procedures for assessing converter-powered motor efficiency and losses through testing and data analysis. Rising energy costs, and environmental considerations have accelerated the adoption of energy-efficient technologies across various energy-intensive industrial operations, complementing the U.S. variable frequency drives industry landscape.
Medium Voltage AC Drives Market Share
Key players in the medium voltage AC drives industry are increasingly engaging in strategic partnerships and corporate acquisitions. These moves aim to boost technological advancements and reinforce market position. Such collaborations allow companies to diversify their product offerings, tap into unexplored markets, and strengthen their customer base. By combining their strengths and knowledge, these firms can create cutting-edge solutions and distribute them to a more extensive clientele across various industries.
Medium Voltage AC Drives Market Companies
Major players operating across the industry include:
Medium Voltage AC Drives Industry News
The global medium voltage AC drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” and “USD Million” “‘from 2021 to 2034, for the following segments:
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Market, By Power Range
Market, By Application
Market, By End-Use
The above information has been provided for the following regions and countries: