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Medium Voltage AC Drives Market - By Power Range (≤ 1 MW, 1 MW - 3 MW, 3 MW - 7 MW, > 7 MW), By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-Use (Oil & Gas, Power Generation, Mining & Metals, Pulp & Paper, Marine) & Forecast, 2023 - 2032
- Report ID: GMI5803
- Published Date: May 2023
- Report Format: PDF
Medium Voltage AC Drives Industry Analysis
Medium Voltage AC Drives Market size valued at USD 1.4 billion in 2022 and is estimated to grow at a 5.8% CAGR from 2023 to 2032. On account of the increasing demand for energy-efficient motor control solutions and the need for process optimization in industries. Ongoing technological advancements and the growing adoption of automation in various sectors have also contributed to market growth.
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The rising demand for energy-efficient units in the industrial automation sector driven by the need to reduce energy consumption and promote environmental sustainability, which is supported by stringent government mandates is set to influence the industry outlook. Furthermore, the industry is focusing on technical enhancements and introducing the Industrial Internet of Things (IIoT) to offer efficient sizing of systems to optimize and ensure energy efficiency, further supporting medium voltage AC drives market growth.
Medium voltage AC drives are also known as medium voltage variable frequency drives (VFDs), are the electronic devices that are utilized to control the speed, acceleration, torque, deceleration, and rotation direction of motor by changing the frequency of electrical supply to the motors. These units operate by converting the incoming AC power into DC power, which is then converted back into AC power with a variable frequency and voltage output that matches the requirements of the motor.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 1.4 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5.8% |
| 2032 Value Projection: | USD 2.5 Billion |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 500 |
| Tables, Charts & Figures: | 719 |
| Segments covered: | Power Range, Application, End-Use, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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COVID- 19 Impact
The COVID-19 pandemic has had a significant impact on the medium voltage AC drives market, resulting in a decline in market size due to disruptions in the manufacturing process, facility shutdowns, labor shortages, limited product deployment, and supply chain disruptions. Various low power applications have observed a gradual shift from medium to cost-effective low voltage drives as an economical alternative amid the pandemic impacting the deployment potential of these devices.
However, companies in the industry have taken measures to overcome these challenges and maintain production outputs, which is expected to have a positive impact on industry growth. Favorable government regulations and growing investments for the development of advanced technological systems will contribute to the recovery of the industry landscape. In response to the pandemic, several administrations have introduced positive targets to promote the use of low-pollution and sustainable technologies, to counterbalance the demand for medium voltage AC drives.
Medium Voltage AC Drives Market Trends
The medium voltage AC drives industry has witnessed significant advancements in recent years. These include improvements in power electronics, control algorithms, communication interfaces, and integrated safety features. Some drives also incorporate advanced analytics and predictive maintenance capabilities, enabling proactive monitoring and optimizing equipment performance. An upsurge in the demand for continuous and reliable power supply in order to counterbalance the ever-increasing electricity consumption along with introduction of stringent norms to promote energy efficiency will encourage the MV AC drives installation. Respective governments have implemented energy efficiency regulations and standards to promote the adoption of energy-efficient technologies complementing the medium voltage AC drives market growth.
Furthermore, growing adoption of MV AC drives for improving motor efficiency and reducing the energy consumption will further augment the product deployment over the upcoming years.
Medium Voltage AC Drives Power Range Segmentation
Get more details on this report: Request Free Sample PDF The medium voltage drives market in the 1 MW to 3 MW power range segment is likely to experience substantial growth as they optimize energy consumption and reduce CO2 emissions by adjusting the motor speed to the actual requirements. Retrofitting activities in commercial, industrial, and residential buildings to promote energy conservation initiatives will positively influence the product demand. These wide range applicability of these units across variety of industries, including petrochemicals, metals and mining, oil and gas, and cement, where they contribute to improved operational efficiency will fuel the medium voltage AC drives market development. Medium voltage drives with a power rating of 3 MW to 7 MW is projected to observe a growth rate of around 6% growth by 2032 attributed to the increasing need for improved energy security along with the rising demand for energy efficient and reliable systems. The ability of these drives to optimize machine throughput in a wide range of industrial applications will further increase product deployment across the industry. In addition, ongoing technological advancements are leading to the emergence of innovative control options for various motor types which is set to positively stimulate the medium voltage AC drives market landscape. Get more details on this report: Request Free Sample PDF Medium voltage drives for pump application was valued at over USD 625 million in 2022 and is anticipated to observe substantial expansion. Ongoing technological advancements along with the introduction of stringent regulatory norms and standards for MV AC drives will lead to an upsurge in the demand for energy-efficient systems. The industry is witnessing a significant momentum owing to the shifting focus on reduction of electricity bills along with energy-saving potential. The growing significance of energy conservation across several application areas, these drives are emerging as an inventive technology of choice further augmenting the product adoption. Moreover, installation of these units further allows fans, pumps, compressors, conveyers, and extruders to operate efficiently and at a reduced capacity along with the ability to reduce the motor speed, thereby efficiently utilizing power and electrical energy will augment the medium voltage drives market demand. The growing need for air compressors and pumps in the petrochemical sector to support production processes is set to enhance the expansion of the medium voltage AC drives industry. Accelerating installation of these units to offer significant energy-saving benefits, along with conservation of substantial amount of energy owing to the varying power consumption based on load size will furl the product deployment. Moreover, the ongoing advancement of intelligent drive systems is poised to gain momentum through enhanced efficiency, the integration of advanced technologies, and a continued focus on cost reduction through improved manufacturing processes will positively influence the business outlook. The medium voltage AC drives market revenue in the oil and gas industry is set to grow steadily over the forecast period due to the rising demand for energy-efficient solutions in the sector. These units ate widely used in the O&G industry for various applications, including drilling, pumping, compression, and processing. The ability of these drives to enable precise control of motor speed and torque, improving the efficiency and reliability of operations will boost the product demand. The oil and gas industry is known for its high energy consumption and associated greenhouse gas emission and is highly specialized and demanding, requiring reliable and robust equipment that can withstand harsh operating conditions. The units used in this industry are designed to meet these requirements and incorporate advanced features such as protection against voltage and frequency fluctuations, high shock and vibration resistance, and fault detection and diagnostic capabilities further augmenting the product deployment. The medium voltage AC drives market valuation in the food processing industry is anticipated to witness a significant upsurge over the forecast period owing to the rising demand for energy-efficient solutions and reliability of operations. Technological advancements and accelerating investments in the industry are expected to drive further growth and innovation, creating new opportunities for players operating in the market. The food processing industry requires equipment that is designed to meet strict hygiene and safety standards. These units are designed to meet the requirements, incorporating beneficial advantages including stainless-steel construction, protection against contamination, and compliance with industry-specific regulations augmenting the industry outlook. Get more details on this report: Request Free Sample PDF The Asia Pacific medium voltage AC drives market was valued at over USD 690 million in 2022. augmenting investments across manufacturing sector including increasing utilization of high-power machinery will further boost the product adoption over the forecast timeframe The growing specter of rising energy prices, along with concerns over availability and environmental impact, has amplified interest in energy efficient technologies across the region. The Asia Pacific medium voltage drives industry is driven by persistent technological innovation reinforced by a multitude of legislative requirements and harmonization policies, aimed at energy efficiency. The implementation and maintenance of an up-to-date industrial security framework are crucial to ensure optimal protection against potential cyber-attacks. Moreover, the continued adoption of improved performance and higher efficiency motors across energy intensive manufacturing industries will continue to boost the installation of MV AC drives across the region. Major players operating across the medium voltage AC drives market are making strategic alliances and partnerships to introduce enhanced technologies along with focusing on mergers and acquisitions to strengthen their industry presence. Key manufacturers in the industry include Siemens, ABB, Schneider Electric, General Electric, Fuji Electric CO., Ltd., Rockwell Automation, Eaton, TMEIC, Danfoss, Emerson Electric Co., YASKAWA ELECTRIC CORPORATION, Hitachi Hi-Rel Power Electronics Private Limited, Teco Electric & Machinery Pte Ltd, Hiconics Eco-energy Technology Co., Ltd., and Delta Electronics, Inc. Click here to Buy Section of this Report By Power Range By Application By Power Range The above information has been provided for the following countries:
Medium Voltage AC Drives Application Segmentation
Medium Voltage AC Drives End Use Segmentation
Medium Voltage AC Drives Regional Trends
Medium Voltage AC Drives Industry Leaders
Medium Voltage AC Drives Market News
This medium voltage AC drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Million” from 2019 to 2032 for the following segments: