Medium Voltage AC Drives Market Analysis

Medium Voltage AC Drives Market Analysis

To get key market trends

  Download Free Sample

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.
 

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.
 

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.