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Medium Voltage AC Drives Market Trends

Report ID: GMI5803
Published Date: May 2023
Report Format: PDF

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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.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The market valuation of medium voltage AC drives was valued at USD 1.5 billion in 2023 and will grow at a 5.9% CAGR through 2032, says this GMI report.

The pump application of medium voltage drives exceeded USD 625 million in 2022 due to the ongoing technological advancements along with the introduction of stringent regulatory norms.

Asia Pacific market for medium voltage AC drives surpassed USD 690 million in 2022 owing to the accelerating investments across the manufacturing sector including increased utilization of high-power machinery.

Siemens, ABB, Schneider Electric, General Electric, Fuji Electric CO., Ltd., Rockwell Automation, Eaton, TMEIC, Danfoss, Emerson Electric Co., Hitachi Hi-Rel Power Electronics Private Limited, Teco Electric & Machinery Pte Ltd, Hiconics Eco-energy Technology Co., Ltd., and Delta Electronics, Inc.