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 - 2028

Industry Trends

Medium Voltage Drives Market size valued at over USD 1.5 billion in 2021 and is projected to grow at a CAGR of around 4% between 2022 and 2028. Growing customer focus on integrating renewables coupled with stringent standards & norms focusing on deployment of energy efficient systems will fuel the product demand. In addition, fast paced urbanization and industrialization across emerging economies coupled with growing investments across reliable & smart infrastructures will augment the market growth.
 

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Integration of monitoring & control systems across energy and oil & gas networks will complement the medium voltage drives market expansion

Replacement and refurbishment of existing technologies across small, medium & large enterprises will foster the demand for medium voltage drives. Additionally, the introduction of stringent energy-efficiency policies along with shifting customer inclination toward renewable technologies will encourage product deployment. Rising integration of monitoring & control systems across T&D networks and in the oil & gas and mining sectors will further accelerate the demand for MV drives.
 

Medium voltage drives with a power rating of 1 MW – 3 MW are poised to observe significant growth on account of optimizing energy consumption and reducing CO₂ emissions by adapting the motor speed to the actual requirements. Retrofit activities across commercial, industrial, and residential establishments on account of growing initiatives toward energy conservation are positively impacting product demand. Furthermore, a high acceptance of these units across industries including petrochemicals, metals & mining, oil & gas, and cement will stimulate the industry growth.
 

New technological enhancements across high power adjustable speed drives to escalate product deployment

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AC medium voltage drives are predicted to observe significant expansion owing to their growing installations across industrial verticals. These units are designed to provide enhanced control options and interfaces across different types of electronic motor drives. Moreover, these devices deliver optimized machine throughput across different applications and motors, ranging from dynamic linear motors to standard AC induction motors and from energy-saving hybrid motors to high-performance servo motors which will further escalate product deployment.
 

The DC variable frequency drive segment in the medium voltage drives market is slated to witness growth attributed to its wide applicability in the chemical and cement industries. Retrofit activities across commercial, industrial, and residential establishments on account of growing initiatives on energy conservation are positively impacting low voltage demand. Furthermore, high acceptance across industries including petrochemicals, metals & mining, utilities, and cement will accelerate the industry expansion.
 

Incorporation of Industrial Internet of Things (IIoT) in medium voltage drives to spur the market demand

MV drives have been largely utilized and deployed across several industrial establishments including oil & gas, marine, and petrochemical to control motor speeds by varying the operating frequency and voltage. MV drives may provide an efficient platform for industrial operators to optimize their energy consumption & costs along with maintaining the overall equipment longevity and reducing the maintenance costs. Therefore, stringent energy efficiency standards along with a positive consumer outlook toward the integration of effective motor drive technologies will impel the overall market progression.
 

Growing addition of Industrial Internet of Things (IIoT) in medium voltage drives will introduce full-time monitoring control, automated alerts, and system optimization, which will further influence the business outlook. Introducing government regulations & standards to develop enhanced energy technologies along with the ongoing deployment of advanced energy-efficiency systems will augment product penetration. The introduction of favorable policies including beneficial tax rebates, feed-in tariffs, financial assistance, and several other tax rebates will foster the product deployment.
 

North America, Europe, and Asia Pacific are anticipating growth credited to the increasing demand for advanced technological systems

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The three major territories operating across the market including Asia Pacific, North America, and Europe are projected to reach USD 1.5 billion by 2028. Growing expansion towards energy-efficient infrastructure propelled by rapid development across prominent regions will complement the demand for MV drive units. The demand for high-tech MVDs in several industrial applications including lifting, oil & gas exploration, mining, and construction will propel the product deployment.
 

Germany medium voltage drives market is anticipated to showcase a sheer turnaround on account of rising energy consumption, which acts as a major factor driving the industry landscape across the nation. Rising focus on energy efficiency owing to high-power consumption, the revival of the CAPEX cycle in the energy sector, and robust growth of process industries, such as steel, water, cement & wastewater, are stimulating factors influencing the industry progression.
 

Strategic partnerships, product innovations, and contractual agreements will drive the focus of industry participants

Key companies operating in the market include GE, Siemens, Danfoss, Nidec Corporation, ABB, Schneider Electric, Eaton, Yaskawa Electric Corporation, Fuji Electric Co., Ltd., Johnson Controls, Rockwell Automation, Inc., WEG, Hitachi Ltd., and CG Power and Industrial Solutions Limited.
 

Established manufacturers operating in the market are emphasizing on unveiling innovative technologies and advanced products to suffice the customer requirements. Major players across the globe are concentrating on performing M&As and strategic collaborations to attain a competitive edge over other counterparts. Manufacturers are also focusing on reducing product costs and achieving forward & backward integration across the industry ecosystem shaping the industry landscape.
 

The medium voltage drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘Units’ and ‘USD Million’ from 2018 to 2028 for the following segments:

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Market, By Power Range

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

Market, By Drive

• AC
• DC
• Servo

Market, By Application

• Pump
• Fan
• Conveyor
• Compressor
• Extruder
• Others

Market, By End-Use

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

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Norway
  • Sweden
  • Poland
  • Netherlands
  • Belgium
  • Denmark
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Thailand
  • Singapore
  • Malaysia
  • Philippines
  • Vietnam
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Jordan
  • Iran
  • South Africa
  • Nigeria
  • Egypt
  • Algeria
• Latin America
  • Brazil
  • Argentina
  • Chile