Medium Voltage Drives Market Size - By Drive (AC, DC, Servo), By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-Use (Oil & Gas, Power Generation, Mining & Metals, Pulp & Paper, Marine), Power Range & Forecast, 2024 - 2032

Medium Voltage Drives Market Size

Medium Voltage Drives Market size was valued at USD 1.8 billion in 2022 and is poised to witness over 5.7% CAGR between 2023 and 2032. Growing demand for precise control of motor speed, enhanced energy efficiency operations, and increasing investments across heavy-duty industrial operations will proliferate the business dynamics. Moreover, setup of new infrastructures with advanced pumps, compressors, fans, conveyors, rolling mills, and large-scale HVAC systems with low energy consumption characteristics will further favor the market growth.
 

Medium voltage drives are sometimes referred to as variable frequency drives (VFDs), are widely integrated across higher voltage levels and power capacities to regulate the speed of electric motors in industrial applications. These products play a significant role in optimizing energy consumption by controlling motor speed and power output, leading to substantial energy savings and reduced carbon footprint positively catering to the industry growth.

COVID- 19 Impact

The interruptions in industrial operations on account of stern lockdown protocols, supply chain disruptions, and diminished demand for products across end-use verticals are some of the key parameters impacted the medium voltage drives industry growth amid the COVID-19 pandemic. Numerous industrial operations requiring low power control has experienced a gradual inclination towards cost-effective low voltage drives as an economical alternative mitigating the deployment potential of high capacity medium voltage drives. The sudden outbreak led to disturbances in the procurement of raw material and components required for manufacturing medium voltage drives significantly altering production capacity and delivery times.
 

Medium Voltage Drives Market Trends

Ongoing renovation activities across small, medium, and large-scale industrial infrastructures coupled with stringent energy-efficiency protocols will augment the product deployment. In addition, shifting consumer perspectives to reduce the operational expenditure with lower energy bills from heavy-duty operations coupled with positive uptake of green power generation technologies will further boost the T&D networks and installation potential for these products. Despite these, respective government agencies have introduced new measures to reduce the overall greenhouse gas emissions from industrial establishments promoting the installation of energy-efficient alternatives, thereby complementing the medium voltage drives market growth.
 

Medium Voltage Drives Market Analysis

Medium voltage AC drives industry was worth more than USD 1.4 billion in 2022 and is forecasted to experience substantial expansion on account of the mounting needs of process optimization across industries coupled with expanding demand for motor control solutions. The introduction of new & advanced product line by key industry players to serve general & special purpose operations in a more effective way will further add to the industry landscape. similarly, integration of Industrial Internet of Things (IIoT) to promote improvements in power electronics with optimized & innovative predictive maintenance capabilities will favor the medium voltage drives market growth.
 

Up to 1 MW medium voltage drives are predicted to observe continuous expansion owing to the increasing demand for efficient solutions with customization capabilities and easy scalability across specific needs within industrial infrastructure. The growing adoption of electrification and automation solutions for controlling large motors used in various automated industrial processes will impact the product deployment.
 

Growing investments in various industrial establishments to boost energy conservation coupled with introduction of new exploration initiatives across wide range of verticals including mining & minerals, power generation, cement, chemical, marine, and many others will positively cater to the 1 MW to 3 MW power range segment growth. Moreover, the implementation of government regulations and standards aimed at advancing energy technologies coupled with the ongoing adoption of advanced energy-efficient systems will drive the widespread adoption of these products.
 

Pump applications medium voltage drives is projected to experience substantial growth owing to the growing integration of VFDs with smart pumping systems utilizing sensors, data analytics, and automation to optimize pump operations in real-time. The continuous technological advancements by major manufacturers to influence the application areas of VFD units with high power and voltage ratings coupled with increasing focus on reduction of electricity bills with energy-saving devices will augment the medium voltage drives market development.
 

Growing adoption of smart industrial heating, ventilation, and air conditioning (HVAC) systems to optimize performance, energy efficiency, and overall building comfort will increase the installation of medium voltage drives across HVAC components including fans, pumps, and compressors, among others. The introduction of seamless product assortment of variable frequency drives units for different applications will cater to the fast-paced customer transition towards adoption of low energy products, thereby augmenting the industry landscape. Similarly, the continuous progress of intelligent drive systems driven by improved efficiency, the incorporation of advanced technologies, and an unwavering emphasis on cost reduction will contribute to medium voltage drives market outlook.
 

Asia Pacific medium voltage drives industry size surpassed USD 0.84 billion in 2022 and is estimated to register substantial expansion due to fast-paced urbanization & industrialization. Mounting investments in heavy-duty industrial sector including chemicals, oil & gas, pharmaceuticals, food & beverage, marine, and many more, incorporating high power machinery will favor the product deployment trends in the region. In addition, significantly increasing energy intake, growing efforts to curb the carbon emissions, expansion of new & existing industrial establishments, and positive outlook towards adoption of clean power generation technologies are some of the key imperatives adding to the medium voltage drives industry dynamics.
 

Medium Voltage Drives Market Share

Major players operating in the medium voltage drives market are

• Siemens
• Johnson Controls
• Danfoss
• Eaton
• Ingeteam Power Technology, S.A
• ABB
• WEG
• Schneider Electric
• Fuji Electric Co., Ltd.
• Rockwell Automation
• Nidec Industrial Solutions
• YASKAWA ELECTRIC CORPORATION
• CG Power & Industrial Solutions Ltd
• TMEIC
• Hitachi Hi-Rel Power Electronics Private Limited
• General Electric
• Delta Electronics, Inc.
• TECO-Westinghouse

These companies are continuously engaging in introduction of new organic & inorganic growth ventures coupled with new product launches, strategic partnerships, mergers, acquisitions, and alliances to boost their product reach and geographical reach.
 

Medium Voltage Drives Industry News

• In July 2023, Siemens launched a new dedicated subsidiary called Innomotics to offer the company’s portfolio of medium-voltage converters or drives, geared motors, low- to high-voltage motors, and motor spindles. The new company is headquartered in Nuremberg, Germany, with a workforce of about 15,000 personnel and aims at trailblazing the company’s presence as leading player for large drives and motors in various end-use verticals across the globe.
   
• In November 2022, WEG confirmed to deliver its motors & drives solutions for the Ras Markaz crude-oil storage terminal in Oman. The contract includes the delivery of four flameproof motors with tube cooling design and four units of its MV drives along with the commissioning of the combined solution. The system will power large crude oil booster pumps for terminal operations and the initiative targets to work in line with the objectives of Oman Oil Company to boost the country’s position across the oil storage market.
   

This market research report on medium voltage drives includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Million” from 2019 to 2032, for the following segments:

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By Power Range

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

By Drive

• AC
• DC
• Servo

By Application

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

By Power Range

• Oil & Gas
• Power generation
• Mining & metals
• Pulp & paper
• Marine
• Others

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

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Denmark
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina