Medium Voltage Drives Market Analysis

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.