Home > Semiconductors & Electronics > Automation > Industrial Automation > North America Medium Voltage Drives Market
North America Medium Voltage Drives Market Size was estimated at above USD 408.7 billion in 2023 and is set to witness a CAGR of 5.9% between 2024 and 2032. Growing demand for energy-efficient motor control solutions and the imperative for process optimization across industries is set to drive the industry growth.
Growing measures to curb energy consumption accompanied by stringent governmental regulations will influence industry outlook. For instance, In September 2023, the Department of Energy issued a direct final rule concerning energy preservation standards for electric motors. The Energy Policy and Conservation Act mandates that DOE periodically assess whether stricter standards are both technologically feasible and economically justified and save energy.
Report Attribute | Details |
---|---|
Base Year: | 2023 |
North America Medium Voltage Drives Market Size in 2023: | USD 408.7 Billion |
Forecast Period: | 2024 - 2032 |
Forecast Period 2024 - 2032 CAGR: | 5.9% |
2032 Value Projection: | USD 682.5 Billion |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 210 |
Tables, Charts & Figures: | 277 |
Segments covered: | Power Range, Drive, Application, End-Use and Country |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
North America medium voltage drives industry will grow on account of shifting focus towards clean energy technologies, stringent energy efficiency regulations increased demand for reliable power supply to address rising electricity consumption. Ongoing technological advancements and the increasing adoption of automation across diverse sectors are additional factors fueling growth. For instance, in October 2021, Danfoss unveiled the VACON 1000 MV drive suitable for industrial operations and variable torque loads like pumps and fans. Its stand-alone design facilitates straightforward installation and rapid commissioning, while its modular structure ensures easy maintenance and scalability. Moreover, implementation of the Industrial Internet of Things (IIoT) to facilitate efficient system sizing, optimizing energy efficiency and further bolstering business expansion.
The medium voltage AC drives market is projected to surpass USD 530 million by 2032 and will grow significantly owing to increased adoption in industrial establishments and ability to offer electronic motor drive options with various fieldbus connectivity choices, advanced control interfaces. The rising need for energy-efficient motor control solutions and process optimization across various industries, Ongoing technological advancements are giving rise to innovative control options for different types of motors is driving the medium voltage drives product demand.
Pump application is set to witness a CAGR of over 5.5% through 2032. Ongoing technological advancements, enhanced efficiency & control, allowing for precise regulation of pump speed and output is set to drive the product demand. Furthermore, their capabilities to minimize downtime and maintenance costs make them suitable for a wide range of pump applications, including water distribution, wastewater treatment, irrigation, HVAC systems, and industrial processes. Furthermore, the continuous evolution of intelligent drive systems is expected to accelerate, driven by increased efficiency, the incorporation of advanced technologies, and a persistent emphasis on cost reduction through enhanced manufacturing methods.
U.S. medium voltage drives market is set to grow over USD 450 million by 2032. Government initiatives promoting energy-efficient technologies, ongoing adoption of high-performance and reliable motors in energy-intensive manufacturing sectors are further driving the industry landscape. Ongoing technological advancements, driven by a variety of legislative mandates and policies promoting energy efficiency, are shaping the industry dynamics. For instance, in March 2024, IEC issued standard 60034-2-3:2024, outlines test methods and an interpolation procedure used to determine losses and efficiencies of motors powered by converters. These motors are integral components of variable frequency power drive systems. Moreover, growing automation industry, increasing investments in manufacturing sector and rising demand for reliable motor control solutions will complement the U.S. variable frequency drives market outlook.
Leading manufacturers in the North American medium voltage drives market are focusing on forging strategic partnerships, establishing agreements, making acquisitions, and innovating new products to strengthen their competitive edge in the market. Key players including ABB, Danfoss, Siemens, GE Vernova, Delta Electronics and Yaskawa America inc., among other, holds majority of the market share across the industry.
The key market players operating across the industry include:
The North America medium voltage drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” and “USD Million” from 2019 to 2032 for the following segments:
Click here to Buy Section of this Report
Market, By Power Range
Market, By Drive
Market, By Application
Market, By End-Use
The above information has been provided for the following countries: