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North America Medium Voltage Drives Market Size

Report ID: GMI8955
Published Date: Apr 2024
Report Format: PDF

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North America Medium Voltage Drives Market Size

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.

North America Medium Voltage Drives Market

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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.

North America Medium Voltage Drives Market Report Attributes
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:	Rising energy demand along with increasing electricity capacity addition Accelerating investments for infrastructure development Growing automotive industry Stringent regulatory measures for energy efficiency
Pitfalls & Challenges:	Significant initial deployment cost

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Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

North America medium voltage drives industry size surpassed USD 408.7 billion in 2023 and will grow at a 5.9% CAGR between 2024 and 2032, driven by the increasing need for energy-efficient motor control solutions and the imperative for process optimization across industries.

The pump application segment in the North America medium voltage drives market will record more than 5.5% CAGR up to 2032, primarily due to the escalating demand for efficient and reliable pumps in industries, such as water and wastewater, oil & gas, and manufacturing.

North America medium voltage AC drives market will reach USD 530 million by 2032, owing to rising adoption in industrial settings and the capacity to provide electronic motor drive alternatives with a range of fieldbus connectivity options and advanced control interfaces.

ABB, Danfoss, Delta Electronics, Inc., Eaton, Hitachi Hi-Rel Power Electronics Private Limited, Johnson Controls, Nidec Industrial Solutions, Rockwell Automation, Schneider Electric, Siemens, Toshiba International Corporation, and Triol Corporation