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North America Medium Voltage Drives Market Trends

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

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North America Medium Voltage Drives Market Trends

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.

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