Asia Pacific Medium Voltage Drives Market size is set to surpass USD 1 billion by 2030, according to a new research report by Global Market Insights Inc.
Rising demand for power security along with strong investments in developing economies has resulted in the expansion of industrial infrastructure. Additionally, a rise in efforts from the public and private sectors to control energy usage and reduce operational costs, especially in the APAC industrial sector, will increase the adoption of medium voltage drives in the region.
Medium voltage drive systems are also gaining momentum across applications such as fans, conveyors, compressor systems, and pumps, in order to prevent operational hazards such as arc flash and shocks. Furthermore, the requirement for efficient speed and torque control, with lesser electricity usage will promote the integration of high-capacity variable frequency drives in industrial equipment.
Technological advancements in control options to increase the use of 3 MW - 7 MW MV drives
APAC medium voltage drives market from the 3 MW - 7 MW power range segment is anticipated to exhibit more than 4% CAGR between 2022 and 2030. This growth is attributed to the increasing requirement for improved energy security. Moreover, consistent technological advancements are presenting novel control options across the different motor types. The ability of 3 MW - 7 MW drives to optimize machine throughput in varied industrial applications will therefore increase product deployment across the region.
Growing interest in energy savings to increase deployment of MV drives in pumps
The pumps application segment in the Asia Pacific medium voltage drives market is projected to depict over 4% gains through 2030, credited to the rising interest in energy savings with increased concerns surrounding the environment. Energy-efficient systems such as pumps fitted with MV drives are low maintenance and more environment friendly. This increases their deployment across industrial and commercial operations to reduce energy losses, in turn augmenting industry dynamics.
Browse key industry insights spread across 390 pages with 469 market data tables & 32 figures & charts from the report, “Asia Pacific Medium Voltage Drives Market Size 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), By End-Use (Oil & Gas, Power Generation, Mining & Metals, Pulp & Paper, Marine), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Preference for effective power generation facilities to influence industry trends
In terms of end-use, the power generation segment is slated to record nearly 4% growth rate from 2022 to 2030. The growing focus on the improvement of energy security has increased the deployment of sustainable power generation systems. In addition, the rising establishment of new renewable and conventional power generation facilities across the region will fuel the need for essential equipments.
Rapid industrial investments to boost industry growth across India
Medium voltage drives market in India is poised to grow at CAGR of over 4% through 2030 owing to the shifting focus of the regional authorities on expanding energy infrastructure. Moreover, investments in industrial sectors such as metals & mining, paper & pulp, and oil & gas are also rising, which may stimulate the installation of medium voltage drives in various applications across the country.
Strategic acquisitions by key players to foster industry expansion
Some of the companies operating in the medium voltage drives market in Asia Pacific include Siemens, ABB, Danfoss, Fuji Electric Co., Ltd., Schneider Electric, GE, Rockwell Automation Inc., Eaton, WEG, CG Power and Industrial Solutions Ltd, Honeywell International, Inc., Hitachi Hi-Rel Power Electronics Private Limited, Toshiba-Mitsubishi Electric Industrial Systems Corporation (TMEIC), and Delta Electronics, Inc., among others. These leaders are focusing on key acquisitions to expand their business operations. For instance, in March 2021, Eaton completed the acquisition of a 50% stake in HuanYu Group’s operating business HuanYu High Tech. The acquisition was intended to expand the company’s portfolio of electrical components in Asia Pacific while using its expertise across the region.