Medium Voltage Drives Market size is set to surpass USD 2 billion by 2028, as reported in the latest study by Global Market Insights Inc.
The medium voltage drives market growth is attributed to the rising electricity demand across heavy-duty operations. Additionally, stern legislative framework to promote energy efficiency along with the construction of large-scale power generation facilities will boost the product demand. Moreover, rapid industrial expansion and development across developing economies along with flourishing investments across end-user verticals will add to the industry outlook.
High reliability, expanded product life cycle, and enhanced performance are among the key factors, fostering the deployment of medium voltage drives. The industry is anticipated to observe an upsurge owing to the expansion and refurbishment of existing T&D infrastructures. The substitution of conventional AC drives in association with the implementation of Industrial Internet of Things enabled components will positively accelerate the industry growth.
The COVID-19 pandemic severely affected the global economy with the first & second waves of virus spread stumbling the market demand. Different geographies are still observing spike in daily cases amid the third pandemic wave, impacting the optimal business scenario. However, the implementation of economic stimulus packages by the respective administrations in line with the mass vaccination drives have counterbalanced the pandemic impact. Besides, introduction of various action plans by key manufacturers have enabled them to feasibly operate while adhering to the required administrative guidelines.
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Browse key industry insights spread across 500 pages with 911 market data tables & 27 figures & charts from the report, “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, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Mounting investments in heavy-duty industrial verticals will complement the medium voltage drives market expansion
The adoption of medium voltage drives across pumps to hold a significant share in the industry due to their varied applications across energy generation facilities. The growing integration of flow control drives to increase performance of prevailing components will propel the product acceptance rate. The installation of cutting-edge technologies across industrial HVAC applications in compliance with energy-efficiency standards will positively cater to the industry dynamics.
The usage of MV drives in industrial applications including power generation and mining will facilitate reliability & flexibility, thereby stimulating product demand. Sectors including utilities, public infrastructure, events, education, and healthcare have witnessed an appreciable scaling and expansion. The escalated energy consumption has doubled in a decade and is projected to witness a sheer escalation. Sustained construction and industrial activities coupled with increasing electricity demand will comprehensively fuel the industry expansion.
Favorable government financial benefit programs will augment the market progression
Encouraging government policy framework for the adoption of low energy devices including resiliency incentives, financial incentives, and tax rebates, are some of the key parameters spurring the product acceptance. Growing demand across the hydrocarbon exploration & production operations backed by the expanding investments & expenditures will further fuel product demand. A paradigm inclination towards lowering energy consumption, increasing productivity, and reducing operational costs through the introduction of energy efficient alternatives has directed manufacturers’ emphasis to deploy conveyors, evaporators, and centrifuges technologies integrated with MV drives.
Growing power consumptions along with the significant exploration of untapped hydrocarbon assets to impel the growth for European region
Europe medium voltage drives market is poised to observe a substantial momentum led by the transforming industrial sectors with stringent norms. Additionally, majority of the power generated in the region is generated through conventional fuel-powered technologies. Various national and federal governments have enforced stern directives for supporting green energy infrastructure to match the escalating energy consumption with minimal carbon footprint.
Key participants operating across the medium voltage drives market include ABB, Nidec Corporation, Johnson Controls, Schneider Electric, Hitachi Ltd., Yaskawa Electric Corporation, CG Power and Industrial Solutions Limited, Fuji Electric Co., Ltd., GE, Siemens, Danfoss, Rockwell Automation, Inc., WEG, and Eaton amongst others. Manufacturers in the industry aim to fortify their foothold through different strategic partnerships, collaborations, mergers, and acquisitions.