The medium voltage drives market, valued at USD 1,680.2 million in 2023, is projected to grow at a CAGR of 3.8%, reaching over USD 2,439.7 million by 2033. This growth is fueled by the rising adoption of renewable energy, stringent energy-efficiency regulations, and a need for sustainable systems. Rapid urbanization, industrial expansion in emerging markets, and investments in smart infrastructure also contribute to market demand.
High interest is expected in medium voltage drives within the 3 MW to 7 MW range, which offer compact, cost-effective solutions for motor speed and torque control across industries. These drives enhance energy savings, operational flexibility, and efficiency in equipment like pumps, fans, and compressors, supporting both cost reductions and optimized performance.
Key Takeaways:
- The medium voltage drives market’s DC variable frequency drive segment is expected to grow due to its widespread application in the chemical and cement industries.
- The power range segment in the medium voltage drives market is expected to grow steadily over the assessment period, owing to advancements in high-power motor designs that necessitate efficient drives to operate smoothly at higher outputs.
- The DC sub-segment in the medium voltage drives market had a revenue share of about 3% in 2021 and is expected to grow steadily throughout the analysis period.
- The oil and gas sub-segment in the medium voltage drives market is expected to reach a significant valuation by the end of 2032 due to increased investments to boost the development of upstream, midstream, and downstream hydrocarbon activities.
- The three major market territories, Asia Pacific, North America, and Europe, are expected to reach USD 1.5 billion by 2028. Growing investment in energy-efficient infrastructure fueled by rapid development in key regions will supplement the demand for MV drive units.
- The demand for high-tech MVDs in various industrial applications such as lifting, oil and gas exploration, mining, and construction will drive medium voltage drives market adoption.
- Germany’s medium voltage drives market is expected to undergo a dramatic turnaround due to rising energy consumption, which is a major factor driving the medium voltage drives market landscape across the country.
Competitive Landscape:
GE, Siemens, Danfoss, Nidec Corporation, ABB, Schneider Electric, Eaton, Yaskawa Electric Corporation, Fuji Electric Co., Ltd., Johnson Controls, Rockwell Automation, Inc., WEG, Hitachi Ltd., and CG Power and Industrial Solutions Limited are among the medium voltage drives market key players.
Major players in the medium voltage drives market around the world are focusing on M&As and strategic collaborations to gain a competitive advantage over their competitors. In addition, manufacturers are also focusing on lowering product costs and achieving forward, and backward integration across the industry ecosystem, helping to shape the medium voltage drives market landscape.
Recent Developments:
- Rockwell Automation, Inc., a U.S.-based industrial automation company, will launch its novel servo drive, the Allen-Bradley Kinetix 5300 servo drive, in November 2020. The Allen-Bradley Kinetix 5300 servo drive is intended for small and medium-sized machines in industries such as packaging, electronics assembly, converting, printing, and web (CPW).
- Danfoss introduced the new VACON 1000 medium-voltage drive on September 23, 2021, as a compact solution to its portfolio of modular, versatile medium voltage drives.
- ABB expanded its all-compatible drive offerings on April 16, 2019, to include the ACS6080 medium voltage (MV) drive for critical applications. The new drive introduced a new control technology that enables high-performance motor control in demanding processes used in mining, metals, and marine industries.
Market Segmentation Analysis:
By Power Range:
- < 1MW
- 1MW to 3 MW
- 3MW to 7 MW
- > 7MW
By End User:
- Oil & Gas
- Power Generation
- Mining & Metals
- Pulp & Paper
- Marine
- Others
By Drive:
- AC
- DC
- Servo
By Application:
- Pump
- Fan
- Conveyor
- Compressor
- Extruder
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
Report Preview: https://www.futuremarketinsights.com/reports/medium-voltage-drives-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube