The medium voltage drives market was valued at USD 1,680.2 million in 2023, and it is expected to grow at a CAGR of around 3.8% between 2023 and 2033, surpassing USD 2,439.7 million by 2033. Growing customer interest in incorporating renewables, combined with stringent standards and norms focusing on the deployment of energy-efficient systems, will drive medium voltage drives demand. …
Tag Archives: Medium Voltage Drives Market
Medium Voltage Drives Market is Expected to Grow at a CAGR of around 3.8% between 2022 and 2032 | FMI
The medium voltage drives market was valued at more than USD 1.5 billion, and it is expected to grow at a CAGR of around 3.8% between 2022 and 2032. Growing customer interest in incorporating renewables, combined with stringent standards and norms focusing on the deployment of energy-efficient systems, will drive medium voltage drives demand. Furthermore, rapid urbanization …
Medium Voltage Drives Market Size 2022 Global Key Findings, Industry Demand, Regional Analysis, Key Players Profiles, Future Prospects and Forecasts to 2032
Growing demand for air compressors in the petrochemical industry for production processes is expected to fuel medium voltage drives market growth. As power consumption varies with load size, installing MV drives that produce significant energy-saving effects can save a significant amount of energy. In 2021, the medium voltage drives market was valued at more than USD 1.5 billion, and it is expected to grow …