Market Size of Global Medium Voltage Electric Drives Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 3.90 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Asia-Pacific |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medium Voltage Electric Drives Market Analysis
The global medium voltage electric drives market is expected to grow at a CAGR of 3.9% during the forecast period (2022 - 2027). Growing purchaser pursuit in incorporating renewables, with stringent requirements and norms focusing on deploying power-green systems, will pressure medium voltage drives demand. Furthermore, speedy urbanization, industrialization in rising economies, and accelerated investments in dependable and smart infrastructure will push the medium voltage to drive the marketplace growth.
- Medium voltage drives are either current source inverters or voltage source inverter types, but the VSI type is more common due to its high reliability and low harmonic distortion. Most medium voltage AC drives include a multiphase transformer on the front end that works with a multilevel inverter to reduce harmonics. The medium electric drives can also use the active front end for highly dynamic-loaded applications.
- Medium voltage AC drives are useful for applications that generally require a 500-20,000 hp motor with a large difference in current consumption between low and medium voltage. Motors in this series are widely used in power plants, petrochemical plants, water/wastewater treatment plants, and mines to drive large compressor pumps and fans.
- According to Siemens in November 2021, medium voltage drives are particularly compelling at very high rated power. Adjusting the speed and ensuring a soft start of the system is especially important. Many people initially associate a solution to this problem with purchasing soft starters and special frequency converters. In addition, Siemens has many reliable options in the field of medium voltage drives.
- The installed medium voltage drive should be an adjustable speed drive to improve power quality and system responsiveness and reduce operating costs and energy losses. Nevertheless, using such drives is associated with some requirements and challenges. For instance, when installing a medium voltage drive, there are some converter-related challenges, both on the line and motor sides.
- The outbreak of Covid-19 has stopped the growth and expansion of various industrial facilities in all parts of the world. In addition, non-essential manufacturing was completely phased out, and medium voltage drive drop-ins were installed in industrial plants. Limited travel and logistic opportunities also hindered the growth of the medium-voltage electric drives market, as sufficient raw materials were not available for producing electrical machinery and equipment.
Medium Voltage Electric Drives Industry Segmentation
Existing technologies at all levels of companies making the necessary modifications and replacements are ready to receive new updated versions of medium voltage AC drives that continue to drive the global market. Due to labor shortages, especially in developed countries, the industry relies on using medium voltage drives. The market is segmented by type, voltage, and end-user industries. Its end-user industries include Oil & Gas, Power Generation, Metal & Mining, and more.
By Type | |
AC Drives | |
DC Drives | |
Servo Drives |
By End-User Indsutry | |
Oil & Gas | |
Chemical & Petrochecmical | |
F&B | |
Water & Wastewater | |
Power Generation | |
Metal & Mining | |
Pulp & Paper | |
HVAC | |
Discrete Industries |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle-East and Africa |
Global Medium Voltage Electric Drives Market Size Summary
The global medium voltage electric drives market is poised for significant growth, driven by the increasing integration of renewable energy sources and the demand for power-efficient systems. This growth is further fueled by rapid urbanization and industrialization in emerging economies, alongside substantial investments in smart and reliable infrastructure. Medium voltage drives, particularly voltage source inverters, are favored for their high reliability and low harmonic distortion, making them essential in applications requiring substantial motor power, such as in power plants and petrochemical facilities. The market is characterized by a focus on enhancing power quality and system responsiveness while reducing operational costs and energy losses. However, the installation of these drives presents challenges, including converter-related issues on both the line and motor sides.
The market landscape is marked by strategic initiatives such as mergers, acquisitions, and product innovations by key players like Schneider Electric, Toshiba Corporation, and ABB Limited. These companies are expanding their portfolios and enhancing product offerings to meet the growing demand for energy-efficient solutions. The Asia-Pacific region is expected to witness the most significant investment growth, supported by favorable government policies and increasing energy demands. Technological advancements have led to the widespread acceptance of medium voltage drives across various industries, with a focus on reducing energy costs and improving system performance. The ongoing expansion of China's energy sector and the introduction of advanced security features in drive systems further underscore the market's dynamic nature and potential for continued growth.
Global Medium Voltage Electric Drives Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Industry Stakeholder Analysis
-
1.3 Industry Attractiveness - Porter's Five Force Analysis
-
1.3.1 Bargaining Power of Suppliers
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Threat of New Entrants
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
1.4 Impact of COVID-19 on the market
-
-
2. Market Segmentation
-
2.1 By Type
-
2.1.1 AC Drives
-
2.1.2 DC Drives
-
2.1.3 Servo Drives
-
-
2.2 By End-User Indsutry
-
2.2.1 Oil & Gas
-
2.2.2 Chemical & Petrochecmical
-
2.2.3 F&B
-
2.2.4 Water & Wastewater
-
2.2.5 Power Generation
-
2.2.6 Metal & Mining
-
2.2.7 Pulp & Paper
-
2.2.8 HVAC
-
2.2.9 Discrete Industries
-
-
2.3 Geography
-
2.3.1 North America
-
2.3.2 Europe
-
2.3.3 Asia-Pacific
-
2.3.4 Latin America
-
2.3.5 Middle-East and Africa
-
-
Global Medium Voltage Electric Drives Market Size FAQs
What is the current Global Medium Voltage Electric Drives Market size?
The Global Medium Voltage Electric Drives Market is projected to register a CAGR of 3.9% during the forecast period (2024-2029)
Who are the key players in Global Medium Voltage Electric Drives Market?
Schneider Electric, Toshiba Corporation, ABB Limited, Rockwell Automation Inc. and Honeywell International Inc are the major companies operating in the Global Medium Voltage Electric Drives Market.