Medium Voltage Drives Market

Plastic Optic Fiber Market Report Thumbnail

Medium Voltage Drives Market by Type (AC Drives and DC Drives), by Power Rating (Up to 250 kW, 251 kW to 500 kW, 501 kW to 1000 kW, Above 1000 kW), by Voltage Level (Low, Medium, and High), by End User (Oil & Gas, Power Generation, Water & Wastewater, Mining & Metals, Chemicals & Petrochemicals, Cement, Others) – Global Opportunity Analysis and Industry Forecast 2024-2030

  • Facebook
  • Linkedin
  • Whatsapp

Market Definition

The Medium Voltage Drives Market size was valued at USD 1.79 billion in 2023 and is predicted to reach USD 2.49 billion by 2030 with a CAGR of 4.8% from 2024-2030. Medium Voltage Drives (MVDs) are specialized electrical devices used for controlling the speed and torque of electric motors operating at medium voltage levels. These drives are essential components in various industrial applications where highpower motors are employed, such as pumps, fans, compressors, conveyors, and large-scale machinery.

The primary function of medium voltage drives is to regulate the speed of the connected motor according to the specific requirements of the application, thereby enhancing process control, efficiency, and energy savings. They achieve this by converting incoming electrical power from the grid or other power sources into variable frequency and voltage output suitable for the motor.

Market Dynamics and Trends

The global medium voltage drives market is driven by the rapid utilization of the drives within the power generation industry, to control the fans, pumps, and compressors. Within the industry, medium voltage drives provide precise control over high-rated electric motors, optimizing energy consumption, and enhancing the efficiency of industrial machinery. As power generating sector continues to escalate, the adoption of medium voltage drives become essential for achieving energy efficiency and operational excellence, thereby fostering the growth of the market.

Additionally, the burgeoning expansion of mining sectors, encompassing gold mines, coal mines, and metal mines, drives the growth of the medium voltage drives market. This surge is attributed to the escalating adoption of these drives for regulating heavy machinery within the industry. These voltage drives play a pivotal role in governing the speed of motors, fans, and other essential components utilized in operating heavy machinery such as crushers and conveyor belts. This optimized control enhances operational efficiency and reliability of such machinery, which propels the demand of the medium voltage drives, boosting the growth of the market.

However, the high initial investment related to the procure, install, and maintain of these drives, specifically for large-scale industrial operations act as a restrain to the growth of the market.On the other hand, integration of IoT based sensors into medium voltage drives which improves the connectivity and collaboration among various components within the system facilitating real-time monitoring, predictive maintenance, and data-driven insights for optimized performance and efficiency. These sensors facilitate improved coordination and communication, ultimately boosting the efficiency and productivity of the drives.

 

Market Segmentations and Scope of the Study

The medium and high voltage drives market is segmented on the basis of type, power rating, voltage level, end user, and region. On the basis of type, the market is divided into AC drives and DC drives. On the basis of power rating, the market is bifurcated into up to 250 kW, 251 kW to 500 kW, 501 kW to 1000 kW, above 1000 kW. On the basis of voltage level, the market is further divided into low, voltage, and high. On the basis of end user, the market is further segmented into oil & gas, power generation, water & wastewater, mining & metals, chemicals & petrochemicals, cement, others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

 

Geographical Analysis

North America holds the dominant share of medium voltage drives market at present and is expected to continue its dominance during the forecast period. This is due to the rising power generating sector, particularly in nuclear power, which necessitates the use of medium voltage drives for efficient control and operation of heavy machinery. According to a report published by World Nuclear Association, the U.S. is one of the leading producers of nuclear power energy, with an overall production of 772 terawatt-hour (TWh) in 2022, which contributes approx 18% of the total electricity generated in the country. This growth in production increases the role of medium and high voltage drives, thereby propelling the growth of the market.

Moreover, the rising chemical industry within the region is further propelling the growth of the medium voltage drives market as these drives are used to regulate the speed and torque of the pumps. It is also used for transferring liquids, slurries, and gases throughout the manufacturing process. Additionally, medium voltage drives boost energy efficiency by adjusting motor speed to match specific process needs, reducing energy waste and operational costs.  According to a report published by Adhesive and Sealant Council, the chemical industry in the U.S is significantly rising, with an increase in production by 3.9% in 2022, therefore boosting the growth of the market.

On the other hand, Asia-Pacific is showing a steady rise in the medium voltage drives market due to the rapid growth in mining sector within the region. According to a report published by Statistical Communique, the overall coal production in China increased by 10.5% in the year 2022. With this surge in coal mining sector the role of the medium and high voltage drives increases, thus boosting the growth of the market.

Furthermore, the burgeoning oil and gas sector in the region plays a pivotal role in propelling the medium voltage drives market forward. These drives find extensive application in the industry, facilitating enhanced production efficiency, optimization, and energy conservation within the sector. By regulating the speed and torque of motors that power drilling rigs, medium voltage drives enable precise control throughout the drilling operation. As highlighted in a report issued by Invest India, a prominent national investment promotion agency, the Indian oil industry is witnessing substantial growth, exemplified by a 2.7% uptick in crude oil production in January 2024 compared to the same period in 2023. This upsurge in crude oil production fosters a heightened demand for medium voltage drives, thereby bolstering market expansion.

 

Competitive Landscape

The medium voltage drives market trends comprising of various market players such as Yaskawa America, Inc, Schneider Electric, Toshiba Corporation, Rockwell Automation, Honeywell International Inc, Siemens, Danfoss, ABB Ltd, Hitachi Ltd, Mitsubishi Electric Corporation among others. These market players are launching numerous products of business-related across various regions to maintain their dominance in the medium voltage drives market.

For instance, in July 2022, Rockwell Automation launched the PowerFlex 6000T drive, a new medium voltage drive, designed for applications ranging from 3 to 4.16 kV. It has a built-in high-voltage input, which can be connected directly to high-voltage power sources without needing extra transformers or substation gear, thus reducing the overall cost.

Moreover, in October 2021, Danfoss launched the VACON 1000, an air-cooled medium-voltage drive. The drive is built for reliability and features a high MTBF (Mean Time Between Failures) that enables up to 200,000 hours of non-stop operation. The drive is designed for industrial applications that utilizes fans, compressors, and high voltage motors.

KEY BENEFITS

  • The report provides quantitative analysis and estimations of medium voltage drives market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

  • The study comprises a deep dive analysis of the medium voltage drives market including the current and future trends to depict prevalent investment pockets in the market.

  • Information related to key drivers, restraints, and opportunities and their impact on the medium voltage drives market is provided in the report. 

  • Competitive analysis of the players, along with their market share is provided in the report.

  • SWOT analysis and Porters Five Forces model is elaborated in the study.

  • Value chain analysis in the market study provides a clear picture of roles of stakeholders.

KEY MARKET SEGMENTS

By Type

  • AC Drives

  • DC Drives

By Power Rating

  • Up to 250 kW 

  • 251 kW to 500 kW 

  • 501 kW to 1000 kW

  • Above 1000 kW 

By Voltage Level

  • Low 

  • Medium 

  • High  

By End User

  • Oil & Gas 

  • Power Generation 

  • Water & Wastewater 

  • Mining & Metals 

  • Chemicals & Petrochemicals 

  • Cement 

  • Others

By Region

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • The UK

    • Germany

    • France        

    • Italy        

    • Spain        

    • Denmark        

    • Netherlands        

    • Finland        

    • Sweden        

    • Norway        

    • Russia        

    • Rest of Europe    

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Indonesia

    • Singapore

    • Taiwan

    • Thailand

    • Rest of Asia Pacific

  • RoW

    • Latin America

    • Middle East

    • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 1.79 Billion

Revenue Forecast in 2030

USD 2.49 Billion

Growth Rate

CAGR of 4.8% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • Growing power generation industry.

  • Rapid increase in mining industry.

Countries Covered

28

Companies Profiled

10

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

Bar chart Pie chart Pie chart

Download Free Sample

Please Enter Full Name

Please Enter Valid Email ID

Please enter Country Code and Phone No

Please enter message

Frequently Asked Questions

The top companies in the medium voltage market Yaskawa America, Inc, Schneider Electric, Toshiba Corporation, Rockwell Automation, Honeywell International Inc, Siemens, Danfoss, ABB Ltd among others.

According to the report published by Next Move Strategy Consulting, the global medium voltage drives market is expected to hit USD 2.49 billion by 2030.

The high costs associated with procuring, installing, and maintaining these drives, particularly for large-scale industrial operations, serve as a barrier to the market’s expansion.

According to Next Move Strategy Consulting North America dominates the medium voltage drives market.

According to the report published by Next Move Strategy Consulting, the global medium voltage drives market is valued at USD 1.79 Billion in 2023.
popular
$4,975
$3,975
$6,975
$2,975

This website uses cookies to ensure you get the best experience on our website. Learn more