Medium Voltage AC Drives Market By Voltage (Low Voltage, Medium Voltage), Application (Siphons, Fans, Blower, Transports), End-User (Food and Beverage, Water and Wastewater, Air Conditioning), & Region for 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Medium Voltage AC Drives Market – 2024-2031

The increasing sophistication of building automation systems, which increasingly include features such as HVAC control and energy management, is driving the medium voltage AC drive industry. These drives play an important function in regulating motors in various building automation equipment such as pumps and fans. Thus, the shift towards automation in buildings is surging the growth of market size USD 8.81 Billion in 2024 to reach valuation of USD 23.17 Billion by 2031.

The increasing global emphasis on ensuring a consistent and reliable energy supply globally increases the adoption of medium voltage AC. Medium voltage AC drives help in this effort by enhancing energy efficiency and reducing reliance on traditional grid power sources. Thus, the growing need of energy and security is enabling the market to grow at a CAGR of 12.9%.

Medium Voltage AC Drives MarketDefinition/ Overview

 The medium voltage AC drive market is linked with medium and high voltage motors, resulting in a fully integrated system. These drives operate typical motors used in a variety of industrial applications, including fans, conveyors, blowers, grinders, mixers, and pumps. They are also used in high-power, high-speed, and demanding applications such as compressors, big pumps, marine propulsion systems, rolling mills, and mining machinery. Medium voltage AC drives play an important role in cost reduction and energy conservation. Operating at higher voltage levels reduces losses and enables the use of smaller cables, improving total drive efficiency and lowering system costs.

Medium voltage AC drives provide much larger power output than low voltage drives, allowing them to handle gigantic, multi-megawatt electric motors that power some of the largest industrial loads in sectors such as mining, metal processing plants, and power plants. The meaning of medium voltage varies by industry; however, these drives are often used when medium voltage motors consume the most power. Using medium voltage AC drives in such applications can significantly cut power usage and energy expenses.

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Will the Energy Efficiency Across Industries Drive the Medium Voltage AC Drive Market?

The medium voltage AC drive market is really taking off because everyone's trying to use energy more efficiently! These drives are special because they use way less juice than older motor controls. And with more and more companies pushing for sustainability and trying to be greener, that's a big deal. Plus, think about those industries that really eat up energy – oil and gas, mining, metals, you name it. They're all growing, and they all depend on massive electric motors to get stuff done. As they get bigger, it's super important to control and optimize those motors to crank out more stuff and spend less on energy costs. That's why medium voltage AC drives are getting so much attention.

Increased machine throughput is a big deal, especially when you're talking about industrial operations. Think about itgetting the most out of your equipment is usually top priority, and that's where medium voltage AC drives come in. They're key to making that happen! By giving you precise control over motor speeds, these drives help machines run at their best, ultimately boosting how much stuff you can crank out. That's a game-changer, particularly in businesses where more production equals more money. Plus, the tech behind AC drives keeps getting better. We're seeing new control options designed for different motor types, leading to better cost savings and reliability. As technology advances, medium voltage AC drives are keeping pace, providing more and more sophisticated solutions that work for a wide range of industrial uses. That makes them a pretty attractive option in the market, wouldn't you say?

How High Initial Investment is Hindering the Growth of Medium Voltage AC Drive Market?

The high initial investment required for drive units, installation, and future engineering demands are hampering the growth of medium voltage AC drive market. Furthermore, lack of trained professionals with specific knowledge required for installation, operation, and maintenance needs trained staff, which presents issues in areas with limited access to such expertise.

The integration of medium voltage AC drives into existing systems poses a complicated problem. Beyond the electrical components, there may be a requirement for control system adjustments, which add layers of complexity and can result in higher time and costs.

Low voltage AC drives, on the other hand, are well-developed. They are typically used in applications that require less power, and they offer a wider range of manufacturers and, in many cases, reduced pricing structures. In some cases, businesses may discover that using a series of lower voltage drives can efficiently achieve their goals, potentially eliminating the need for a single, more expensive medium voltage option. This technique is flexible and cost-effective, responding to a wide range of application requirements.

Category-Wise Acumens

How Cost-Effectiveness and Versatility is Surging the Growth of Low Voltage Segment in the Medium Voltage AC Drive Market?

Low voltage segment is substantially dominating in the medium voltage AC drive market ad is expected to continue its growth throughout the forecast period owing to their inexpensive cost and versatility, as they can efficiently function in a wide variety of power applications, from low to high, which increases its adoption in the consumers which is escalating the growth of medium voltage AC in the market.

In addition, the increasing demand from a variety of industries including utilities, petrochemicals, water and wastewater, metals and mining, and cement, use of low voltage is wide variety of applications and industries are accelerating the demand of low voltage in medium voltage AC drive market. Pumps, compressors, conveyors, crushers and mills, fans, and furnaces are all examples of applications where these drives are used. The growing use of medium voltage drives demonstrates their effectiveness in addressing the particular Heavy-duty industrial operations necessitate certain requirements, which has propelled growth of medium voltage AC drive market.

How Industry’s Broad Reliance is Driving the Growth of Oil and Gas Industry Segment in the Medium Voltage AC Drive Market?

The oil and gas industry segment are significantly dominating the medium voltage AC drive market and is anticipated to continue its growth during the forecast period driven by the industry’s broad reliance on drives to control the speed of pumps and blowers that are critical for numerous processes, which increased the adoption of medium voltage AC drive in oil and gas industry, thus, the oil and gas industry segment is fueling to the growth of medium voltage AC drive market.

Conversely, the food and beverage sector are anticipated to be the fastest growing segment during the forecast period. The rising use of AC drives to improve efficiency and precision in a variety of industrial operations, increases the use of medium voltage across industries.

Furthermore, the growing use of AC drives in the power generation and automation industries would support the Medium Voltage AC Drives Market over the forecast period. These industries understand the advantages of AC drives in terms of reducing energy consumption, increasing operational efficiency, and gaining greater control over industrial processes, which drives their adoption and contributes to market growth.

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Country/Region-wise Acumens

How the Region’s Manufacturing Skills are Fostering the Growth of North America Medium Voltage AC Drive Market?

North America continues to dominate the medium voltage AC drive market, owing to the region’s manufacturing and production skills, together with the presence of well-known brands, establish it as a leader in this area. Some brands, such as Siemens MV Drives, WEG Medium Voltage Drives, and ABB Medium Voltage VFD, are now synonymous with medium voltage drives, demonstrating the region’s impact.

In addition, owing to the rapid growth of energy-efficient infrastructure programs in the region is contributing to the growth of North America medium voltage AC drive market. Furthermore, advances in motor control technology have allowed manufacturers to diversify their revenue streams, reinforcing North America’s dominance in the medium voltage AC drive market.

How Cheap Labor Cost and Cross Border Raw Material is Enabling the Growth of Asia Pacific Medium Voltage AC Drive Market During the Forecast Period?

Asia Pacific is expected to be the fastest growing region during the forecast period driven by the manufacturers are intentionally developing plants in the Asia Pacific region to take advantage of cheaper labor costs and lessen their reliance on cross-border raw material shipping. This proactive strategy is consistent with their desire to improve manufacturing efficiency and streamline supply chain operations.

Japan, with its solid economic progress and rigorous government rules on energy usage, is predicted to have significant growth, in the market during the forecast period. The presence of important manufacturers in strategic areas such as China and India add to the favorable environment for the widespread use of medium voltage drives across diverse industries in the region.

Would Europe Prove Opportunistic for Medium Voltage AC Drive Market?

Europe emerges as a lucrative growth in the medium voltage AC drive market owing to its longstanding presence and adherence to severe government-mandated environmental standards. European countries’ duties to closely adhere to government-set environmental standards are projected to spur a renewed emphasis on energy consumption measures. This shift in consumption behavior is expected to catapult the European market to new highs.

In particular, the German market for medium voltage drives is expected to experience significant upheaval as a result of rising energy consumption, a critical element shaping the country’s industrial landscape. The changing energy consumption patterns on the industry is escalating the growth of medium voltage AC drive market in Germany.

Competitive Landscape

The medium voltage AC drive market is a dynamic environment where global players lead in technology and service, while regional participants offer competitive pricing and cater to specific needs. The medium voltage AC drive market is a competitive landscape with a mix of established global players and regional participants.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the medium voltage AC drive market include

  • Rockwell Automation, Inc.
  • Schneider Electric
  • Honeywell Automation
  • Siemens Industry, Inc.
  • Hitachi Hi-Rel Power Electronics Pvt. Ltd.
  • Fuji Electric Co., Ltd.
  • Straightforward Controls Ltd.
  • Yaskawa Electric Corporation
  • Amtech Electronics India Ltd.
  • Danfoss Engineering
  • TMEIC
  • ABB Drives
  • US Drives, Inc.
  • TECO Electric Europe Ltd.

Latest Developments

  • In July 2023, Siemens established Innomotics to provide medium-voltage converters, geared motors, low- to high-voltage motors, and motor spindles. The new company is situated in Nuremberg, Germany, with a workforce of about 15,000 workers and aims at expanding the company’s footprint as leading player for large drives and motors in several end-use verticals across the globe.
  • In November 2022, WEG announced the confirm launch of that it will provide motor and drive solutions for Oman’s Ras Markaz crude-oil storage complex. The contract includes delivering four flameproof motors with tube cooling, four MV drives, and commissioning the combined system. The system will run huge crude oil booster pumps for the program aims to align with Oman Oil Company’s objectives and strengthen the country’s position in the oil storage industry.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of ~12.9% from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Voltage
  • Application
  • End-User
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Rockwell Automation, Inc., Schneider Electric, Honeywell Automation, Siemens Industry, Inc., Hitachi Hi-Rel Power Electronics Pvt. Ltd., Fuji Electric Co., Ltd., Straightforward Controls Ltd., Yaskawa Electric Corporation, Amtech Electronics India Ltd., Danfoss Engineering, TMEIC, ABB Drives, US Drives, Inc., TECO Electric Europe Ltd.

Customization

Report customization along with purchase available upon request

Medium Voltage AC Drive Market, By Category

Voltage

  • Low Voltage
  • Medium Voltage

Application

  • Siphons
  • Fans
  • Blower
  • Transports
  • Extruders

End-User

  • Food and Beverage
  • Water and Wastewater
  • Air conditioning
  • Oil and Gas
  • Force
  • Metal Processing
  • Synthetic Substances

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

We dig deep, using both numbers and more personal insights to understand the market by breaking it down into different groups, looking at things like money and even lifestyle. We'll tell you the market size in dollars (USD Billion) for each of these groups. You'll also find out which areas and groups are predicted to grow the fastest and be the biggest. We'll analyze how people are using the product or service in different areas and what's influencing the market there. Think of it as a geographical breakdown. We also size up the competition, ranking the big players and highlighting their new stuff, partnerships, expansions, and acquisitions from the last five years, with detailed company profiles including overviews, insights, benchmarking, and SWOT analysis. We'll give you a peek into the present and future of the industry, focusing on what's new, where the growth opportunities are, and what's holding things back in both new and established areas. This includes a detailed look at the market from different angles using Porter's Five Forces. You'll get a sense of how things work with a Value Chain analysis. We'll also lay out the market's dynamics and where we see the growth opportunities down the road. And, just so you know, you get 6 months of analyst support after you buy.

Customization of the Report

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Pivotal Questions Answered in the Study

Some of the key players leading in the market include Rockwell Automation, Inc., Schneider Electric, Honeywell Automation, Siemens Industry, Inc., Hitachi Hi-Rel Power Electronics Pvt. Ltd., Fuji Electric Co., Ltd., Straightforward Controls Ltd., Yaskawa Electric Corporation, Amtech Electronics India Ltd., Danfoss Engineering, TMEIC, ABB Drives, US Drives, Inc., TECO Electric Europe Ltd. among others.
The increasing sophistication of building automation systems, which increasingly include features such as HVAC control and energy management, is driving the medium voltage AC drive industry. These drives play an important function in regulating motors in various building automation equipment such as pumps and fans propelling the demand for the adoption of a medium voltage AC drive market.

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