Medium Voltage Drivers For Oil and Gas Market Size By Type (Upto 0.6 MW, 0.6 MW TO 10 MW, 10 MW TO 15 MW, More Than 15 MW), By Application (Onshore Drilling, Offshore Drilling), By Geographic Scope And Forecast

Medium Voltage Drivers For Oil and Gas Market Size And Forecast

Medium Voltage Drivers For Oil and Gas Market size was valued at USD 490.50 Million in 2022 and is projected to reach USD 632.59 Million by 2030, at a CAGR of 3.17% from 2023 to 2030.

Growing demand for medium voltage drives such as AC drives can create growth opportunities for the market growth. Furthermore, the widespread acceptance of these units in sectors such as petrochemicals, metals and mining, oil and gas, and cement will drive industry growth. The Medium Voltage Drivers For Oil and Gas Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Medium Voltage Drivers For Oil and Gas Market Definition

Medium voltage drives are also known as variable speed drives or VFDs) are adjustable speed drives used to control the torque and speed of AC motors. There is an increase use of AC drives in industrial drivetrains because of cost and size reductions. Many industries depend on medium voltage drives, including wastewater plants, petrochemical, mining, food and drug, and general manufacturing. Medium voltage drives are part of the powertrain for conveyor belts, mixers, pumps, compressors, and blowers. Medium voltage drives are used when the power requirements are 500 – 20,000 hp. The difference in the current draw between low and medium voltage is significant within this range. Medium voltage drives are used in the oil and gas industry to improve performance, increase reliability, and save energy. The energy savings potential is high when driven and loaded in the centrifugal pump or fan. The reliability of modern electronics exceeds the reliability of many mechanical devices because most industries use medium voltage drives instead of traditional automated means to reduce downtime for varying the flow rate. Medium voltage drive design for oil and gas applications due to its power rating and overload, speed (frequency) range, load torque profile, withstand temporary under voltage, ride-through capability, and offshore installation.

Global Medium Voltage Drivers For Oil and Gas Market Overview

Medium voltage drives have been widely used and implemented in a variety of industrial applications, including oil and gas, to regulate motor speeds by adjusting the operating frequency and voltage. MV drives may provide an effective platform for industrial operators to minimise their energy usage and expenditures while also extending the life of their equipment and lowering maintenance costs. As a result, severe energy efficiency rules, along with a favourable customer attitude toward the incorporation of effective motor drive technology, will propel the total industry forward. The increasing use of the Industrial Internet of Things (IIoT) in medium voltage drives will introduce full-time monitoring control, automatic alarms, and system optimization, which will have an impact on the business picture. The implementation of government rules and standards to produce improved energy technologies, as well as the continued deployment of sophisticated energy-efficiency systems, will increase product penetration. The implementation of advantageous policies such as tax breaks, feed-in tariffs, financial support, and a variety of other tax breaks would encourage product deployment. Medium voltage drives having power ratings ranging from 1 MW to 3 MW are expected to see substantial increase as a result of improving energy usage and lowering CO2 emissions by adjusting motor speed to real demand. Retrofit efforts in commercial, industrial, and residential institutions are favourably boosting product demand as a result of increased energy conservation programmes. Furthermore, widespread acceptance of these units in sectors such as petrochemicals, metals and mining, oil and gas, and cement will drive industry growth.

Over the projected period, high starting prices of medium voltage drives are likely to stymie global medium voltage drivers for the oil and gas market growth. Although the cost of medium voltage drives has decreased over the previous decade, they are still expensive. They are often utilised in the industrial sector and are predicted to grow throughout the forecast period. However, the high starting costs associated with medium voltage drives are a significant impediment. Furthermore, in order to manage their budgets, end consumers choose low-cost Chinese items.

Growing demand for medium voltage drives such as AC drives can create growth opportunities for the market growth. Companies in the worldwide medium voltage AC drive market rely on local manufacturing capability to lessen their reliance on foreign raw materials and many other components. Following the fall in coronavirus infection rates in several countries, manufacturers are implementing emergency reaction plans to suit shifting consumer habits and demand. Companies boost the value of their products through mergers and acquisitions and new product breakthroughs. To guarantee company continuity, they maintain a steady product supply. For example, Danfoss Drives, a forerunner in AC drive technology, updated its medium-voltage solutions range with the brand new VACON a thousand medium-voltage force in September 2021.

Global Medium Voltage Drivers For Oil and Gas MarketSegmentation Analysis

The Global Medium Voltage Drivers For Oil and Gas Market is segmented on the basis of Type, Application, and Geography.

Medium Voltage Drivers For Oil and Gas Market, By Type

• Upto 0.6 MW• 0.6 MW TO 10 MW• 10 MW TO 15 MW• More Than 15 MW

Based on Type, Upto 0.6 MW accounted for the largest market share in 2021, and is projected to grow at a CAGR of 4.72% during the forecast period. For instance, Woodside Energy and ABB Ability collaborated to develop an energy storage system for the oil and gas industry. A Power Store system with a rated capacity of 1 MW and a storage capacity of 1 MWh was managed to install at the Australian Goodwyn Alpha offshore platform. The platform is outfitted with four 3.2 MW gas turbine power units. More than 15 MW was the second-largest market in 2021, projected to grow at the highest CAGR of 4.16%. The PCS 8000 is an excellent choice for high-power compressor drives. It is a voltage source power converter with the option of semiconductor redundancy.

Medium Voltage Drivers For Oil and Gas Market, By Application

• Onshore Drilling• Offshore Drilling

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On the basis of Application, Onshore Drilling accounted for the largest market share in 2021 and is projected to grow at the highest CAGR of 4.26% during the forecast period. Medium voltage drives are anticipated to be used for a variety of functions like providing power and torque to equipment, tracking operational parameters, improving process control, and boosting safety levels, among many others. Medium voltage drives are used to control rotary pumps by converting alternating current (AC) to direct current (DC), which enables overcoming problems with pumping fluids from a low level under massive pressure at high speed in an oil well. This minimizes mechanical wear and tear on the pump while also reducing the cost of maintenance. Offshore Drilling was the second-largest market in 2021, projected to grow at the highest CAGR of 3.22%. Offshore drilling in the global oil and gas medium voltage drives market is primarily used for Deepwater exploration. The drill string in this type of offshore drilling penetrates to depths of 200 meters (660 feet) to 600 meters below sea level. The drive mechanism in these drills uses an electric motor that turns at high speeds ranging from 0 to 3600 rpm. As an outcome, it can produce higher torque over long periods without overheating or wearing out, as conventional hydraulic pumps do.

Medium Voltage Drivers For Oil and Gas Market, By Geography

• North America• Europe• Asia Pacific• Middle East & Africa• Latin America

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On the basis of regional analysis, the Global Medium Voltage Drivers For Oil and Gas Market is classified into North America, Europe, Asia Pacific, and Rest of the world. Asia Pacific accounted for the largest market share in 2021 and is projected to grow at the highest CAGR of 5.04% during the forecast period. According to the U.S. Energy Information Administration 2020 report, in China, the second largest fuel source was petroleum holding 20% of the total energy consumption in 2019. In 2019, China was the world’s fifth largest country in the production of petroleum and other liquids. After three years of decline in China, the production of petroleum and other liquids reached 4.9 million barrels per day in 2019 and around 80% of the total liquids production was from crude oil. To meet the requirement of rising usage of imported crude oil in China, the government called for the NOCs (national oil companies) to increase domestic oil production in 2018. The growing energy sector and rising demand for petroleum products are factors that are likely to contribute to the growth of the oil and gas industry, which in turn, propels the growth of the medium voltage drives for the oil and gas industry market. North America was the second-largest market in 2021, and it is projected to grow at a CAGR of 4.23%. The continual robust production of domestic oil and natural gas in the U.S. will help increase U.S. exports in the future. Flourishing oil & gas industries are anticipated to positively impact the medium voltage drives for oil and gas industry market demand in the country over the forecast period. According to the report by U.S. Energy Information Administration, in Canada, liquid fuel production is forecasted to rise by 0.2 million barrels per day in 2022 and by 0.1 million barrels per day in 2023 and bringing production to 5.9 million barrels per day in 2023. In Canada, the growth in production growth is driven owing to the oil sands expansion and debottlenecking projects, also as the expansion of the Enbridge Line 3 pipeline which has a capacity of 760,000 barrels per day and already became operational in 2021.

Key Players

The “Global Medium Voltage Drivers For Oil and Gas Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market include ABB, Danfoss, Schneider, Siemens, Mitsubishi, Fuji, Emerson, Hitachi, Parker Hannifin, Rockwell, And Others.

Key Developments

• In May 2019, Toshiba Mitsubishi-Electric Industrial Systems Corporation announces the introduction of the TMdrive-Guardian, an outdoor enclosure for its popular TMdrive-MVe2 medium voltage (MV) variable frequency drive (VFD). The self-sufficient enclosure eliminates the need to house the drive in a temperature-controlled industrial control building or E-house and has the potential to save companies thousands of dollars and make engineering, procurement, construction, and maintenance a breeze.

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