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, sometimes called variable speed drives or VFDs, are like super-smart controllers that fine-tune the torque and speed of AC motors. You're seeing them pop up more and more in factories because they're getting cheaper and smaller. Lots of industries rely on them, from wastewater plants to petrochemical, mining, food and drug, and even everyday manufacturing. Think of them as the muscle behind things like conveyor belts, mixers, pumps, compressors, and blowers. We're talking about serious power here – these drives handle needs in the 500 – 20,000 hp range. That power difference is huge between regular low voltage setups and these medium voltage guys. In the oil and gas world, they're a game-changer, boosting performance, making things more reliable, and saving energy. You can save big on energy bills, especially with centrifugal pumps or fans. Nowadays, the fancy electronics in these drives are so dependable that many industries are switching to them instead of old-school automated systems to keep things running smoothly when they need to adjust flow rates. Designing these medium voltage drives for oil and gas is a special job, considering things like power, overload capacity, speed range, how they handle tough loads, voltage dips, power outages, and even setting them up offshore.

Global Medium Voltage Drivers For Oil and Gas Market Overview

Medium voltage drives are pretty common these days, popping up in all sorts of industrial settings like oil and gas. They're used to control how fast motors run by tweaking the frequency and voltage. Basically, MV drives can be a great way for companies to cut down on energy use and spending, plus they can even make equipment last longer and need less maintenance. That's why tough energy efficiency rules and a general good vibe about using efficient motor drive tech are pushing the whole industry forward. The rise of the Industrial Internet of Things (IIoT) in these drives is a big deal too, bringing constant monitoring, automatic alerts, and better system performance into the mix, which will definitely shake things up. With governments pushing for better energy tech through rules and the continued rollout of advanced energy-saving systems, you'll see these products used more and more. And, let's not forget the perks – things like tax breaks, feed-in tariffs, and other financial incentives make it even more appealing to adopt them. Expect to see a big jump in the use of medium voltage drives in the 1 MW to 3 MW range because they’re good at improving energy use and cutting down on CO2 by adjusting motor speed to meet the actual need. Upgrading existing systems in businesses, factories, and even homes is also helping drive demand, thanks to more energy conservation programs. Plus, as more and more industries like petrochemicals, metals & mining, oil & gas, and cement embrace these drives, the industry is set to really take off.

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.

The increasing need for medium voltage drives, especially AC drives, could really help the market grow. Companies in the global medium voltage AC drive scene are leaning on local manufacturing to cut down on how much they depend on foreign raw materials and parts. Now that coronavirus infections are down in a bunch of countries, manufacturers are putting emergency plans into action to keep up with changing consumer habits and what people want. To make their products even better, companies are doing things like mergers and acquisitions, and coming up with new product breakthroughs. They're also making sure they have a reliable product supply to keep business running smoothly. Take Danfoss Drives, for example – they're a big name in AC drive tech, and they upgraded their medium-voltage solutions with the brand new VACON a thousand medium-voltage force back 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

In 2021, the <0.6 MW type was the big winner, grabbing the largest chunk of the market, and we're expecting it to keep growing at a solid pace of 4.72% annually. Take Woodside Energy and ABB Ability, for example. They teamed up to build an energy storage system specifically for the oil and gas game. They even managed to get a 1 MW Power Store system (with 1 MWh of storage) installed on Australia's Goodwyn Alpha offshore platform, which already has four 3.2 MW gas turbines humming away. Now, while the >15 MW category wasn't the biggest in 2021, it's predicted to be the fastest growing, with an impressive CAGR of 4.16%. For those hefty compressor drives, the PCS 8000 is a fantastic voltage source power converter, and it even gives you the option of adding some extra semiconductors for backup!

Medium Voltage Drivers For Oil and Gas Market, By Application

• Onshore Drilling• Offshore Drilling

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When we look at where these medium voltage drives are used, onshore drilling took the crown in 2021, holding the biggest piece of the market. We're expecting it to keep growing strong, too, with a projected annual growth rate of 4.26% over the next few years. These drives are pretty versatile – they're going to be doing everything from powering equipment and keeping tabs on how things are running, to making processes smoother and boosting safety, you name it. They're especially handy for controlling rotary pumps, turning AC power into DC power, which is crucial for pumping fluids from deep down in oil wells at high speed and pressure. This also helps keep the pump in good shape and cuts down on maintenance costs. Offshore drilling came in second place in 2021, and it's also expected to see solid growth, with a yearly increase of about 3.22%. A lot of offshore drilling using these drives happens in deepwater exploration, where they're drilling down 200 to 600 meters below the surface. The drills use electric motors that can spin super fast – up to 3600 rpm – giving them a ton of torque for long periods without burning out like older hydraulic pumps.

Medium Voltage Drivers For Oil and Gas Market, By Geography

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

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Okay, so when we look at the Global Medium Voltage Drivers market for Oil and Gas, we break it down by regionNorth America, Europe, Asia Pacific, and the Rest of the World. Interestingly, Asia Pacific snagged the biggest piece of the pie in 2021 and is expected to keep growing strong, with a projected CAGR of 5.04%! For instance, according to the U.S. Energy Information Administration's 2020 report, petroleum was a huge deal in China in 2019, making up 20% of their total energy use. Plus, China was a top petroleum producer. They even ramped up domestic oil production back in 2018. All that growing energy and demand for petroleum? It's likely fueling growth in the oil and gas industry, which then boosts the need for medium voltage drives. Meanwhile, North America came in second place in 2021 and is predicted to have a CAGR of 4.23%. The U.S. is pumping out a lot of oil and natural gas, which should help them export even more down the line. And in Canada, as the U.S. Energy Information Administration reports, liquid fuel production is expected to increase in 2022 and 2023, reaching 5.9 million barrels per day by 2023, thanks to oil sands projects and pipeline expansions.

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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