Medium Voltage Drives Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Medium Voltage Drives Market grew at a CAGR of 3.5% between 2017-2021 and is estimated to be US$ 1,439.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.1% and is expected to reach a valuation of US$ 2,151.4Mn by 2032 end.
Companies in the global market for medium voltage drives depend on their ability to produce products locally to lessen their reliance on imports of raw materials and other components. Manufacturers are using contingency planning to adjust to shifting consumer patterns, and erratic demand as coronavirus incidences decline in several nations. Businesses engage in mergers and acquisitions (M&A) to add product value. With a steady supply of goods, they are ensuring business continuity.
THOROUGH KNOWLEDGE OF APPLICATION IS REQUIRED TO GAIN A COMPETITIVE EDGE
Even though medium voltage drives offer capital and operational cost advantages over comparable options, it is still important to choose the best drive for each end-use application. Rockwell Automation, Inc., a provider of industrial automation and information technology with headquarters in the United States, is becoming aware of this gap and expanding its lineup of general-purpose and specialty medium-voltage drives.
Manufacturers in the medium voltage drive industry are investing more in R&D for all-purpose drives, which are necessary for mills, pumps, compressors, fans, and other equipment. They diversify production in special purpose drives to increase revenue streams in conveyors, ball & sag mills, extruders, and mixers. This shows that application knowledge gives businesses a competitive edge over other market players.
MEDIUM VOLTAGE HAS REMAINED MOSTLY LIMITED TO LARGE INDUSTRIAL SECTORS WITH HIGHER CAPITAL INVESTMENTS
Despite being used for a very long period, medium voltage drives have mostly been used in major industrial sectors with greater capital expenditures. Due to maintenance and safety concerns, medium voltage VFD motors require qualified employees for operation. The primary game-changer for the medium voltage drives market is the introduction of medium voltage drives with more streamlined controls.
MEDIUM VOLTAGE DRIVES USED IN ROLLING MILLS FOR HIGH OVERLOAD CAPACITY
Manufacturers in the metals industry are gaining access to reliable revenue prospects through the medium voltage drive market. ABB Ltd., a global Swedish-Swiss firm, is becoming aware of this market opportunity and offering medium voltage drives for metals sector rolling mills that need high precision and large overload capacity.
Rolling mills must generate and brake quickly due to the frequent changes in load speeds. Because medium voltage drives enable consistent torque over a broad speed range and significant torque increments, businesses in this industry are using value-grab opportunities for these applications. Systems that precisely regulate the rolling mill procedures in the metals industry are becoming more widely available thanks to manufacturers in the medium voltage drive market.
Market Segments Covered in Report
By Converter Type:
By Region and Country:
What is Voltage Source Inverter?
A voltage source inverter, often known as a VSI, is a converter that changes a voltage’s waveform from unidirectional to bidirectional or from DC to AC. The optimum voltage source inverter maintains a consistent voltage throughout the operation.
What are the major applications of medium voltage drives propelling the global market?
Several different types of gadgets that we use every day contain electric motors. Conveyors, fluid compressors, cooling fans, pump sets, and other devices are built around an electric motor that generates the necessary circular motion.
However, industrial settings with larger versions of these appliances requiring more energy are where medium voltage drives are put. Pump sets are the most desirable market for medium voltage VFD producers since they consume a substantial amount of energy in manufacturing units.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Technology improvements have recently led to the development of high-power speed drives, which call for facilities for precise voltage supply and current standards. Manufacturers of medium voltage VFDs are increasingly focusing on this requirement to accelerate product rollout.
The recent developments in the Global Medium Voltage Drives Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Converter Type, End-User, Application, Voltage, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.1%.
Thorough knowledge of the application is required to gain a competitive edge.
Major global Medium Voltage Drives Market players are ABB, Schneider Electric, Hitachi, Ltd., Rockwell Automation, Inc., Nidec Industrial Solutions (NIDEC CORPORATION), Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), YASKAWA ELECTRIC CORPORATION, Honeywell International Inc., Siemens, Fuji Electric Co., Ltd., Spartan Controls, Amtech, Danfoss, TECO Electric Europe Ltd.
Medium voltage has remained mostly limited to large industrial sectors with higher capital investments.
Asia Pacific Region is expected to account for the largest market revenue share in the Global Solar Tracker for the Power Generation market.
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