- Firms are developing a diverse range of medium-voltage AC and DC drives, which is likely to fuel the growth of the global market in the near future
ALBANY N.Y., April 20, 2022 (GLOBE NEWSWIRE) -- Based on revenue, the global medium voltage AC drive market is anticipated to rise at a CAGR of 4% during the forecast period, from 2021 to 2031. The global medium voltage AC drive market is anticipated to attain valuation of US$ 3.3 Bn by 2031. In order to reduce reliance on other nations for raw materials and many other components, firms in the global medium voltage AC drive market are depending on local manufacturing capacity. Manufacturers are embracing contingency planning to respond to shifting consumer patterns and fluctuating demand now that coronavirus infection rates are declining in several nations. Mergers and acquisitions (M&A) are being adopted by businesses to add value to their goods. They maintain a consistent supply of products to ensure business continuation.
All-purpose drives are needed in applications such as fans, compressors, pumps, and mills, due to which market players are strengthening their R&D in this field. They are expanding revenue streams in extruders, ball & sag mills, conveyors, and mixers by diversifying manufacturing in special purpose drives. This suggests that application knowledge is likely to assist businesses in gaining a competitive advantage over competitors.
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The global medium voltage AC drive market is likely to be dominated by North America. In 2020, the U.S. dominated the North America medium voltage AC drive market. The expansion of the market in the U.S. can be attributed to the country's increasing shale oil & gas production. The increase in investment in oil & gas production in North America is expected to generate profitable prospects for the regional medium voltage AC drive market during the forecast period.
Key Findings of Market Report
- Industry 4.0 is bringing intelligent motor management to medium voltage drives so as to deliver vital information to the control system about process factors and drive health. Besides, the global medium voltage AC drive market is likely to benefit from the steady rise of connected businesses. Software solutions make it easier to incorporate medium voltage AC drives into control systems with less effort and time.
- Maximum uptime is achieved in various end-use applications such as aeration blowers, ventilation fans, airport cogeneration, and effluent pumps due to powerful design concepts, durable components, and automated restart features in medium voltage AC drives
- Firms in the global medium voltage AC drive market are increasing manufacturing of systems with numerous control modes as well as air cooled design at all voltage and power ratings, allowing for greater application flexibility
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- Mining and minerals, maritime and chemical, cement, water, electricity, metals, and oil & gas are only a few of the uses for medium voltage AC drives. The motor speed is matched to the actual need utilizing a medium voltage AC drive, which optimizes energy usage and reduces CO2 emissions.
- Medium voltage AC drives allow motors to run at exact speeds as per their applications in different end-use industries by letting users to alter the frequency and manage the torque & speed load on motors. This can save large amounts of energy, lowering plant running costs and possibly reducing motor wear & tear, resulting in market expansion.
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Global Medium Voltage AC Drive Market: Growth Drivers
- Europe is a prominent region in the global medium voltage AC drive market. Such regional dominance can be attributed to increased funding for the development of clean technologies for electricity production in the region, such as wind and solar. An important factor likely to encourage the use of renewable energy sources in electricity production facilities is the introduction of rigorous rules to minimize GHG emissions from power production facilities.
- Increase in demand for long-distance natural gas transportation to fulfill the growing energy consumption needs is expected to provide attractive prospects for the global medium voltage AC drive market during the forecast period
Global Medium Voltage AC Drive Market: Key Competitors
- Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
- Rockwell Automation, Inc.
- The Yaskawa Electric Corporation
- Nidec Industrial Solutions (NIDEC CORPORATION)
- TECO Electric Europe Ltd.
- Fuji Electric Co., Ltd.
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Global Medium Voltage AC Drive Market: Segmentation
Converter Type
- Voltage Source Inverter
- Current Source Inverter
- Load Commutated Inverter
Enclosure
- Water Cooled
- Air Cooled
Application
- Pumps
- Fans
- Compressors
- Conveyors
- Others;
End-user
- Oil & Gas
- Power Generation
- Pulp & Paper
- Cement
- Metal & Mining
- Others
Voltage
- 3 KV to 7 KV
- 7.1 KV – 14 KV
- 14.1 KV – 35 KV
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