Pune, India, Feb. 02, 2021 (GLOBE NEWSWIRE) -- The global power magnetics for MV AC drive market size is expected to showcase exponential growth by reaching USD 1.48 billion by 2027 while exhibiting a CAGR of 5.4% between 2020 and 2027. The growth is attributable to the favorable government policies supporting green energy applications and the rapid-paced urbanization that is anticipated to surge the adoption of advanced power magnetics for MV AC drive products globally. Fortune Business Insights in its latest report, titled, “Power Magnetics for MV AC Drive Market Size, Share & Covi-19 Impact Analysis, By Type (Transformers, Inductors, Filters, Chokes, and Current Sensors), By Application (Pumps, Conveyors, Compressors, Electric Fans, Extruders, and Others), By End-user (Oil & Gas, Power Generation, Food & Beverages, Building Automation, Metal & Mining, Water & Wastewater, Chemicals & Petrochemicals, and Others), and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 1.07 billion in 2019 and is likely to exhibit a CAGR of 5.4% between 2020 and 2027.
COVID-19 Impact: Market to Exhibit -4.38% CAGR in 2020
The global market for power magnetics for MV AC drive is marred by several disruptions due to halted or postponed energy projects. Additionally, a reduced workforce across several end-user industries is hampering the operational activities that have led to a significant economic downturn. Owing to all these factors, the market is expected to register a negative CAGR of -4.38% in 2020. However, the post-COVID-19 period is expected to prove beneficial for the market due to the resumption of industrial activities during the forecast period.
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Power magnetics mainly consists of several components such as inductors, transformers, chokes, and current sensors. These products are extensively adopted to design and manufacture medium voltage AC drives. The advanced power magnetics for MV AC drive systems help optimize energy by enabling variable-speed control for several normal to heavy-duty applications.
What does the Report Provide?
The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
DRIVING FACTORS
Favorable Government Policies to Favor Market Growth
The increasing demand for clean energy sources has led to several government agencies formulating supportive policies to promote clean energy sources. The growing demand for clean energy applications is expected to drive advanced power magnetics for MV AC drive systems across the globe. Furthermore, the increasing rate of urbanization propels the demand for energy that is likely to bode well for the global power magnetics for MV AC drive market growth in the forthcoming years.
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SEGMENTATION
Transformer Segment Held a Dominant Market Share in 2019
The transformer segment, based on type, held a dominant market share in terms of revenue in 2019 and is expected to showcase considerable growth owing to the growing demand for the product that aids in the conversion of alternating current from one voltage to another.
REGIONAL INSIGHTS
Growing Consumer Demand for Power Electronic Systems in Asia-Pacific to Aid Growth
Among all the regions, Asia-Pacific is expected to hold the highest position in the global power magnetics for MV AC drive market during the forecast period. This is attributable to the growing consumer demand for power electronic systems such as inductors and transformers that is likely to boost the demand for these advanced drives in the region. Asia-Pacific stood at USD 0.44 billion in 2019.
On the other hand, North America is expected to hold the second position in the market during the forecast period. This is ascribable to the rising food and beverage sector in countries such as the U.S. between 2020 and 2027.
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COMPETITIVE LANDSCAPE
Facility Expansion by Key Players to Develop Advanced Drives
The global power magnetics for MV AC drive market is experiencing healthy competition amongst several players positioned to gain dominance. These players are focusing on expanding their facilities into developing and innovative advanced systems to serve several end-user applications. Moreover, to maintain their presence in the global market for power magnetics for MV AC drive, other key players adopt strategies such as merger and acquisition, the introduction of new products, and collaboration that will augment market growth in the forthcoming years.
Industry Development:
- March 2020 - Schaffner holding AG unveiled ecosine max passive harmonic filter series, FN3470/71, FN3480/81, FN3472/73, and FN3482/83. According to the company, the new filters are generally designed to mitigate excessive harmonics across most demanding applications. Additionally, they meet the compliance requirements of IEEE-519 and other power quality standards.
List of the Companies Profiled in the Global Market for Power Magnetics for MV AC Drive:
- Schaffner Holding AG
- Tamura Corporation
- Torytrans
- AQ trafotek Oy
- Hans von Mangoldt GmbH
- mDexx
- Bourns, Inc.
- RoMan Manufacturing, Inc.
- Danfoss
- Hammond Power Solutions
- Controlled Magnetics, Inc.
- TCI, LLC
- Badger Magnetics, Inc.
- MGM Transformer Company
- L/C Magnetics
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Power Magnetics for MV AC Drive Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Power Magnetics for MV AC Drive Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Transformers
- Inductors
- Filters
- Chokes
- Current Sensors
- Market Analysis, Insights and Forecast – By Application
- Pumps
- Conveyors
- Compressors
- Electric Fans
- Extruders
- Others
- Market Analysis, Insights and Forecast – By End-user
- Oil & Gas
- Power Generation
- Food & Beverages
- Building Automation
- Metal & Mining
- Water & Wastewater
- Chemicals & Petrochemicals
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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