Richmond, Feb. 26, 2024 (GLOBE NEWSWIRE) -- According to a research report "Australia Medium Voltage Drives Market”, by Power Range (<1 MW, 1MW - 3MW, 3MW- 7MW, and >7MW), Application Sector (Oil & Gas, Hydrogen, Mining & Metals, Pulp & Paper, Water and Wastewater, Cement, and Others), Application (Pump, {Feed Water Pump, Booster Pump, Freshwater Pump, Slurry Pump, and Others}, Fan/Exhausters, {Induced Draft Fan, Forced Draft Fan, Baghouse Fan, Furnace Fan, Separator Fan, and Others}, Conveyor, Compressor, Extruders and Mixers/Agitators, Turbine, and Others) and Drive (AC, DC, and Servo), and Region - Global Forecast to 2030.
Global Australia Medium Voltage Drives Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 58.0 Million |
| Market size value in 2030 | USD 84.90 Million |
| CAGR (2023-2030) | 5.60% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Offering, Component, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Australia Medium Voltage Drives Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The medium voltage drives market in Australia is expected to witness a significant growth during the forecast period driven by factors such as increasing industrialization, the need for energy efficiency, and advancements in technology. Medium voltage drives are essential components in various industrial applications, providing precise control over the speed and torque of electric motors, thereby optimizing energy consumption and enhancing overall operational efficiency. Australia's transition towards renewable energy sources and the adoption of electric vehicles are further contributing to the demand for medium voltage drives, as they play a crucial role in integrating renewable energy into the power grid and powering electric vehicle charging stations.
Moreover, government initiatives and regulations promoting energy efficiency and sustainability are propelling the adoption of medium voltage drives across industries. Australia is taking positive step towards enhancing its climate and clean energy goals. The International Energy Agency (IEA) has evaluated Australia's advancements and advises the country to further bolster its policies and long-range strategies to guarantee the achievement of its targets. The IEA report, 2023 highlights that Australia is a significant exporter of both fossil fuels and critical minerals essential for various clean energy technologies. Since the IEA's previous review in 2018, Australia has made significant legislative advancements. In 2022, the country enacted the Climate Change Act, which doubles the target for emissions reductions by 2030 and aims to achieve net zero emissions by 2050. Additionally, the Australian government committed to the Global Methane Pledge in 2022, aligning with 130 other governments in collectively aiming for a minimum 30% reduction in methane emissions by 2030.
The integration of renewable energy sources such as solar and wind power necessitates sophisticated control mechanisms provided by medium voltage drives to ensure grid stability and efficient power distribution. The Australian medium voltage drives market is highly competitive, with several local and international players vying for market share. Key players include ABB., Siemens, Schneider Electric, Rockwell Automation, and Danfoss, among others. These companies are focusing on product innovation, technological advancements, and strategic collaborations to gain a competitive edge in the market.
Major vendors in the Australia Medium Voltage Drives market:
ABB, Danfoss, Delta Electronics, Eaton, General Electric, Hitachi, iOpen, Johnson Controls, Nidec Corporation, Regal Rexnord Corporation, Rockwell Automation, Schneider Electric, Siemens, WEG and other prominent vendors.
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Growing industrial sector, including manufacturing, mining, oil and gas, and utilities
The industrial sectors (manufacturing, mining, oil and gas, and utilities) rely heavily on efficient motor control solutions to optimize processes, enhance productivity, and reduce energy consumption. Australia's manufacturing sector is expanding rapidly, fueled by factors such as population growth, urbanization, and technological advancements. Medium voltage drives play a crucial role in manufacturing processes, providing precise control over machinery and equipment, thereby improving efficiency and product quality. As manufacturers strive to modernize their operations and meet increasing demand, the adoption of medium voltage drives is on the rise. The mining sector is a cornerstone of the Australian economy, contributing significantly to exports. Medium voltage drives are essential components in mining operations, powering heavy-duty equipment such as conveyors, crushers, and pumps. By enabling precise control over motor speed and torque, medium voltage drives help optimize production processes, reduce downtime, and enhance safety in mining operations. As mining activities continue to expand, the demand for medium voltage drives is expected to increase proportionally. In addition, Australia's oil and gas industry is experiencing rapid development, driven by investments in exploration, production, and infrastructure. Medium voltage drives are widely used in oil and gas applications, including pumps, compressors, and offshore platforms, to regulate flow rates and pressure levels. These drives improve operational efficiency, reduce energy consumption, and enhance safety in oil and gas operations. With ongoing investments in the sector, the demand for medium voltage drives is poised to grow.
Market Dynamics
Drivers:
- Growing industrial sector, including manufacturing, mining, oil and gas, and utilities
- Continuous advancements in medium voltage drive technology
- Rising Government initiatives and regulations promoting energy efficiency and sustainability
Opportunities:
- Increasing adoption of electric vehicles (EVs)
- Government initiatives aimed at promoting energy efficiency and reducing carbon emissions
- E-commerce Growth
Increasing adoption of electric vehicles (EVs)
Australia is witnessing a significant shift towards sustainable transportation, with the increasing adoption of electric vehicles (EVs). A preference for gas-powered SUVs and pickup trucks, electric vehicle sales surged in Australia in 2023, indicating a significant increase in adoption compared to global peers. The ACT is leading the way, with all petrol and diesel vehicle sales to be ended by 2035 and an ambition for 80-90% of sales to be electric by 2030 according to Origin Energy Limited.
As the adoption of electric vehicles grows, there is a corresponding need for the development of robust EV charging infrastructure across Australia. Medium voltage drives play a critical role in EV charging stations, facilitating efficient power conversion, distribution, and control. As the demand for EV charging infrastructure rises, so too does the demand for medium voltage drives to support the expansion of charging networks. Integrating electric vehicles into the existing power grid requires sophisticated control systems to manage electricity demand, distribution, and grid stability. Medium voltage drives enable efficient grid integration by providing precise control over charging rates and power flows. Additionally, these drives can help utilities manage peak demand and optimize energy distribution, thereby enhancing the reliability and efficiency of the power grid. The growing momentum towards electric mobility presents opportunities for collaboration and innovation between stakeholders in the EV and medium voltage drives sectors. Research institutions, industry associations, and technology providers can collaborate to develop advanced charging solutions, energy management systems, and grid integration strategies. By leveraging synergies between EV technology and medium voltage drives, stakeholders can accelerate the adoption of electric vehicles while driving innovation and competitiveness in the market.
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The Pump Segment is anticipated to account for the Largest Market Share during the Forecast Period
The pump segment holds the largest share in the medium voltage drives market in Australia, reflecting the significant role of this industry within the country's industrial landscape. Medium voltage drives are crucial components in controlling the speed and efficiency of pumps used in various sectors such as water and wastewater management, oil and gas extraction, mining operations, and industrial processes. Australia's reliance on pumps across diverse applications is driven by several factors. In water and wastewater management, pumps are indispensable for ensuring the supply of clean water and the efficient disposal of wastewater in urban and rural areas. With the growing population and increasing urbanization, there is a continuous demand for upgrading and expanding water infrastructure, which further drives the demand for medium voltage drives in the pump segment.
Segmentations Analysis of Australia Medium Voltage Drives Market: -
- By Power Range
- <1 MW
- 1MW - 3MW
- 3MW- 7MW
- >7MW
- By Application Sector
- Oil & Gas
- Hydrogen
- Mining & Metals
- Pulp & Paper
- Water and Wastewater
- Cement
- Others
- By Application
- Pump
- Feed Water Pump
- Booster Pump
- Freshwater Pump
- Slurry Pump
- Others
- Fan/Exhausters
- Induced Draft Fan
- Forced Draft Fan
- Baghouse Fan
- Furnace Fan
- Separator Fan
- Others
- Conveyor
- Compressor
- Extruders and Mixers/Agitators
- Turbine
- Others
- Pump
- By Drive
- AC
- DC
- Servo
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