The global medium voltage drives market is projected to expand at a moderate CAGR of 3.8%, reaching USD 2,439.7 million by 2033 from USD 1,680.2 million in 2023. Potential market demand for efficient medium voltage drives are projected to increase due to the growing trend of industrial automation.
Industrial establishments requiring higher energy consumption for running various manufacturing equipment are constantly striving for implementing energy-efficient tools. The adoption of the industrial Internet of things (IIoT) is likely to have a growth rate of 1.03x between 2022 and 2023.
Coupled with stringent regulations for reducing carbon emissions, it has made it a compulsion for spending less on electricity consumption. As a result, a medium voltage or mv drive has emerged to be a suitable tool for the higher performance of electric motors used in industries with the consumption of a lower amount of electricity.
Industries operating on higher capacity electricity motors also have high voltage VFD drives that benefit the users with the similar outcomes of using medium voltage VFDs.
Heavy-duty Industries and Oil & Gas Networks Implementing the Monitoring and Control Systems for Lessen Power Consumption
By varying the frequency and voltage of the electricity supplied to electric motors used in industries, it is possible to manage energy consumption. Moreover, the utilization of weg medium voltage drives in industrial setups helps in increasing the longevity of equipment and reduces the overall maintenance cost.
Industrial setups with high workloads prefer to deploy the best medium voltage drives, for example, Siemens mv drives, powerflex 7000 VFD, and others, for better results. Other media to smaller size enterprises opt for better options in terms of the lower cost that is likely to provide an equal ground for all the players operating in the market.
| Attributes | Details |
|---|---|
| Expected Market CAGR (2023 to 2033) | 3.8% |
| Expected Market Size (2023) | USD 1,680.2 million |
| Expected Market Size (2033) | USD 2,439.7 million |
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| Attribute | Details |
|---|---|
| Market CAGR (2018 to 2022) | 3.5% |
| Market Size (2018) | USD 1,366.9 million |
| Market Size (2022) | USD 1,623.5 million |
| Market Y-o-Y Growth (between 2023 and 2033) | 1.45x |
As a way to save energy in industrial settings, the government and private businesses are supporting the use of high voltage and medium voltage drives. Short-term growth is quite substantial, as smart grid technology is being adopted. As a result, a valuation of USD 1,879.11 million is predicted for 2026.
The potential demand for medium voltage is projected to see new heights due to the emphasis on sustainability and energy efficiency. It has become more crucial than ever to create intelligent motor control systems that maximize motor performance and energy usage using cutting-edge algorithms and sensors.
The market is currently expanding and changing, and new technology and applications are always being developed. This is likely to result in a substantial valuation of USD 2,181.44 million by 2030.
The medium voltage drives industry, which began simply as a switch, has evolved into a main force in energy efficiency and innovation, supplying the world's industries and paving the way for a more sustainable future.
Obligations to control energy consumption by reducing the demand for electricity supply in electrical motors are optimized by the use of appropriate voltage-regulating drives.
Existing technologies across all levels of enterprises undergoing the necessary refurbishment and replacement. They are poised to obtain new upgraded versions of medium voltage variable frequency drives that are projected to obtain higher revenues in the market.
In recent times, there has been a growing requirement for introducing full-time monitoring control of various processing units. Due to a shortage of labor, particularly in developed economies, industries are resorting to the utilization of medium-voltage drives as well as high-voltage drives.
Principal Consultant
Based on the power range, 1 MW to 3MW is likely to gain a top spot in the market, with a CAGR of 38% in 2023.
The rising use of automation in the building sector, fueled by the requirement for energy-efficient appliances, is likely to set the market with significant demand for 3 KV to 7KV medium voltage variable frequency drives.
This segment is expected to witness an advantage over other higher 14 KV and above categories owing to the higher medium voltage VFD price list.
There are six subsectors of the manufacturing sector considered to be intensive end-users having high energy requirements. In 2018, these six industries, namely oil & gas processing, power generation plants, mining and primary metal refining, and pulp and paper manufacturing, consumed almost 87% of the total manufacturing energy consumed per year.
Rising fossil fuel prices have redirected the various operations in these industries to use energy-efficient methods as a cost-cutting measure. The oil & gas segment is projected to lead the market with a share of 34% in 2023.
AC drives control the speed of electric motors and torque produced by fluctuating the voltage in the motor circuits. This segment is the most popular drive than the DC and servo medium voltage VFD motors.
AC drives are deployed in heavy industries that further fuel the growth of the medium voltage drives market in the coming days.
Electric motors are used in several types of appliances that we see in everyday life. Pump sets, cooling fans, conveyors, fluid compressors, and others are constructed over an electric motor, providing the required circular motion.
Medium voltage drives are installed in industrial setups, having bigger versions of these appliances requiring higher energy to run. Pump sets consume a significant amount of energy available for the production units. This makes them the attractive segment for medium voltage VFD manufacturers.
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North America is the dominant region in the manufacturing and production of medium voltage. With the presence of several top brands of medium voltage drives in the region, some brand names have become synonymous with the product. Siemens mv drives, weg medium voltage drives, and ABB medium voltage VFD are some common names mistakenly used instead of medium voltage drives.
| Country | China |
|---|---|
| CAGR (2023 to 2033) | 4.6% |
| Country | India |
|---|---|
| CAGR (2023 to 2033) | 5.0% |
Medium voltage drive manufacturers with lower labor costs are setting up factories in the Asia Pacific region. This is done to lessen their need for cross-border transportation for raw materials.
Due to its quick economic expansion and governmental prohibitions on excessive energy use, Japan is likely to increase adequately, with a market share of 6% in 2023. Moreover, the presence of key manufacturers in these regions, particularly China and India, is likely to provide a conducive environment for the rapid adoption of MV drives in industries.
Medium voltage drives are now widely used across many industries due to rapid technological advancements. High reliability and cost-effective energy reduction are the main goals of progress.
Europe is also a prominent region, having huge growth potential for the medium voltage drives sector being present for a very long time.
Medium voltage drives manufacturers to focus on providing an easy way to program the interface. For instance, medium voltage AC drives with touch screen Human Machine Interfaces are being developed by manufacturers in a bid to give operators a simple way to interface with the drives, access the settings, and program them.
Due to the fact that medium voltage AC drives enable consistent torque over a broad speed range and significant torque increments, manufacturers in this industry are using value-grab opportunities for these applications.
Manufacturers in the medium voltage AC drive market are making systems that accurately manage the rolling mill operations in the metals industry more broadly accessible.
The use of high-power speed drives recently developed by technological advancements requires provisions for the accurate supply of voltage and current specifications. Medium voltage VFD manufacturers are increasingly targeting this necessity to escalate product deployment.
To remain competitive, medium voltage drive manufacturers are producing drives according to the requirements of several industries. By creating medium voltage VFD specs that reflect consumer preferences, this change in business approach is anticipated to aid manufacturers in attracting new customers.
For instance: Fuji Electric is a key player in the Asia Pacific region that produces competitive medium voltage drives in the range starting from 0.1 kW and going up to 2400 kW as required by different applications in modern industries.
Recent Development:
The market is valued to hit USD 2,439.7 million by 2033.
The market is forecast to register a CAGR of 3.8% through 2033.
The market is estimated to secure a valuation of USD 1,680.2 million in 2023.
During 2018 to 2022, the market grew at a CAGR of 3.5%.
In 2023, the United States to possess a market share of 21.6%.
With a CAGR of 38% in 2023, 1 MW to 3MW to take the lead in the market.
The oil and gas segment to command 34% of the market share in 2023.
1. Executive Summary | Medium Voltage Drives Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Power Range 5.1. < 1MW 5.2. 1MW - 3 MW 5.3. 3MW - 7 MW 5.4. > 7MW 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 6.1. Oil & Gas 6.2. Power Generation 6.3. Mining & Metals 6.4. Pulp & Paper 6.5. Marine 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Drive 7.1. AC 7.2. DC 7.3. Servo 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. Middle East and Africa (MEA) 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. ABB 16.2. Schneider Electric 16.3. Hitachi, Ltd. 16.4. Rockwell Automation, Inc. 16.5. Nidec Industrial Solutions 16.6. Toshiba Mitsubishi-Electric Industrial Systems Corporation 16.7. Honeywell International Inc. 16.8. Siemens 16.9. Fuji Electric Co., Ltd. 16.10. Spartan Controls 16.11. Amtech 16.12. Danfoss 17. Assumptions & Acronyms Used 18. Research Methodology
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Medium Voltage Drives Market
