Medium Voltage Electric Drives Market

Global Medium Voltage Electric Drives Market Size (2024 to 2029)

The size of the global Medium Voltage Electric Drives market is expected to be worth USD 1813 Million in 2024 and USD 2,196 Million by 2029, growing at a CAGR of 3.9% from 2024 to 2029.

Electric drives are electromechanical systems used to control the motion of an electrical machine. It specifically controls the electrical energy into mechanical power using certain parameters. Based on voltage, they are classified into low voltage, medium voltage, high voltage, and extra high voltage. At the broad system level, IEEE (Institution of Electrical and Electronic Engineers) Std. 100 defines nominal medium voltage (MV) as “greater than 1 kV and less than 100 kV.” The medium voltage electric drivers have features such as improved process control, higher efficiencies, and less energy usage. They are increasingly used in petrochemicals, mining, steel &metal, and transportation industries.

Global Medium Voltage Electric Drives Market Drivers:

Medium voltage electric drives are more user-friendly control systems that can maximize motor performance and enhance productivity. It also uses a lower amount of electricity during the operations. This technical supremacy of medium voltage electric drives is driving the market growth. Further increasing demand for industrial automation in developing countries is fuelling market growth. Companies are also strengthening their market share by rising investments in smart infrastructure and taking up R&D in the field, bolstering the medium voltage electric drives market expansion.

The surging demand for heavy-duty industry vehicles during the forecast period is providing a lucrative opportunity for market expansion. Further increases in the need for all-purpose drives in applications such as fans, pumps, and mills are strengthening the market opportunities. Moreover, growing research and development to produce effective and suitable medium voltage electric drives is fuelling the market’s future growth in the period.

Global Medium Voltage Electric Drives Market Restraints:

The installation of medium-voltage electric drives requires high investments and frequent maintenance. It also has a poor dynamic response and produces less power output from the drive. These factors are degrading the medium voltage electric drives market during the forecast period. Further, technical issues in conversion on both the line side and the motor side are hampering the market growth. Moreover, a technical person is required for the operation, and maintaining the equipment can impede market growth.

Impact of COVID-19 on the medium voltage electric drives market:

COVID-19 has emerged as a global pandemic and the deadliest virus in the 21st century. The pandemic caused humanitarian loss and economic crises globally. Every nation is facing a supply & demand mismatch of essential goods and services, and the production of various vital industries is disrupted around the world. The world is facing a transportation ban, import and export limitations, and a severe upcoming inflation rate. Furthermore, globalization and interconnected economies are affected due to economic crises. This outbreak has an economic impact and implications on global markets, including the medium voltage electric drives market. The industries faced a shortage of raw materials and limited production with a low rate of workforce. Even industries and manufacturing units of nonessential goods and services are shut down completely or partially, have hampered the market growth during COVID-19. However, positive growth is observed in the medium voltage electric drives market post-COVID owing to the restart of production facilities.

REPORT COVERAGE:

This research report on the global medium voltage electric drives market has been segmented and sub-segmented based on drive, end-user, and region.

Global Medium Voltage Electric Drives Market - By End User:

• Oil & Gas
• Power Generation
• Mining & Metals
• Pulp & Paper
• Marine
• Others

The oil and gas industry accounts for the largest market share in the medium voltage electric drives market during the forecast period. The integration of monitoring and control systems in production facilities of the oil and gas industry is expected to drive the demand in the market. Further introduction of energy efficient policies in developing and developed countries is raising the deployment of medium voltage drives market. Moreover, replacing and refurbishing the present technologies is also driving the market expansion in the period.

Global Medium Voltage Electric Drives Market - By Drive:

• AC
• DC

The AC Drives segment is anticipated to hold the highest market share during the forecast period. Medium voltage AC drives have less initial capital expenditure and operate at low cost. This technical advantage of AC drives is driving the market share in the period. Industries such as chemical, oil & Gas are using AC drives as they perform well in harsh environments with lower maintenance costs. Several companies are adding medium voltage AC drive variants to their portfolio to ensure consistent product supply in the market.

Global Medium Voltage Electric Drives Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America 
• Middle East and Africa

The Asia-Pacific region is observed to record the most significant market revenue during the forecast period. The growing adoption of automation in developing countries is driving the market in the region. Industries such as metal mining, oil & gas, and power generation are using medium voltage drives as they extend the motor lifecycle and reduce motor maintenance by distributed usage. Further, increased operations activities in the energy sector of China are anticipated to drive the medium voltage electric drives market. In addition, companies are focusing on strengthening their market share by introducing innovative products is significantly contributing to the market. Several factors, such as an increase in foreign investments, supportive government regulations, and an increase in energy consumption due to the rise in population, are driving market growth in the Asia-Pacific region.

KEY MARKET PLAYERS:

Major Key Players in the Global Medium Voltage Electric Drives Market are 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., Schneider Electric, ABB Limited, Honeywell International Inc., Johnson Controls, Eaton, Fuji Electric Co., Ltd., and others.

RECENT HAPPENINGS IN THE MARKET:

• In 2021, Schneider Electic launched digitally enabled SureSeT MV switch gear and EvoPacT circuit breakers. These products are integrated with large and complex medium-voltage electric drives for good power distribution and control.
• In 2021, Danfoss Drives expanded its portfolio by introducing medium voltage electric drives into the market with the brand name VACON. It has a thousand medium voltage forces.