Medium Voltage AC Drive Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Vikas Kumar
- February 18, 2022
- ENERGY & POWER, NEWS
- Medium Voltage AC Drive Market Growth, Medium Voltage AC Drive Market news, Medium Voltage AC Drive Market share, Medium Voltage AC Drive Market Size, Medium Voltage AC Drive Market Trend
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Medium Voltage AC Drive Market is expected to grow at a CAGR of around 4% during the forecast period 2021-2027. Medium voltage drives are adjustable speed drives used to control the torque and speed of AC motors. The use of these drives in industrial powertrains is increasing, in part due to a reduction in their cost and size. Furthermore, increasing urbanization & industrialization coupled with rising need for energy efficiency and regulations on energy efficiency are major factors driving the AC drives market.
Moreover, increase in energy consumption leads to increase in various environmental issues like greenhouse gas emissions, global warming, air pollution, which in turn drives the use of energy-efficient devices across different industries. The use of energy-efficient devices minimizes the exploitation of natural resources and helps to address related problems like voltage fluctuations. The rising need to reduce energy consumption has prompted organizations in manufacturing sector, oil & gas sector, building automation sector, among others to develop innovative energy efficient devices. Therefore, diverse processes for earning energy efficiency along with rising need for energy optimizations in different industrial processes are the key factors boosting the market growth..
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During the COVID-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for medium voltage AC drive market. Globally countries witnessed economic slowdown. Majority of decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of COVID-19. All these factors affected the market for Medium Voltage AC Drive in a negative way.
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Based on converter type, the market is bifurcated into voltage source inverter, current source inverter, and load commutated inverter. The growth of the category is mainly due to the growing regulations towards energy efficiency, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems, and increasing rate of industrialization and urbanization.
Based on enclosure, the market is categorizes into liquid cooled and air cooled. Liquid cooled segment will witness a considerable CAGR of XX% during the forecast period owing to growing usage of these drives in the industrial, power, and infrastructure sectors. Moreover, growing energy consumption from various sector is also driving the category’s growth. In 2018, the combined energy use by six intensive manufacturing subsectors, i.e., chemicals, petroleum, coal products, paper, primary metals, food, and non-metallic mineral products is equaled 16.9 quadrillion Btu, i.e., 87% of the total manufacturing energy consumption.
On the basis of voltage, the market is classified into 3 KV to 7 KV, 7.1 KV to 14 KV, and 14.1 KV to 35 KV. The 3 KV to 7 KV category is expected to witness highest CAGR of XX% during the forecast period. This growth is mainly attributed to rising use of medium voltage AC drive in building automation sector. The growth is fueled by the increasing requirement of energy-efficient facilities as increased prices of energy and the formulation of stringent energy-efficiency policies have made it crucial to check the energy consumption levels in buildings.
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For a better understanding of the market adoption of Medium Voltage AC Drive, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020. Countries such as China and India are among the major countries considered as the main manufacturing hub for drives. Over the past few years, this region has witnessed rapid economic development. Surging demand for electricity and the growing need to increase renewable power generation capacity encourage utilities in these countries to invest in transmission and distribution infrastructure. There has also been a growing initiative towards energy efficiency that increases the demand for medium voltage AC drive.
Medium Voltage AC Drive Market Segmentation
Market Insight, by Converter Type
Market Insight, by Enclosure
- Liquid Cooled
- Air Cooled
Market Insight, by Voltage
MARKET INSIGHTS BY REGION
- North America Medium Voltage AC Drive Market
- Rest of North America
- Europe Medium Voltage AC Drive Market
- Rest of Europe
- Asia-Pacific Medium Voltage AC Drive Market
- Rest of Asia-Pacific
- Rest of World Medium Voltage AC Drive Market
Top Company Profiles
- ABB Ltd.
- Schneider Electric SE
- Hitachi Ltd.
- Rockwell Automation Inc.
- NIDEC CORPORATION
- Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
- YASKAWA ELECTRIC CORPORATION
- Honeywell International Inc.
- Siemens AG
- Fuji Electric Co. Ltd.