Medium Voltage AC Drive Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Converter Type (Voltage Source Inverter,       Current Source Inverter, Load Commutated Inverter); Enclosure (Liquid Cooled and Air Cooled); Voltage (3 KV to 7 KV, 7.1 KV to 14 KV, 14.1 KV to 35 KV); Application (Pumps, Fans, Compressors, Conveyors, Others); End-User (Oil & Gas, Water & wastewater, Power generation, Building Automation, Food & Beverage, Metals & Mining, Chemicals & Petrochemicals, Other); Regions and Country

Published:

Feb-2022

Pages:

328

Table:

71

Figure:

149

Report ID:

UMEP21657

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description


Medium Voltage AC Drive Market is anticipated display a CAGR of around 4% over the forecast period (2021-2027).
The Global Medium Voltage AC Drive Market is experiencing significant growth due to the increased demand for building automation systems, rising global demand for energy efficient electrical products, and increase in urban population and rise in industrialization activities are the key factors complementing the Medium Voltage AC Drives market.

AC drives are used for regulating the velocity of electric motors and function by fluctuating the frequency, magnetic flux and voltage in the motor’s circuit. They are used to achieve effective control over the motor’s speed and reduce energy consumption. Owing to this, they are employed across the oil and gas, power generation, building automation, food and beverage, and metals and mining sectors. Furthermore, the low energy consumption of AC drives is one of the prime factors that is driving the growth in the market. They adopt energy-saving techniques, which avoid strain on natural resources and offer a greater return on investment and efficiency. The use of these devices also reduces disturbances in the power supply and lowers carbon dioxide emissions.

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.

Insights Presented in the Report

“Amongst Converter Type, Voltage Source Inverter Category to Hold Significant Share in 2020”

Based on converter type, the market is bifurcated into voltage source inverter, current source inverter, and load commutated inverter. The voltage source inverter category grabbed significant market share of the global medium voltage AC drive market and gathered revenue of USD XX billion in 2020. This is mainly due to the increase in industrialization in emerging markets such as China, India, Brazil, Mexico, among others. Furthermore, increase in demand for energy efficiency devices coupled with growing demand for medium voltage AC drives in across power generation, building automation, and water & wastewater sectors. Wastewater treatment industry has been witnessing rise in use of medium voltage AC drives, enabling pumps to accommodate the fluctuating demand by running these pumps at a lower speed and thereby consuming less amount of energy.

“Amongst Enclosure, Liquid Cooled Category to Witness Highest CAGR During the Forecast Period.”

On the basis of enclosure, the market is classified into liquid cooled and air cooled. Among these, liquid cooled category to witness faster CAGR during the forecast period owing to hyperscale adoption and a growing need for greener, more efficient drive across industries, globally. Furthermore, the liquid cooled drive manufacturers have implemented various types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions to strengthen their offerings in the market as well as to increase adoption of these drives in major end-use industries. For instance, ABB Ltd. offers ACS1000, a medium voltage AC drive which boasts features such as Direct Torque Control (DTC), Power range 315 kW up to 5 MW, and water cooled compatibility. It has applications in Mining, Marine, Power, Water & Wastewater, Oil & Gas, Pulp & Paper, among others.

“Amongst Application, Compressors category to hold significant share in 2020”

On the basis of application, the market has been categorized into pumps, fans, compressors, conveyors, and others. In 2020, compressor category to account for significant share in the global market. Compressors equipped with drives can adjust speed, maximize production efficiency, and improve mechanical resonances. It also reduces operational and electrical stresses on the motor. Furthermore, compressors are widely used in oil and gas industry. Increased use of different types of compressors in upstream, midstream and downstream sectors for several distinctly different applications, such as transmission, storage, gas gathering, gas lift, gas injection, flash gas compression, refrigeration, etc. is further expected to support the market growth.

“Asia-Pacific will Dominate the Market During the Forecast Period”

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, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and Rest of World. Asia Pacific constitutes the largest market for the industry in 2020 on account of growing investments in oil and gas, building automation, industrialization in different countries of the region. The region is expected to dominate the Medium Voltage AC Drive market during the forecast period, as the region is hub for manufacturing electronics components and devices corresponding to various industries. For heating, ventilation, and air-conditioning systems used in the commercial and industrial sector, the medium voltage AC drives find wide usage as they can handle the variable load in several components, like chillers. The drives helps allow peak capacity to meet the high demands of peak loads in constant flow HVAC systems and then slowly control the energy with decreasing need for the load.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

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1.1.       Market Definitions
1.2.       Limitation
1.3.       Stakeholders
1.4.       Currency used in Report
2.1.       Research Process of the Medium Voltage AC Drive Market
2.2.       Research Methodology of the Medium Voltage AC Drive Market
2.3.       Forecasting Method
2.4.       Respondent Profile
2.5.       Main Objective of the Medium Voltage AC Drive Market Study
3MARKET SYNOPSIS

 

4EXECUTIVE SUMMARY

 

5.       MEDIUM VOLTAGE AC DRIVE MARKET COVID-19 IMPACT
6.       MEDIUM VOLTAGE AC DRIVE MARKET REVENUE (USD MN), 2019-2027F
7.1.    Voltage Source Inverter
7.2.    Current Source Inverter
7.3.    Load Commutated Inverter 
8.1.    Liquid Cooled
8.2.    Air Cooled
9.1.    3 KV to 7 KV
9.2.    7.1 KV to 14 KV
9.3.    14.1 KV to 35 KV
10.1.   Pumps
10.2.   Fans
10.3.   Compressors
10.4.   Conveyors
10.5.   Others
11.1.   Oil & Gas
11.2.   Water & wastewater
11.3.   Power generation
11.4.   Building Automation
11.5.   Food & Beverage
11.6.   Metals & Mining
11.7.   Chemicals & Petrochemicals
11.8.   Other
12.1.   North America
12.1.1.    US
12.1.2.    Canada
12.1.3.    Rest of North America
12.2.   Europe
12.2.1.    Germany
12.2.2.    UK
12.2.3.    France
12.2.4.    Italy
12.2.5.    Spain
12.2.6.    Rest of Europe
12.3.   Asia-Pacific
12.3.1.    China
12.3.2.    Japan
12.3.3.    India
12.3.4.    Australia
12.3.5.    Rest of Asia-Pacific
12.4.   Rest of World
13.1.   Market Drivers
13.2.   Market Challenges
13.3.   Impact Analysis
14.   MEDIUM VOLTAGE AC DRIVE MARKET OPPORTUNITIES
15.   MEDIUM VOLTAGE AC DRIVE MARKET TRENDS
16VALUE CHAIN ANALYSIS
17.1.   Demand Side Analysis
17.2.   Supply Side Analysis
17.2.1.    Top Product Launches
17.2.2.    Top Business Partnerships
17.2.3.    Top Business Expansions
17.2.4.    Top Merger and Acquisitions
18.1.   Porter’s Five Forces Analysis
18.1.1.    Bargaining power of Supplier
18.1.2.    Bargaining power of Buyer
18.1.3.    Industry Rivalry
18.1.4.    Availability of Substitute
18.1.5.    Threat of New Entrants
18.2.   Competitive Landscape
19.1.                     ABB Ltd.
19.2.                     Schneider Electric SE
19.3.                     Hitachi Ltd.
19.4.                     Rockwell Automation Inc.
19.5.                     NIDEC CORPORATION
19.6.                     Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
19.7.                     YASKAWA ELECTRIC CORPORATION
19.8.                     Honeywell International Inc.
19.9.                     Siemens AG
19.10.                  Fuji Electric Co. Ltd.
20.   DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Medium Voltage AC Drive Market were the three major steps undertaken to create and analyze the demand and sales of Medium Voltage AC Drive across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Medium Voltage AC Drive through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Medium Voltage AC Drive, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are converter type, application, voltage, enclosure, and end-user. Further regional level analyses were conducted to evaluate the overall demand of Medium Voltage AC Drive in global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing vehicle ownership and technological advancement in the healthcare sector etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and sub segments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the demand of Medium Voltage AC Drive across the major regions globally
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Medium Voltage AC Drive Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Medium Voltage AC Drive Market

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Medium Voltage AC Drive market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, distribution channel, and regions.

The main objective of the Medium Voltage AC Drive Market Study

The current & future market trends of the Medium Voltage AC Drive Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Medium Voltage AC Drive in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
  • Segments in the study include converter type, application, voltage, enclosure, and end-user, and regions
  • Defined analysis of the regulatory framework for the Medium Voltage AC Drive industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
  • Analyze the current and forecast market size of the Medium Voltage AC Drive across the globe. Major regions analyzed in the report include North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. Define and analyze the competitive landscape of the Medium Voltage AC Drive sector and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry