Medium voltage drives are adjustable speed drives utilized to control the torque and speed of AC motors. The usage of these drives in industrial powertrains is augmenting, in part due to a deduction in their cost and size. Furthermore, growing urbanization & industrialization coupled with augmenting need for energy efficiency and regulations on energy efficiency are foremost factors propelling the AC drives market.
According to the report analysis, ‘Medium Voltage AC Drive Market: Current Analysis and Forecast (2021-2027)’ states that Some of the major players operating in the market include 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, and Fuji Electric Co. Ltd.. These companies in the Medium Voltage AC Drive market are effectively working for keep maintaining the governing position, registering the great value of market share, leading the highest market growth, ruling around the globe, obtaining the competitive edge and generating the highest percentage of revenue by spreading the awareness connected to the applications and advantages of medium voltage AC drive, implementing the policies of profit making and strategies of expansion, increasing the features and benefits of medium voltage AC drive, improving the qualitative and quantitative measures of such, analysing the strategies and policies of government as well as contenders, delivering the better customer satisfaction, decreasing the associated prices of such and decreasing the associated prices of such.
Based on converter type, the market is diverged into voltage source inverter, current source inverter, and load commutated inverter. The voltage source inverter segment gripped significant market share of the Global Medium Voltage AC Drive Market. The growth of the category is majorly due to the augmenting regulations towards energy efficiency, upgradation & transformation of aging infrastructure for safe & secure electrical distribution systems, and augmenting the rate of industrialization and urbanization.
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On the basis of voltage, the market is categorized 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 projected to witness greatest CAGR during the forecast period. This growth is majorly attributed to augmenting use of medium voltage AC drive in building automation sector. The growth is propelled by the increasing requirement of energy-efficient facilities as augmented prices of energy and the formulation of stringent energy-efficiency policies have made it critical to check the energy consumption levels in buildings.
On the basis of end-user, the market is categorized into Oil & Gas, Water & wastewater, Power generation, Building Automation, Food & Beverage, Metals & Mining, Chemicals & Petrochemicals, and several Other. Oil & gas is one of the leading end-user industries of drives. The industry has been observing the stagnant growth for the past few years due to the deduction in exploration & production activities.
Asia Pacific constitutes the greatest market for the industry and produced revenue of USD XX billion during 2020. Countries such as China and India are among the key countries considered as the major manufacturing hub for drives. Over the past few years, this region has witnessed speedy economic development. Surging requirement for electricity and the growing need to augment the renewable power generation capacity motivates the utilities in these countries to invest in transmission and distribution infrastructure. There has also been an augmenting initiative towards energy efficiency that augments the demand for medium voltage AC drive.
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Global Medium Voltage AC Drive Market
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