Medium Voltage Drives Market revenue to cross USD 2 Bn by 2028: Global Market Insights Inc.

Major medium voltage drives market players include Nidec Corporation, Siemens, Rockwell Automation, Inc., Schneider Electric, GE, Danfoss, Fuji Electric Co., Ltd., WEG, ABB, Eaton, Yaskawa Electric Corporation, CG Power and Industrial Solutions Limited, Johnson Controls, and Hitachi Ltd.

SELBYVILLE, Del., Feb. 16, 2022 /PRNewswire/ -- The medium voltage drives market size is anticipated to record a valuation of USD 2 billion by 2028, according to the most recent study by Global Market Insights Inc.  Market growth is attributed to the rising energy consumption and increasing focus on optimum energy utilization along with enhancing power-generation technologies. Transforming inclination toward energy-efficient alternatives to comply with stringent norms & standards to minimize energy consumption from establishments will complement the business outlook. Furthermore, the growing construction of advanced infrastructure across various industrial establishments to accelerate the market expansion.

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The COVID-19 pandemic has adversely affected industry operations in an unprecedented way. This sudden spread of pandemic has resulted in the halt across business dynamics owing to industrial facility shutdowns, unavailability of skilled personnel, logistics & supply chain constraints, among other factors. However, stringent action plans by key players to combat the problems along with emphasis towards deliver products across emergency services. Additionally, the encouraging initiatives from national administrations to aid small, medium, and large-scale businesses in dealing with the pandemic will counterbalance the industry landscape.

The 3 MW – 7 MW medium voltage drives market is poised to observe substantial momentum due to their utilization across different applications to control the speed & torque of motors. The installation of these drives is rapidly increasing attributed to their cost-effectiveness, compact sizes, and easy integration as standalone systems across various industries. Cost savings related to capital & operation, considerable energy savings, control accuracy, and better operational flexibility are some of the key factors positively influencing the industry growth.

The medium voltage drives market is witnessing a rising focus on reducing energy bills along with energy-saving potential. Moreover, the installation of these units allows pumps, fans, compressors, conveyors & extruders to operate optimally and at a reduced capacity. Growing demand for air compressors across the petrochemical industry for production processes is predicted to augment the industry expansion. As power consumption varies with load size, a lot of energy can be saved by installing MV drives that produce substantial energy-saving effects.

The servo drive segment will observe significant expansion credited to their ability to provide enhanced productivity and flexibility with easy operations. The devices are designed to operate seamlessly across different verticals requiring single axis and multi-axis modular drives. The increasing integration of servo systems across industry digitalization with high power density and better feedback communication to positively stimulate the product deployment.

Asia Pacific medium voltage drives market is estimated to showcase growth led by the rapidly transforming industrial infrastructure along with mounting energy intake. Encouraging government policies consisting monetary benefit plans and tax rebates are the key factors fostering product adoption. The deployment of captive generating plants to fuel manufacturing and other industrial establishments will further complement the market progression. The ongoing electricity generation capacity, increasing demand for reliable electricity, rapid industrialization, and urban expansion will impel the overall industry value.

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Key participants operating in the market include Nidec Corporation, Siemens, Rockwell Automation, Inc., Schneider Electric, GE, Danfoss, Fuji Electric Co., Ltd., WEG, ABB, Eaton, Yaskawa Electric Corporation, CG Power and Industrial Solutions Limited, Johnson Controls, and Hitachi Ltd.

Table of Contents (ToC) of the report:

Chapter 3 Medium Voltage Drives Market Insights

3.1  Industry ecosystem analysis

3.1.1  Vendor Matrix

3.2  Innovation & sustainability

3.2.1  Danfoss

3.2.2  Siemens

3.2.3  WEG

3.2.4  Yaskawa

3.2.5  ABB

3.3  Regulatory landscape

3.4  COVID- 19 impact on the industry outlook

3.4.1  Top 10 countries impacted by COVID- 19

3.4.2  Overall view

3.5  Industry impact forces

3.5.1  Growth drivers

3.5.2  Industry pitfalls & challenges

3.6  Growth potential analysis

3.7  Porter's Analysis

3.8  Competitive landscape, 2021

3.9  PESTEL Analysis

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 About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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SOURCE Global Market Insights Inc.