Large Scale Medium Voltage Drives Market Size - By Application, By End-Use, Analysis, Share, Growth Forecast, 2024 - 2032

Large Scale Medium Voltage Drives Market Size

The global large scale medium voltage drives market size was estimated at USD 1.5 billion in 2023 and is set to achieve a CAGR of 5.8% from 2024 to 2032. The ongoing push towards industrial automation to improve operational efficiency and reduce downtime coupled with sustainability goals and governmental mandates for lower emissions will shape the industry dynamics. Moreover, continuous technological advancements including improved drive designs and enhanced control algorithms will further contribute to the business growth.
 

Increasing demand for precise motor speed control, improved energy efficiency in operations, and rising investments in heavy-duty industrial sectors will complement the industry landscape. For instance, in September 2024, China aims to increase equipment investment across key sectors by at least 25 %from 2023 to 2027, as outlined in a State Council action plan. To support this initiative, the government has allocated approximately USD 21.31 billion for large-scale equipment renewals, including elevator upgrades. Moreover, ongoing establishment of new industrial infrastructure incorporating advanced equipment such as pumps, compressors, fans, conveyors, rolling mills, and large-scale HVAC systems with low energy consumption features will augment the various sized medium voltage drives industry outlook.
 

Large Scale Medium Voltage Drives Market Trends

Large scale medium voltage drives industry is anticipated to grow on account of increasing investments in energy-intensive sectors including oil & gas, power generation, and mining, coupled with increasing focus on energy efficiency and reducing emissions. For instance, in May 2024, in Japan, the New Energy and Industrial Technology Development Organization and Agency for Natural Resources and Energy developed the Technology Strategy for Energy Efficiency and Transition to Non-Fossil Energy 2024. This strategy outlines key technological areas essential for achieving carbon neutrality by 2050. It focuses on promoting research, development, and implementation of energy-efficient technologies. Rising adoption of advanced motor control across various industries, ongoing technological advancements and significant investments for industrial development, will augment the large scale VFD industry landscape.
 

Large Scale Medium Voltage Drives Market Analysis

Pump segment is set to grow over USD 1 billion through 2032. The widespread adoption of medium voltage drives across various industrial applications coupled with the rapid growth of industrial infrastructure, is driving the industry growth. In pump systems, these units provide precise control over power frequency, allowing for effective adjustments in pressure and flow across various processes will augment the product deployment. Ongoing implementation of stringent energy efficiency regulations and increasing utilization of these units for heavy duty or large scale operations will further accelerate the product demand.
 

Large scale medium voltage drives market from Oil & gas segment is anticipated to witness a CAGR of over 5% through 2032. Growing use of high-capacity pumps for crude oil extraction and transportation, refined products, and other fluids along with ongoing exploration of conventional reserves has positively influenced the industry landscape. Both developed and emerging nations have substantial reliance on fossil fuels to power commercial, and industrial operations, which led to increased investments in oil and gas facilities, further complementing the business outlook.
 

U.S. large scale variable frequency drives market is set to grow over USD 1.6 billion by 2032. Increasing focus on energy efficiency and rising demand for effective motor control solutions across various industries will complement the industry landscape. The expansion of clean energy generation, supportive government policies, financial incentives for domestic manufacturing and growing adoption of smart manufacturing practices are complementing the industry landscape. are contributing to market growth. For instance, in March 2023, the U.S. government announced a USD 50 million funding initiative to make high-performance computing and smart manufacturing technologies more accessible to domestic firms.
 

Large Scale Medium Voltage Drives Market Share

Major manufacturers in the large scale VFD industry are focusing on introducing advanced technologies and pursuing strategic mergers, acquisitions, joint ventures, partnerships, and collaborations to strengthen their market positions. The growing adoption of Internet of Things (IoT), enhanced performance optimization, and the introduction of digital technologies have led manufacturers to implement innovative strategies to increase their market share.
 

Large Scale Medium Voltage Drives Market Companies

Major players operating across the industry include:

• ABB
• CG Power & Industrial Solutions
• Danfoss
• Eaton
• Fuji Electric
• General Atomics
• GE Vernova
• Hiconics Eco-energy Technology
• Ingeteam Power Technology
• Nidec Corporation
• Rockwell Automation
• Schneider Electric
• Siemens
• TMEIC
• Triol Corporation
• VEM
• WEG
• Yaskawa Electric Corporation
   

Large Scale Medium Voltage Drives Industry News

• In June 2024, ABB has introduced the MV Titanium, the first medium-voltage industrial motor in the 1-to-5 MW range with speed-control ability. This all-in-one concept offers improved energy efficiency, connectivity, and control features. Designed for pumps, compressors, and fans, it can reduce energy consumption by up to 40% while enhancing productivity. These units are anticipated to be used across various industries, including power, renewables, processing, mining, cement, and water sectors.
   
• In April 2024, Rockwell Automation has upgraded its medium voltage PowerFlex drives with support for permanent magnet motors and improved device analytics. These enhancements. aim to broaden application coverage and increase system monitoring capabilities The PowerFlex 6000T medium voltage VFD's latest firmware update, aiding various industries in meeting energy efficiency goals. It operates at 2.3-11 kV, up to 680 A, with a 120 Hz output frequency. Enhanced with TotalFORCE technology, it offers improved predictive maintenance capabilities, providing real-time component health data to reduce downtime.
   

The large scale medium voltage drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032 for the following segments:

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Market, By Application

• Pump
• Fan
• Conveyor
• Compressor
• Extruder
• Others

Market, By End-Use

• Oil & Gas
• Power generation
• Mining & metals
• Pulp & paper
• Marine
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Denmark
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina