Large Scale Medium Voltage Drives Market
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The global large scale medium voltage drives market was estimated at USD 1.5 billion in 2023 and is set to achieve a CAGR of 5.8% from 2024 to 2032. In addition to the increasing focus on industrial automation to increase efficiency and minimize reduction times as well as the sustainability and government initiatives requiring lower emissions, even technological advancements with improved drive designs & control algorithm refinements are set to propel the business dynamics.
Necessity for the precise control of motor speed, maximization of the efficiency of operations, and a surge in spending on heavy industries will support business growth. For example, a Chinese State Council Action plan targets to lift equipment spending in major industries at least 25% by 2027 compared to 2023. In line with this plan, the state has earmarked around 21.31 billion dollars intended for the restraining of elevators and other major equipment upgrades. In addition, the growing construction of new industrial infrastructure that includes modern equipment consisting smart pumps, energy-efficient fans, rolling and conveyor mills, with low power intake, will bolster the medium voltage drives industry growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Large Scale Medium Voltage Drives Market size in 2023: | USD 1.5 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5.8 |
| 2023 Value Projection: | USD 2.6 Billion |
| Historical Data for: | 2021 to 2023 |
| No of Pages: | 85 |
| Tables, Charts & Figures: | 30 |
| Segments Covered: | Application, End-Use, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Considerable financing into energy consuming sectors including electric power, oil and gas, and mining will favor the development of the market. As an example, in May 2024, the Technology Strategy for Energy Efficiency, Japan, set a strategy of becoming carbon neutral by 2050 thus increasing the research, developing and deploying energy efficient technologies. Furthermore, the increasing implementation of modern motor control systems in different sectors, constant technological improvements, as well as considerable funding for industrial growth, will strengthen the large scale VFD industry.
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. Power frequency control in pump units is one of the essential capabilities that facilitate pressure and flow variation across different processes which will augment product deployment. The continuous tightening of energy efficiency regulations as well as the growing inclination of employing these units on heavy duty or large scale operations will further foster 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.
The 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. For instance, in March 2023, the American government launched a funding initiative of USD 50 million for American companies to facilitate greater access to high-performance computing, as well as smart manufacturing.
The large scale VFD market functions with a larger number of players focusing on introducing new technologies and engaging in M&A, joint ventures, partnerships and cooperation to enhance their position in the market. 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.
Major players operating across the industry include:
Market, By Application
Market, By End Use
The above information has been provided for the following regions and countries:
Major players in the industry include ABB, CG Power & Industrial Solutions, Danfoss, Eaton, Fuji Electric, General Atomics, GE Vernova, Hiconics Eco-energy Technology, and Ingeteam Power Technology.
U.S. large-scale variable frequency drives market is projected to exceed USD 1.6 billion by 2032, driven by increasing energy efficiency focus and rising demand for effective motor control solutions.
The pump segment is expected to surpass USD 1 billion by 2032, fueled by the widespread adoption of medium voltage drives in various industrial applications and the rapid growth of industrial infrastructure.
The global large-scale medium voltage drives industry was valued at USD 1.5 billion in 2023 and is projected to grow at a 5.8% CAGR from 2024 to 2032, driven by the push towards industrial automation and sustainability goals.