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Large Scale Medium Voltage Drives Market Size

Report ID: GMI11736
Published Date: Oct 2024
Report Format: PDF

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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.

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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 Report Attributes
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 2024 to 2032 CAGR:	5.8%
2032 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:	Rising investment and expenditure for development of enhanced industrial infrastructure Favorable regulatory framework and ongoing R&D initiatives for deployment of energy efficient systems
Pitfalls & Challenges:	High initial deployment cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.