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Large Scale Medium Voltage Drives Market Trends

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

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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.

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.