Medium Voltage Drives Market – By Power Range, By Drive, By Application, By End Use & Forecast, 2024 – 2032

Medium Voltage Drives Market Size

The global medium voltage drives market size was valued at USD 1.8 billion in 2023 and is estimated to grow at a CAGR of over 5.8% from 2024 to 2032. Increasing industrial demand for energy-efficient solutions and the growing need for optimized motor control systems across various sectors will complement the industry landscape. The ability of these units control motor speed and torque, enhancing energy efficiency, reducing operational costs, and lowering emissions will augment the product deployment.
 

Flourishing investments across heavy-duty industrial sectors along with ongoing development of new infrastructure projects incorporating advanced equipment and large-scale HVAC systems will positively influence the business dynamics. For instance, in June 2024, ABB unveiled the world’s first medium voltage, speed-controlled motor concept, designed to significantly enhance energy efficiency and reduce carbon emissions across industries. This innovative solution integrates complete speed control within a single energy-efficient package, addressing the fact that 10% of the world's electricity is consumed by large motors.
 

Medium Voltage Drives Market Trends

The global market is undergoing significant growth, driven by rapid industrialization, increasing demand for energy efficiency, and advancements in automation technologies. Paradigm shift towards energy-efficient solutions, focus on optimizing operational performance, reducing energy consumption and introduction of stringent energy efficiency regulations will positively influence the business landscape.
 

For instance, in April 2024, the European Commission approved a USD 2.4 billion initiative to support the decarbonization of industrial production in Germany. This action aligns with the Green Deal Industrial Plan and aims to accelerate the transition to greener industrial practices. Renovation projects across various industrial sectors, coupled with focus on reducing operational costs, lower energy consumption in heavy-duty operations will complement the business landscape.
 

Medium Voltage Drives Market Analysis

Based on power range, 1 - 3 MW segment is expected to surpass USD 950 million by 2032. Increasing need for process optimization across industries and growing demand for reliable motor control technologies will accelerate the product demand. Furthermore, incorporation of industrial internet of things and ongoing automation across various industrial processes will positively influence the industry landscape. Increasing demand for efficient solutions with customization capabilities and easy scalability across specific industrial infrastructure needs for controlling large motors in various industrial processes is accelerating large scale MV drives product deployment.
 

Based on drive, AC drive segment is anticipated to observe a growth rate of over CAGR 5.5% through 2032. Ongoing technological improvements such as integration of intelligent features and Internet of Things (IoT) capabilities, have enhanced their performance and functionality, augmenting the product demand. Increasing investments in industrial automation and the adoption of Industry 4.0, incorporating advanced robotics and technologies, are positively influencing the medium voltage AC drives industry landscape.
 

U.S. medium voltage drives market is anticipated to surpass USD 450 million through 2032. Increasing investments across the manufacturing sector, growing utilization of high-power machinery, will boost the product adoption. Rising energy demand coupled with adoption of energy-efficient alternatives will complement the industry landscape. Ongoing adoption of improved performance and higher efficiency motors in energy-intensive manufacturing industries will further proliferate the North America medium voltage drives industry size.
 

Introduction of stringent regulatory standards aimed at reducing emissions from industrial facilities along with promoting the use of energy-efficient alternatives, contributing the industry growth. For instance, in March 2024, the International Electrotechnical Commission (IEC) released standard 60034-2-3:2024. This standard establishes methods for testing and interpolating data to assess the losses and efficiency of converter-powered motors. These motors play a crucial role in variable frequency drive systems. Furthermore, rapid industrialization, increasing energy demand, and the transition towards energy-efficient technologies will positively influence the business dynamics.
 

Medium Voltage Drives Market Share

Key companies including ABB, Siemens, Danfoss, Schneider Electric, Fuji Electric, and Rockwell, among others, are the major operators in the market evolving into crucial industrial networks. These companies hold a significant share of the market due to a combination of historical presence, technological innovations, and strategic positioning. Their expertise in power infrastructure, global footprint, focus on sustainability, and ability to offer comprehensive solutions.
 

Medium Voltage Drives Market Companies

Major players operating in the medium voltage drives industry are:

• ABB
• CG Power & Industrial Solutions
• Danfoss
• Delta Electronics
• Eaton
• Fuji Electric
• General Electric
• Hitachi Hi-Rel Power Electronics
• Ingeteam Power Technology
• Johnson Controls
• Nidec Industrial Solutions
• Rockwell Automation
• Schneider Electric
• Siemens
• TECO-Westinghouse
• TMEIC
• WEG
• Yaskawa Electric
   

Medium Voltage Drives Industry News

• In April 2024, Rockwell Automation expanded its application coverage with the introduction of Permanent Magnet Motors, enhancing the capabilities of its medium voltage PowerFlex 6000T variable frequency drives (VFDs). Designed to support a wide range of industrial applications such as fans, pumps, non-regen conveyors, and compressors, the PowerFlex 6000T VFDs offer precise motor control for voltage ranges between 2.3 and 11 kV.
   
• In July 2023, Siemens launched Innomotics, a new company focused on leading innovations in motors and large drives. This strategic move aims to enhance Siemens' position in the growing market for high-efficiency electric motors and drive systems, catering to a wide range of industries, including manufacturing, energy, and transportation. Innomotics will leverage cutting-edge technologies and industry expertise to deliver advanced, sustainable solutions that optimize performance and reduce energy consumption.
   

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

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Market, By Power Range

• ≤ 1 MW
• 1 MW - 3 MW
• 3 MW - 7 MW
• > 7 MW

Market, By Drive

• AC
• DC
• Servo

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 countries across the regions:

• 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