Medium Voltage Drives Market Size

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.