Home > Semiconductors & Electronics > Automation > Industrial Automation > Medium Voltage Drives Market

Medium Voltage Drives Market Trends

Report ID: GMI5193
Published Date: Oct 2024
Report Format: PDF

Download Free Sample

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.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The global market size for medium voltage drives size was valued at USD 1.8 billion in 2023 and is estimated to reach USD 3 billion by 2032, driven by a CAGR of over 5.8% from 2024 to 2032.

The AC drive segment is anticipated to observe a growth rate of over 5.5% CAGR till 2032, driven by ongoing technological improvements and the integration of IoT capabilities.

U.S. market is anticipated to surpass USD 450 million by 2032, driven by increasing investments in the manufacturing sector and the growing utilization of high-power machinery.

Major players in the industry include ABB, CG Power & Industrial Solutions, Danfoss, Delta Electronics, Eaton, Fuji Electric, General Electric, Hitachi Hi-Rel Power Electronics, Ingeteam Power Technology, and Johnson Controls.