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North America Medium Voltage Drives Market Trends

Report ID: GMI8955
Published Date: Nov 2024
Report Format: PDF

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North America Medium Voltage Drives Market Trends

The North America medium voltage drives industry is anticipated to grow on account of increasing focus on clean energy technologies and rising demand for reliable motor control solutions across several industrial processes. Ongoing technological advancements, along with introduction of stringent energy efficiency regulations and reducing emissions are further propelling the industry growth. For instance, in October 2024, the U.S. Department of Energy allocated USD 5 million to five projects aimed at electrifying process heat in key industries, focusing on developing cost-effective electric heating solutions several industries. The projects aim to reduce emissions, improve energy efficiency, and accelerate industrial decarbonization.

Ongoing adoption of automation across various industrial applications coupled with favorable initiatives by manufacturers and government authorities to establish new policies for enhanced manufacturing processes will augment the business outlook. The implementation of the Industrial Internet of Things (IIoT) is playing a significant role in efficient system sizing and optimizes energy efficiency, contributing to the industry growth.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The North America market size for medium voltage drives was valued at USD 430.4 million in 2024 and is expected to reach USD 772.6 million by 2034, driven by a CAGR of 6.1% from 2025 to 2034.

The pump segment is expected to witness a CAGR of over 5.5% till 2034, driven by technological improvements for precise pump speed regulation and efficiency gains.

The U.S. medium voltage drives industry is projected to surpass USD 510 million by 2034, driven by rising demand for reliable motor control solutions and government programs encouraging energy-efficient technologies.

Major players in the market include ABB, Delta Electronics, Danfoss, Emerson Electric, Eaton, Fuji Electric, GE Vernova, Invertek Drives, Johnson Controls, Nidec Motor, Omron, Parker Hannifin, and Rockwell Automation.