Medium and High Voltage Drives Market by Voltage Range (2300, 4160,115,000, and 230,000), by Power Rating (500hp-20,000hp, and 20,001hp-1,00,001hp), by End-User (Power Station, Petrochemical Plants, Wastewater Treatment Plant, Mining, Oil & Gas, Metals Industry, Cement Industry, Manufacturing Industry, and Others)–Global Opportunity Analysis and Industry Forecast 2024-2030

Market Definition:

The global Medium and High Voltage Drives Market size was valued at USD 3.89 billion in 2023 and is predicted to reach USD 5.40 billion by 2030 with a CAGR of 4.8% from 2024-2030. Medium and high-voltage drives are essential components used in various industries to regulate the speed and torque of electric motors powering machinery and equipment.

These drives are crucial across various sectors, specifically designed to meet the power demands of the large-scale industrial processes, were motors demand high voltage levels for efficient operation. They facilitate precise control over motor speed, ensuring optimal performance and energy efficiency, preventing the motors from damage caused by overload. Through the adjustment of speed and torque, these drives enable industries to enhance productivity while reducing energy consumption and operational expenses. 

Market Dynamics and Trends: 

The medium and high voltage drives market is driven by the rapid growth in industries such as chemical industries, manufacturing, and power generation industries around the world. Within various industries, medium and high voltage drives play crucial roles by offering precise control over high-rated electric AC motors (ranging from 500hp to 100,001hp), optimizing energy consumption, and enhancing the efficiency of industrial machinery.

As industrialization continues to escalate, the adoption of AC drives becomes progressively essential for achieving energy efficiency and operational excellence, thereby fostering the growth of the market.

Moreover, the rapid growth in the mining industries such as gold mines, coal mines, and metals mines, contributes significantly to the growth of the medium and high voltage drives market. The mining sector employs various types of machinery equipment such as crushers, conveyor belts, and other machinery.

These drives play an active role in ensuring the efficient and reliable operation of these machines in mining operations by controlling the power supply and speed of the motors, fans, and pumps. Therefore, the expanding mining sector propels the growth of the market.

Furthermore, the utilization of the medium and high-voltage drives within the growing power-generating sector is further propelling the growth of the market. The drives play a vital role in controlling the pump and fans to manage cooling systems, boilers, and ventilation within the sector, enhancing the productivity of the sector.  Thus, the global surge in power generation boosts the growth of the sector.

However, the high initial investment related to the procure, install, and maintain of these drives, specifically for large-scale industrial operations act as a restrain to the growth of the market. On the other hand, the integration of IoT-based sensors into medium and high-voltage drives enhances the connectivity and collaboration among various components within the system. These IoT-based sensors help in better coordination and communication, enhancing the efficiency and productivity of the drives.

Market Segmentations and Scope of the Study: 

The medium and high voltage drives market is segmented based on voltage range, power rating, end-user, and region. Based on the voltage range, the market is divided into 2300, 4160,115,000, and 230,000. Based on power rating, the market is segmented into 500hp-20,000hp, and 20,001hp-1,00,001hp, based on end-user, the market is classified into power stations, petrochemical plants, wastewater treatment plants, mining, oil & gas, metals industry, cement industry, and others. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

Asia-Pacific holds the dominant share of medium and high voltage drives market at present and is expected to continue its dominance during the forecast period. This is due to the growing manufacturing sector such as textile, automotive, and food & beverage industries within the region.

The medium and high voltage drives boost industrial machinery and equipment such as pumps, compressors, fans, conveyors, and machine tools, within these industries, enabling precise regulation of motor torque and direction. According to a report published by Invest India, the textile industry in India is expected to grow by 10%, which is USD 350 billion by 2030, which significantly surges the growth of the market.

Moreover, rapid growth in the mining sector, particularly the coal mining sector within the Asia-Pacific region is propelling the growth of the market. The medium and high-voltage drives in the sector play pivotal role to control the speed of conveyor belts, lifts, crushers, and fan control, enhancing the seamless operation of the sector.

According to a report published by Statistical Communique, the overall coal production in China increased by 10.5% in the year 2022. With this surge in the coal mining sector, the role of the medium and high voltage drives increases, thus propelling the growth of the market.

On the other hand, North America is showing a steady rise in the medium and high voltage drives market, due to the rising power generating sector, particularly nuclear power within the region. According to a report published by the World Nuclear Association, the U.S. is one of the leading producers of nuclear power energy, with an overall production of 772 terawatt-hours (TWh) in 2022, which contributes around 18% of the total electricity produced in the country. This increase in production increases the role of medium and high-voltage drives, thereby propelling the growth of the market.

Moreover, the rising adoption of renewable energy systems to reduce carbon emissions within the North American region is further fuelling the growth of the market. The medium and high voltage drives are essential for regulating the optimal power output by controlling the speed of generators responsible for electricity generation.

According to the U.S. Department of Energy, in March 2022, the U.S. relies on different renewable energy generating sources such as wind energy, and hydropower to cut down carbon emissions by 80% emitted within the power sector by the year 2050. Thus, with the increasing generation of renewable energy the demand for medium and high-voltage drives rises, boosts the growth of the market.

Competitive Landscape

The medium and high voltage drives market trends comprising of various industry players such ABB Ltd, Yaskawa America, Inc., Wisman High Voltage Power Supply Corporation, Emerson Electric Co., Rockwell Automation, SHINDENGEN, Siemens, Danfoss, Hitachi, Ltd., Mitsubishi Electric Corporation among others. These market players are launching numerous products of business-related across various regions to maintain their dominance in the AC drives market.

For instance, in June 2022, Hitachi Power Semiconductor Device, Ltd. launched two high-voltage motor driver IC products designed for home appliances, particularly room air-conditioners, to withstand steep variations in supply voltage. These products are aimed at enhancing the energy efficiency and energy saving of home appliances.

Moreover, in October 2021, Danfoss launched the VACON 1000 medium-voltage drive which is built for reliability and features a high MTBF (Mean Time Between Failures) that enables up to 200,000 hours of non-stop operation, as well as detailed fault monitoring. The design prioritizes straightforward and secure installations while also facilitating simple spare parts management and maintenance procedures.

Key Benefits

• The report provides quantitative analysis and estimations of the medium and high voltage drives market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the current and future medium and high voltage drives market trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the medium and high voltage drives market is provided in the report. 

• A competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porter's Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the roles of stakeholders.

Medium and High Voltage Drives Market Key Segments

By Voltage Range

• 2300 

• 4160

• 115,000 

• 230,000

By Power Rating

• 500hp-20,000hp

• 20,001hp-1,00,001hp

By End User

• Power Station 

• Petrochemical Plants 

• Wastewater Treatment Plant 

• Mining, Oil & Gas 

• Metals Industry 

• Cement Industry

• Manufacturing Industry

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

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