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In 2021, the medium voltage drives market was valued at more than USD 1.5 billion, and it is expected to grow at a CAGR of around 3.8% between 2022 and 2032.
Growing customer interest in incorporating renewables, combined with stringent standards and norms focusing on the deployment of energy-efficient systems, will drive medium voltage drives demand.
Furthermore, rapid urbanization and industrialization in emerging economies and increased investments in reliable and smart infrastructure will push medium voltage drives the market growth.
The 3 MW – 7 MW medium voltage drives market, is expected to gain significant traction as they are used to control the speed and torque of motors in a variety of applications. The use of medium voltage drives is rapidly increasing due to their low cost, small size, and ease of integration as standalone systems in various industries.
Key factors positively influencing medium voltage drives market growth include capital and operation cost savings, significant energy savings, control accuracy, and improved operational flexibility.
The medium voltage drives market is seeing an increased emphasis on lowering energy bills and energy-saving potential. Furthermore, installing these units allows pumps, fans, compressors, conveyors, and extruders to operate optimally and at a reduced capacity.
Growing demand for air compressors in the petrochemical industry for production processes is expected to fuel medium voltage drives market growth. As power consumption varies with load size, installing MV drives that produce significant energy-saving effects can save a significant amount of energy.
Due to their increasing installation across industrial verticals, medium voltage drives will see significant growth. In addition, these units are intended to provide improved control options and interfaces for various electronic motor drives.
Furthermore, these devices provide optimized machine throughput across a wide range of applications and motors, including dynamic linear motors, standard AC induction motors, energy-saving hybrid motors, and high-performance servo motors, which will accelerate medium voltage drives deployment.
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GE, Siemens, Danfoss, Nidec Corporation, ABB, Schneider Electric, Eaton, Yaskawa Electric Corporation, Fuji Electric Co., Ltd., Johnson Controls, Rockwell Automation, Inc., WEG, Hitachi Ltd., and CG Power and Industrial Solutions Limited are among the medium voltage drives market key players.
Major players in the medium voltage drives market around the world are focusing on M&As and strategic collaborations to gain a competitive advantage over their competitors. In addition, manufacturers are also focusing on lowering product costs and achieving forward, and backward integration across the industry ecosystem, helping to shape the medium voltage drives market landscape.
Recent Development in the Medium Voltage Drives Market:
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Medium Voltage Drives Market 2022 Analysis, Key Players, Industry Segments and Forecast to 2032 appeared first on Future Market Insights.
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