Market Size of Global Medium Voltage Electric Drives Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medium Voltage Electric Drives Market Analysis
The global medium voltage electric drives market is expected to grow at a CAGR of 3.9% during the forecast period (2022 - 2027). Growing purchaser pursuit in incorporating renewables, with stringent requirements and norms focusing on deploying power-green systems, will pressure medium voltage drives demand. Furthermore, speedy urbanization, industrialization in rising economies, and accelerated investments in dependable and smart infrastructure will push the medium voltage to drive the marketplace growth.
- Medium voltage drives are either current source inverters or voltage source inverter types, but the VSI type is more common due to its high reliability and low harmonic distortion. Most medium voltage AC drives include a multiphase transformer on the front end that works with a multilevel inverter to reduce harmonics. The medium electric drives can also use the active front end for highly dynamic-loaded applications.
- Medium voltage AC drives are useful for applications that generally require a 500-20,000 hp motor with a large difference in current consumption between low and medium voltage. Motors in this series are widely used in power plants, petrochemical plants, water/wastewater treatment plants, and mines to drive large compressor pumps and fans.
- According to Siemens in November 2021, medium voltage drives are particularly compelling at very high rated power. Adjusting the speed and ensuring a soft start of the system is especially important. Many people initially associate a solution to this problem with purchasing soft starters and special frequency converters. In addition, Siemens has many reliable options in the field of medium voltage drives.
- The installed medium voltage drive should be an adjustable speed drive to improve power quality and system responsiveness and reduce operating costs and energy losses. Nevertheless, using such drives is associated with some requirements and challenges. For instance, when installing a medium voltage drive, there are some converter-related challenges, both on the line and motor sides.
- The outbreak of Covid-19 has stopped the growth and expansion of various industrial facilities in all parts of the world. In addition, non-essential manufacturing was completely phased out, and medium voltage drive drop-ins were installed in industrial plants. Limited travel and logistic opportunities also hindered the growth of the medium-voltage electric drives market, as sufficient raw materials were not available for producing electrical machinery and equipment.
