Medium Voltage Drives Market Update, Analysis, Forecast 2022 – 2028

The medium voltage drives market is expected to gain substantial traction by 2028 due to stringent government regulations focused on promoting the deployment of energy-efficient products across key regions.

Medium-voltage AC drives provide hundreds of times more power than low-voltage drives, which allows them to control massive multi-megawatt electric motors that power the most potent industrial loads found in mines, power plants, and metal processing plants. These drives employ smaller cables and operate at higher supply voltages to reduce losses, resulting in higher overall drive efficiency and lower system cost, which has fueled product adoption over the past few years.

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Furthermore, to accommodate the soaring energy demand, industry participants have been employing lucrative strategies, which has supported the development of the global medium voltage drives market. For instance, in November 2020, Rockwell Automation, Inc., a U.S.-based industrial automation company, launched its novel servo drive, the Allen-Bradley Kinetix 5300 servo drive. The Allen-Bradley Kinetix 5300 servo drive has been designed for small- and mid-sized machines across applications like packaging, electronics assembly, and converting, printing and web (CPW).

The medium voltage drives market has been segregated on the basis of end-use, power range, application, drive, and region. The power range segment is speculated to exhibit a solid growth trajectory through the assessment period due to increasing developments across high power motor designs that require efficient drives to operate seamlessly at higher outputs.

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With respect to drive, the medium voltage drives market has been divided into servo, AC, and DC. The DC sub-segment held a revenue share of about 3% in 2021 and is projected to expand at a steady growth rate over the analysis period.

From the end-use point of view, the market has been categorized into marine, oil & gas, pulp & paper, power generation, mining & metals, and others. The medium voltage drives market from the oil & gas sub-segment is set to garner a significant valuation by the end of 2028 on account of rising investments to boost the development of upstream, midstream, and downstream hydrocarbon activities.

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From the regional perspective, the North America medium voltage drives market is slated to register a sizable market share by 2028, progressing at a CAGR of approximately 4% through the study timeframe. Meanwhile, the Middle East & Africa medium voltage drives industry is poised to observe exponential development through the forecast period owing to the mounting energy demand. In addition, huge untapped potential across end-use sectors in MEA is estimated to drive regional market expansion over the forthcoming years.

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