Market Research Report
Medium Voltage AC Drive Market: Current Analysis and Forecast (2021-2027)
|Medium Voltage AC Drive Market: Current Analysis and Forecast (2021-2027)|
Published: February 1, 2022
UnivDatos Market Insights Pvt Ltd
Content info: 328 Pages
Delivery time: 1-2 business days
Medium Voltage AC Drive Market is anticipated display a CAGR of around 4% over the forecast period (2021-2027). The Global Medium Voltage AC Drive Market is experiencing significant growth due to the increased demand for building automation systems, rising global demand for energy efficient electrical products, and increase in urban population and rise in industrialization activities are the key factors complementing the Medium Voltage AC Drives market.
AC drives are used for regulating the velocity of electric motors and function by fluctuating the frequency, magnetic flux and voltage in the motor's circuit. They are used to achieve effective control over the motor's speed and reduce energy consumption. Owing to this, they are employed across the oil and gas, power generation, building automation, food and beverage, and metals and mining sectors. Furthermore, the low energy consumption of AC drives is one of the prime factors that is driving the growth in the market. They adopt energy-saving techniques, which avoid strain on natural resources and offer a greater return on investment and efficiency. The use of these devices also reduces disturbances in the power supply and lowers carbon dioxide emissions.
During the COVID-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for medium voltage AC drive market. Globally countries witnessed economic slowdown. Majority of decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of COVID-19. All these factors affected the market for Medium Voltage AC Drive in a negative way.
Based on converter type, the market is bifurcated into voltage source inverter, current source inverter, and load commutated inverter. The voltage source inverter category grabbed significant market share of the global medium voltage AC drive market and gathered revenue of USD XX billion in 2020. This is mainly due to the increase in industrialization in emerging markets such as China, India, Brazil, Mexico, among others. Furthermore, increase in demand for energy efficiency devices coupled with growing demand for medium voltage AC drives in across power generation, building automation, and water & wastewater sectors. Wastewater treatment industry has been witnessing rise in use of medium voltage AC drives, enabling pumps to accommodate the fluctuating demand by running these pumps at a lower speed and thereby consuming less amount of energy.
On the basis of enclosure, the market is classified into liquid cooled and air cooled. Among these, liquid cooled category to witness faster CAGR during the forecast period owing to hyperscale adoption and a growing need for greener, more efficient drive across industries, globally. Furthermore, the liquid cooled drive manufacturers have implemented various types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions to strengthen their offerings in the market as well as to increase adoption of these drives in major end-use industries. For instance, ABB Ltd. offers ACS1000, a medium voltage AC drive which boasts features such as Direct Torque Control (DTC), Power range 315 kW up to 5 MW, and water cooled compatibility. It has applications in Mining, Marine, Power, Water & Wastewater, Oil & Gas, Pulp & Paper, among others.
On the basis of application, the market has been categorized into pumps, fans, compressors, conveyors, and others. In 2020, compressor category to account for significant share in the global market. Compressors equipped with drives can adjust speed, maximize production efficiency, and improve mechanical resonances. It also reduces operational and electrical stresses on the motor. Furthermore, compressors are widely used in oil and gas industry. Increased use of different types of compressors in upstream, midstream and downstream sectors for several distinctly different applications, such as transmission, storage, gas gathering, gas lift, gas injection, flash gas compression, refrigeration, etc. is further expected to support the market growth.
For a better understanding of the market adoption of Medium Voltage AC Drive, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and Rest of World. Asia Pacific constitutes the largest market for the industry in 2020 on account of growing investments in oil and gas, building automation, industrialization in different countries of the region. The region is expected to dominate the Medium Voltage AC Drive market during the forecast period, as the region is hub for manufacturing electronics components and devices corresponding to various industries. For heating, ventilation, and air-conditioning systems used in the commercial and industrial sector, the medium voltage AC drives find wide usage as they can handle the variable load in several components, like chillers. The drives helps allow peak capacity to meet the high demands of peak loads in constant flow HVAC systems and then slowly control the energy with decreasing need for the load.
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