Global Medium Voltage Drives Market Forecast 2024-2030: Increasing Demand for Precision Power Transmission Across Mining and Oil & Gas Operations
Dublin, April 24, 2024 (GLOBE NEWSWIRE) -- The "Global Medium Voltage Drives Market by Type (AC Drives, DC Drives), Voltage Range (3.3 to 7.2 kV, Above 7.2 kV, Up to 3.3 kV), Distribution Channel, Application, End-use, and Region - Forecast 2024-2030" report has been added to * ResearchAndMarkets.com's* offering.
The Global Medium Voltage Drives Market was estimated at USD 13.04 billion in 2023, USD 13.69 billion in 2024, and is projected to reach USD 18.52 billion by 2030, showcasing a CAGR of 5.14% over the forecast period.
Various factors are influencing the landscape of Medium Voltage Drives (MVDs). Drivers such as the growing emphasis on energy conservation and efficiency across industries, alongside the increasing demand for precision power transmission in sectors like mining and oil & gas operations, propel market growth. However, there are restraints to consider, including the high costs associated with research, development, and manufacturing of MVDs.
Opportunities emerge amidst these dynamics, driven by the global push towards renewable energy and the need for efficient energy distribution systems, as well as technological advancements leading to increased adoption of automation and smart manufacturing solutions. Yet, challenges persist, notably the complexities linked to the installation, operation, and maintenance of MVD systems.
Additionally, market segmentation analysis reveals notable trends, such as the utilization of AC drives in power supply offering exceptional flexibility and energy efficiency, and the increasing usage of medium voltage drives in sectors like oil & gas and power generation to enhance operational efficiency and control.
*Key Market Dynamics*
*Drivers*
· Growing Emphasis on Energy Conservation and Efficiency Across Industries
· Increasing Demand for Precision Power Transmission Across Mining and Oil & Gas Operations
*Restraints*
· High Costs Associated with the Research, Development, and Manufacturing of MVDs
*Opportunities*
· Global Push Towards Renewable Energy and the Need for Energy Distribution System
· Technological Advancements and Increasing Adoption of Automation and Smart Manufacturing Solutions
*Challenges*
· Complexities Associated with the Installation, Operation, and Maintenance of MVD Systems
*Key Company Profiles*
The report delves into recent significant developments in the Medium Voltage Drives Market, highlighting the following leading vendors and their innovative profiles:
· ABB
· Alfanar Group
· Benshaw Inc.
· CG Power & Industrial Solutions
· Danfoss
· Delta Electronics
· Eaton Corporation
· Fuji Electric Co. Ltd.
· General Electric Company
· Hitachi
· Honeywell International
· Infineon Technologies
· Ingeteam Power Technology
· Johnson Controls International
· NIDEC Corporation
· Rockwell Automation, Inc.
· Schneider Electric SE
· Siemens AG
· Teco-Westinghouse
· The Yaskawa Electric Corporation
· TMEIC
· Toshiba Corporation
· WEG
· Yaskawa Electric Corporation
*Market Segmentation & Coverage*
This research report categorizes the Medium Voltage Drives Market to forecast the revenues and analyze trends in each of the following sub-markets:
· Type
· AC Drives
· DC Drives
· Voltage Range
· 3.3 to 7.2 kV
· Above 7.2 kV
· Up to 3.3 kV
· Distribution Channel
· Offline
· Online
· Application
· Compressors
· Conveyors
· Fans
· Pumps
· End-use
· Mining
· Oil & Gas
· Power Generation
· Water & Wastewater
*The report offers valuable insights on the following aspects:*
· Market Penetration: It presents comprehensive information on the market provided by key players.
· Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
· Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
· Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
· Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
*The report addresses key questions such as:*
· What is the market size and forecast of the Medium Voltage Drives Market?
· Which products, segments, applications, and areas should one consider investing in over the forecast period in the Medium Voltage Drives Market?
· What are the technology trends and regulatory frameworks in the Medium Voltage Drives Market?
· What is the market share of the leading vendors in the Medium Voltage Drives Market?
· Which modes and strategic moves are suitable for entering the Medium Voltage Drives Market?*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 190
Forecast Period 2024 - 2030
Estimated Market Value (USD) in 2024 $13.69 Billion
Forecasted Market Value (USD) by 2030 $18.52 Billion
Compound Annual Growth Rate 5.1%
Regions Covered Global
For more information about this report visit https://www.researchandmarkets.com/r/w76cwc
*About ResearchAndMarkets.com*
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT:
CONTACT: ResearchAndMarkets.com
Laura Wood,Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900