Medium Voltage Drive Market Research Report: By Input Voltage (2-4 kV AC, 4-6 kV AC, 6-8 kV AC, 8-10 kV AC, 10-12 kV AC), By Output Voltage (200-400 V AC, 400-600 V AC, 600-800 V AC, 800-1000 V AC, 1000-1200 V AC), By Power Range (1-2 MW, 2-4 MW, 4-6 MW, 6-8 MW, 8-10 MW), By Cooling Technology (Air-cooled, Water-cooled, Hybrid-cooled), By Enclosure (Open, Enclosed, Outdoor, Explosion-proof) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Medium Voltage Drive Market Overview:

As per MRFR analysis, the Medium Voltage Drive Market Size was estimated at 6.6 (USD Billion) in 2022. The Medium Voltage Drive Market Industry is expected to grow from 7.01 (USD Billion) in 2023 to 12.1 (USD Billion) by 2032. The Medium Voltage Drive Market CAGR (growth rate) is expected to be around 6.25% during the forecast period (2024 - 2032).

Key Medium Voltage Drive Market Trends Highlighted

The increasing trend in energy efficiency requirements in industrial processes is boosting the medium voltage drive (MVD) industry, which presents great opportunities for the players in the industry. Processes are controlled and maintained with high precision, reducing idle time and achieving high energy efficiency through the adoption of new technologies like variable frequency drives, controllers, and sensorless controls. 

Additionally, the increasing MVD usage in construction, oil and gas, data centers, and mining is fueling the market. All these trends are creating new markets for MVDs due to the increasing reliance on renewable energy and the electrification of some types of industrial equipment. The markets in these industries are being fueled by the need for construction and efficient control of high-power motors for use in wind turbines, solar power farms, and electric vehicles. Moreover, the demand for effective energy management systems due to the rise of smart cities is also anticipated to add to market growth in the future.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Medium Voltage Drive Market Drivers

Increasing Demand for Energy Efficiency

The increasing need for energy efficiency in numerous industries is among the primary drivers of the Medium Voltage Drive Market Industry. As businesses and governments attempt to minimize their carbon footprint and operating costs, they increasingly integrate medium voltage drives into their operations to reduce their energy consumption while still satisfying the demands of their equipment. Medium voltage drives provide highly precise control of motor speed and torque by optimizing the operation of pumps, fans, compressors, and conveyors, the energy is paramount in most industrial drives.

Furthermore, combining medium voltage drive systems with state-of-the-art technologies like VSDs and permanent magnet motors, which further improve their energy efficiency, is appealing to industries in need of this device, as it can help them cut their energy consumption and environmental attack.

Growing Adoption of Renewable Energy

The development of renewable energy, with its numerous advantages, is expected to provide many opportunities for the Medium Voltage Drive Market Industry’s growth. Medium voltage drives are inevitable to the grid and power conversion systems of renewable energy resources such as; wind and solar systems. They help to deliver optimum and effective power generated from renewable resources into the grid, thus helping the integration of renewable energy sources in a plug-and-play manner. In recent years, one of the major factors affecting the growth of the medium voltage drives market would remain to be the increase in the use of renewable energy sources all over the world for ecological reasons and government incentives.

Technological Advancements and Innovation

The medium voltage drives market is characterized by rapid change in its offerings due to continuous technology upgradation and innovation. Peripheral equipment manufacturers have a significant stake in the markets of medium voltage drives, since it allows them to invest large amounts of capital into research and development in order to improve the performance and reliability of their existing medium voltage drives. Channels of the internet, aided by artificial intelligence, provide valuable remote supervision and control, assist in diagnosis and enable predictive maintenance strategies for effective management of medium voltage drives. Predictive maintenance as these improvements achieve better operational efficiency, reduced downtimes and improved general performance of the industrial processes.

Medium Voltage Drive Market Segment Insights:

Medium Voltage Drive Market Input Voltage Insights

The Medium Voltage Drive Market is classified based on the input voltage into 2-4 kV AC, 4-6 kV AC, 6-8 kV AC, 8-10 kV AC, and 10-12 kV AC. The 4-6 kV AC is the leading segment during the forecast period due to the increasing use of medium voltage drives in industrial applications such as pumps, fans, and compressors. Thus, the 4-6 kV AC segment occupied the largest market share in 2023 and is expected to continue its leading segment throughout the forecast period. The 2-4 kV AC is expected to grow at a high rate during 2023–2032 due to the rising usage of medium voltage drives in renewable energy sources such as solar and wind power.

The 6-8 kV AC segment is expected to reduce at a moderate rate over the forecast period by the increased use of medium voltage drives for mining and metals. The 8-10 kV AC and 10-12 kV AC are expected to grow at a low pace in the next few years as they are applicable in high-power applications such as next-generation vessels and exploration of oil and gas. The medium-voltage drive market is likely to grow steadily in the next few years due to the rising demand for medium-voltage drives in different industrial and renewable applications. In this scenario, the market is valued at USD 12.1 billion by 2032.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Medium Voltage Drive Market Output Voltage Insights

The Medium Voltage Drive Market is segmented by Output Voltage into 200-400 V AC, 400-600 V AC, 600-800 V AC, 800-1000 V AC, and 1000-1200 V AC. The 600-800 V AC segment is expected to hold the largest market share in 2023, owing to its high efficiency and reliability in industrial applications. The 800-1000 V AC segment is projected to witness the highest growth rate during the forecast period, driven by increasing demand for high-power drives in renewable energy and electric vehicle applications. The market growth is attributed to the rising demand for energy-efficient solutions, increasing adoption of automation in industries, and growing investments in renewable energy projects.

Medium Voltage Drive Market Power Range Insights

The power range segment of the Medium Voltage Drive Market is expected to grow significantly in the coming years, driven by increasing demand for energy-efficient and reliable solutions in various industries. The 2-4 MW power range is projected to hold a significant share of the market, owing to its wide applicability in industrial applications such as compressors, pumps, and fans. The 4-6 MW power range is also expected to witness substantial growth, driven by its use in heavy-duty industrial machinery, including crushers and extruders. The 6-8 MW and 8-10 MW power ranges are anticipated to gain traction in the mining and oil and gas sectors, where high-power drives are required for equipment such as conveyors and drilling rigs.

Medium Voltage Drive Market Cooling Technology Insights

The Medium Voltage Drive Market is segmented by Cooling Technology into Air-cooled, Water-cooled, and Hybrid-cooled. The Air-cooled segment held the largest market share in 2023, accounting for approximately 55% of the Medium Voltage Drive Market revenue. The Water-cooled segment is expected to grow at a CAGR of 6.5% from 2023 to 2032, owing to its higher efficiency and reliability. The Hybrid-cooled segment is expected to witness the fastest growth rate, with a CAGR of 7.2% over the forecast period. The growth of the Hybrid-cooled segment is attributed to its ability to provide superior cooling performance than both Air-cooled and Water-cooled systems.

Medium Voltage Drive Market Enclosure Insights

The Enclosure segment of the Medium Voltage Drive Market is categorized into Open, Enclosed, Outdoor, and Explosion-proof types. Open enclosures are commonly used in industrial settings where ventilation and accessibility are crucial. Enclosed enclosures provide protection from dust, moisture, and other environmental factors, making them suitable for harsh industrial environments. Outdoor enclosures are designed to withstand outdoor conditions and are often utilized in applications such as water treatment plants and mining operations. Explosion-proof enclosures are essential in hazardous areas where flammable gases or dust are present, ensuring safety and compliance with regulations.

In 2023, the Medium Voltage Drive Market revenue for the Enclosure segment is estimated to be around USD 7.01 billion, with a projected CAGR of 6.25% from 2023 to 2032. This growth is driven by increasing demand for medium voltage drives in various industries, including oil and gas, mining, and manufacturing. The growing adoption of automation and the need for energy efficiency are also contributing to the market expansion. Enclosed enclosures are expected to hold a significant share of the market, owing to their ability to protect drives from harsh environments and ensure operational reliability.

Explosion-proof enclosures are also gaining popularity due to the increasing safety concerns in hazardous industries. The market data indicates a growing trend towards customized enclosure solutions tailored to specific application requirements, providing manufacturers with opportunities for innovation and differentiation.

Medium Voltage Drive Market Regional Insights

The Medium Voltage Drive Market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023 and is expected to continue to lead the market over the forecast period. The growth of the North American market is attributed to the increasing demand for medium voltage drives from various industries, such as oil and gas, mining, and manufacturing. Europe is the second-largest market for medium voltage drives and is expected to witness significant growth over the forecast period. The growth of the European market is attributed to the increasing adoption of medium voltage drives in renewable energy applications, such as wind and solar power generation.

The APAC region is expected to witness the highest growth rate over the forecast period. The growth of the APAC market is attributed to the increasing industrialization and urbanization in the region. South America and MEA are expected to witness moderate growth over the forecast period.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Medium Voltage Drive Market Key Players And Competitive Insights:

Major players in Medium Voltage Drive Market are focusing on expanding their product portfolios and geographical presence. This is expected to intensify competition in the Medium Voltage Drive Market industry. Leading Medium Voltage Drive Market players are investing heavily in research and development to develop innovative products and solutions. This is expected to drive Medium Voltage Drive Market development and create new growth opportunities. The Medium Voltage Drive Market Competitive Landscape is expected to remain highly competitive in the coming years.

ABB is a leading player in the Medium Voltage Drive Market. The company offers a wide range of medium voltage drives, including variable speed drives, soft starters, and regenerative drives. ABB's medium voltage drives are used in a variety of applications, including industrial machinery, pumps, fans, and compressors. The company has a strong presence, with operations in over 100 countries. ABB is committed to providing innovative and energy-efficient products and solutions.

Siemens is another major player in the Medium Voltage Drive Market. The company offers a wide range of medium voltage drives, including variable speed drives, soft starters, and regenerative drives. Siemens' medium voltage drives are used in a variety of applications, including industrial machinery, pumps, fans, and compressors. The company has a strong presence, with operations in over 190 countries. Siemens is committed to providing innovative and sustainable products and solutions.

Key Companies in the Medium Voltage Drive Market Include:

• Siemens


• Rockwell Automation


• Schneider Electric


• Emerson Electric


• Honeywell International Inc.


• Parker Hannifin


• Danfoss


• Mitsubishi Electric


• Yaskawa Electric


• Toshiba International


• General Electric


• Hitachi Industrial Equipment Systems Co., Ltd.


• Eaton


• Hyundai Heavy Industries Co., Ltd.


• ABB

Medium Voltage Drive Market Industry Developments

The Medium Voltage Drive Market is projected to reach USD 12.1 billion by 2032, exhibiting a CAGR of 6.25% during the forecast period (2023-2032). Growing demand for energy-efficient solutions in various industries, coupled with increasing adoption of automation and digitalization, is driving market growth. Government initiatives to promote sustainable practices and reduce carbon emissions are further contributing to market expansion. Key market players are focusing on developing innovative products and expanding their geographical presence to cater to the growing demand. 

Partnerships and collaborations are also gaining traction as companies seek to leverage expertise and resources to drive market growth. Recent developments include the launch of new products with advanced features, such as higher efficiency, improved reliability, and enhanced connectivity. Additionally, the increasing adoption of medium voltage drives in renewable energy applications, such as solar and wind power generation, is expected to drive future market growth.

Medium Voltage Drive Market Segmentation Insights

• Medium Voltage Drive Market Input Voltage Outlook
  
  
  
  • 2-4 kV AC
  
  
  • 4-6 kV AC
  
  
  • 6-8 kV AC
  
  
  • 8-10 kV AC
  
  
  • 10-12 kV AC
  
  
  
  

• Medium Voltage Drive Market Output Voltage Outlook
  
  
  
  • 200-400 V AC
  
  
  • 400-600 V AC
  
  
  • 600-800 V AC
  
  
  • 800-1000 V AC
  
  
  • 1000-1200 V AC
  
  
  
  

• Medium Voltage Drive Market Power Range Outlook
  
  
  
  • 1-2 MW
  
  
  • 2-4 MW
  
  
  • 4-6 MW
  
  
  • 6-8 MW
  
  
  • 8-10 MW
  
  
  
  

• Medium Voltage Drive Market Cooling Technology Outlook
  
  
  
  • Air-cooled
  
  
  • Water-cooled
  
  
  • Hybrid-cooled
  
  
  
  

• Medium Voltage Drive Market Enclosure Outlook
  
  
  
  • Open
  
  
  • Enclosed
  
  
  • Outdoor
  
  
  • Explosion-proof
  
  
  
  

• Medium Voltage Drive Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa