Power Magnetics for MV AC Drive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Power Magnetics for MV AC Drive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Power Magnetics for MV AC Drive Market

The Power Magnetics for MV AC Drive market was valued at USD 1.07 billion in 2023, and the market is now projected to grow to USD 1.98 billion by 2032, exhibiting a CAGR of 5.69% during the forecast period of 2024-2032.

In the global economy, the wellbeing havoc caused by the sudden flare-up of the COVID-19 widespread has essentially influenced various verticals. The widespread has put an end on worldwide preparations and exchanges. About, all the nations around the world have seen a colossal rise within the number of influenced cases since the beginning of 2020. Besides, the suggestions of the pandemic emergency have affected different businesses in different ways such as deficiency of working staff, capital speculation shortages, the shutdown of mechanical operations, and constrained universal exchanges to market the items, among others.

The rising populace, coupled with quick urbanization, has driven to expanded control request, driving to the rising establishment of renewable vitality sources and development of new control plants. These variables have moved the request for control magnetics for MV AC drives. Renewable vitality sources require various hardware, which plays a critical part in its proficient working. For occurrence, the solar water pump comprises of the PV boards, the pump, an engine, and an MV AC drive to guarantee that it runs on the proper voltage and at the required speed. Subsequently, the expanding request for clean vitality in later years has without a doubt moved the integration of rex control magnetics for MV AC drives within the field of clean vitality era.

The power magnetics for MV AC drive market growth is primarily driven by the expanding request from control plants as the control magnetics for MV AC drive frameworks help reduce carbon outflows. Agreeing to the Worldwide Energy Audit 2019 (IEA), the vitality request expanded by 0.9% in 2019. Control era plants are developed using magnetics items to attain a high operational rate, fast start-up, and adaptable stack proficiency as per the control request. Besides, a few governments around the world are subsidizing clean vitality establishments that are likely to boost the selection of control magnetics for MV AC drives.

Comprehensive Analysis of Power Magnetics for MV AC Drive Market

Filter, Transformer and inductor are the three branches of type of power magnetics for AV AC drive, amongst these 3 fragments, the transformer is derived to be the dominant. On the application analysis, the market is fragmented into electric fans, pumps, compressors, extruders and conveyors. The part pumps with igniting demand in the industries such as chemical, oil and gas and wastewater and water stand out to be the dominant one. The major collaborations of the end-use industries are majorly classified as building automation, food and beverages, power generation, metal and mining, chemicals and petrochemicals, oil and gas, water and wastewater. The power generation among all the end-user industries proves to be the dominant one.

Asia Pacific is anticipated to lead the worldwide power magnetics for MV AC drive market share amid the figure period with and esteemed valuation of USD 0.44 billion. This can be attributable to the rapid-paced industrialization and urbanization within the locale. Agreeing to the World speculation report 2018, developing economies accounted for USD 671 billion of influx from outside coordinate venture in 2017, which was majorly contributed by China and Singapore. Also, the developing customer request for transformers coming about from the critical development of the fabricating division, impels the request for the control magnetics for MV AC drives amid the estimate period.

The market for the Power Magnetics for MV AC Drive is majorly comprised of the prominent players that are operating dedicatedly in the market, proving their existence and profitable revenues with the extensive research and innovative practices and product development. The market enlisted are as: Schaffner Holding AG (Switzerland), Tamura Corporation (Japan), Torytrans (Spain), AQ trafotek Oy (Finland), Hans von Mangoldt GmbH (Germany), mDexx (Germany), Bourns, Inc. (U.S.), RoMan Manufacturing, Inc. (U.S.), Danfoss (Denmark) and Hammond Power Solutions (Canada). These players accounted for an overwhelming share in 2019 and are likely to hold their driving position amid the estimate period. In any case, the need of solid passage obstructions is anticipated to lead to an expanding number of residential players entering the worldwide advertise. The developing number of companies entering the drone industry is anticipated to lead to a profoundly divided market.

In the month of March 2020, the company by name Bourns, Inc. propelled nine new items in its SRP arrangement control inductor line such as SRP1245C, SRP1265C, SRP3012C, SRP3020C, SRP5020C, and SRP5030C, among others. These inductors are built with a metal amalgam powder detailing and circular enamel-coated copper wire that produces them AEC-Q200 compliant perfect for numerous high-temperature situations and high-reliability plans that incorporate Driven lighting, DC/DC converters, and control supplies.

SEGMENTATION TABLE

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Billion)

Segmentation By Type

Transformer

Inductor

Filter

Chokes

Current Sensors

By Application

Pumps

Conveyors

Compressors

Electric Fans

Extruders

Others

By End-User

Oil & Gas

Power Generation

Building Automation

Food & Beverage

Metal & Mining

Water & Wastewater

Chemicals & Petrochemicals

Others

By Region

North America

U.S.

Canada

Europe

UK

Germany

France

Italy

Spain

Russia

Rest of Europe

Asia Pacific

China

India

Japan

Australia

Southeast Asia

Rest of Asia Pacific

The Middle East & Africa

GCC

South Africa

Rest of the Middle East & Africa

Latin America

Brazil

Mexico

Rest of Latin America