Global Medium-voltage Electric Drives Facts and Figures

Global Medium-voltage Electric Drives Facts and Figures

The Global medium-voltage electric drives market is expected to experience a compound annual growth rate (CAGR) of 3.2% in value terms during the forecast period, with a projected value of USD 2,646.6 million by 2029.

In terms of product types, the medium-voltage AC drives segment dominated the market in 2023 and is projected to reach a valuation of USD 2,572.3 million by 2029. This segment is also anticipated to demonstrate the highest CAGR of 3.4% from 2024 to 2029.

The global medium-voltage electric drives market is segmented by industry, including oil & gas, petrochemicals, power generation, minerals, water treatment, food & beverages, HVAC-R, paper, discrete manufacturing, and others. The discrete manufacturing segment is expected to reach USD 381.1 million by 2029, with a CAGR of 4.2% from 2024 to 2029.

Geographically, Asia-Pacific emerged as the dominant player in the medium-voltage electric drives market in 2023, followed closely by North America and Europe. The valuation of North America is projected to reach USD 739.8 million by 2029, while the Asia-Pacific region is anticipated to exhibit a higher CAGR of 4.0% from 2024 to 2029.

Key players in the global medium-voltage electric drives market include Siemens AG, ABB, Ltd., Danfoss A/S, Schneider Electric SE, Shanghai Electric Group Co., Ltd., Toshiba Corporation, WEG SA, and Yaskawa Electric Corporation. These top companies collectively held over 50% of the market share in 2022, highlighting their significant influence within the industry according to Tanalyze Ltd.'s report.

This study aims to analyze the global market for various segments of medium-voltage electric drives, including:

Product Type: Medium-voltage AC Drives and Medium-voltage DC Drives.

End-User: Oil & Gas, Petrochemicals, Power Generation, Minerals, Water Treatment, Food & Beverages, HVAC-R, Paper, Discrete Manufacturing, and Others.

Region: North America (USA, Canada, and Mexico), Europe (Germany, Italy, Russia, United Kingdom, France, Poland, Sweden, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Thailand, and Rest of Asia Pacific), Latin America (Brazil, Chile, Colombia, and Latin America), and MEA (Saudi Arabia, UAE, Iran, Turkey, South Africa, and Rest of MEA).