North America Medium-voltage Electric Drives Facts and Figures

North America Medium-voltage Electric Drives Facts and Figures

Based on the information provided by Tanalyze Ltd., the North America medium-voltage electric drives market is expected to experience a compound annual growth rate (CAGR) of 3.1% in terms of value, reaching a projected value of USD 739.8 million by 2029.

In terms of product type, the medium-voltage AC drives segment was the dominant category in 2023 and is projected to reach a value of USD 719.3 million by 2029. This segment is also expected to exhibit the highest CAGR of 3.2% during the forecast period from 2024 to 2029.

The market for medium-voltage electric drives can be segmented into various industries such as oil & gas, petrochemicals, power generation, minerals, water treatment, food & beverages, HVAC-R, paper, discrete manufacturing, and others. The oil & gas segment is forecasted to reach USD 122.7 million by 2029, with a CAGR of 2.8% from 2024 to 2029. Additionally, the revenue from the food & beverages segment is anticipated to grow at a CAGR of 3.9% and reach USD 69.8 million by 2029.

Key players in the North America medium-voltage electric drives market include Rockwell Automation, Inc., ABB, Ltd., Siemens AG, Danfoss A/S, Schneider Electric SE, Nidec Corporation, Yaskawa Electric Corporation, WEG SA, and others. These top 10 market players collectively held a total share of over 90% in 2022.

This study aims to analyze the North America 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: USA, Canada, and Mexico.