Medium Voltage AC Drive Market: Introduction
Transparency Market Research delivers key insights on the global medium voltage AC drive market. In terms of revenue, the global medium voltage AC drive market is estimated to expand at a CAGR of 4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global medium voltage AC drive market.
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Medium Voltage AC Drive Market: Dynamics
The demand for energy has increased over the last two decades due to the rise in population across the globe. In the midst of higher fuel consumption, natural gas is emerging as the preferred fuel, owing to its clean energy output. Awareness about global warming and greenhouse gas emission has boosted the efforts to find substitutes for coal and oil-dependent energy consumption. Natural gas is a clean source of energy vis-à-vis coal and oil. Factors such as lower wholesale gas prices in end-use markets, for instance, economics of gas usage are increasingly favorable compared with alternatives such as oil. Recent investments in terminals and pipelines to connect gas to consumers have also increased gas availability. A decade ago, only 23 countries had access to LNG. Costly import terminals that took years to build and inflexible supply contracts complicated the widespread adoption of gas. In 2019, the number of LNG importing countries reached 43. Rise in competition among suppliers and increase in liquidity in traded markets created more room to cater to individual buyer needs for contract duration, size, and flexibility. Pipeline is an easy and cheaper mode of transporting natural gas; hence, countries across the globe are expanding or adding new pipelines to cater to their growing fuel needs. For instance, The Australian Government has committed A$ 58.6 Mn (US$ 45.3 Mn) to boost gas supply, storage, and pipeline capacity in its 2021-22 budget. In order to transport the natural gas over long distance and maintain the desired flow, pumping stations are installed at strategic locations. Centrifugal pumps used at these locations offer significant potential for energy saving, as the application always does not require 100% flow. Variable frequency drive based solutions are being adopted because of their ability to control flow efficiently and optimize energy consumption along with the pump. Thus, rise in need for transporting natural gas over a long distance in order to meet the rising demand for energy is anticipated to create lucrative opportunities for the medium voltage Ac drive market during the forecast period.
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Medium Voltage AC Drive Market: Prominent Regions
North America is a key region of the global medium voltage AC drive market. The U.S. held a large share of the medium voltage AC drive market in North America in 2020. The growth of the medium voltage AC drive market in the U.S. can be ascribed to the increase in production of shale oil & gas in the country. According to BP Statistical Review, North America was the second largest producer of oil and the largest producer of gas in the world in 2020. North America achieved this feat through increase in production of shale oil & gas in the U.S. This has resulted in the U.S. becoming a net exporter of crude oil for the first time in a decade. According to the Energy Information Administration (EIA), the share of non-conventional gas in total natural gas production in the U.S. is expected to rise from 61% in 2010 to 79% in 2040. In Canada, which is already an exporting country, the share of shale gas in total production is likely be even larger (84%) in 2040. AC drives are primarily used to run high powered motors for oil exploration and production purposes. Thus, rise in investment in oil & gas production in North America is anticipated to create lucrative opportunities for the medium voltage AC drive market in the region during the forecast period.
Europe is one of the key regions of the global medium voltage AC drive market. This can be ascribed to the rise in investments in development of clean technologies such as solar and wind for power generation in the region. The implementation of stringent regulations to limit GHG emissions from power generation facilities is a key factor driving the utilization of renewable resources in electric generation facilities. Several countries in Europe also offer incentives and financial assistance to promote the adoption of renewable resources. These incentives include feed-in tariff, quota-based tradable green certificates, investment subsidies, and tax cuts. The Renewable Energy Directive of the European Union has established an overall policy for production and promotion of energy from renewable resources in the region. It mandates the member countries of the EU to fulfill at least 32% of their total energy requirements from renewables by 2030. The EU member states installed 18.2 GW of solar power capacity in 2020, an 11% increase over the 16.2 GW deployed in the previous year. These initiatives are estimated to propel the medium voltage AC drive market in Europe in the near future.
Electricity consumption has been increasing significantly in Asia Pacific due to rise in investments in the industrial sector and rapid urbanization in the region. According to Enerdata, the consumption of electricity in Asia Pacific increased from 8,616 TWh in 2014 to 10,716 TWh in 2019. Steady economic growth, rapid urbanization, and improvement in standard of living are some of the key factors boosting the demand for medium voltage AC drives in the region. Housing the world’s second-largest population, India’s yearly consumption of 1.54 trillion kWh makes it the planet’s third-highest consumer of electricity behind China and the U.S., and the second-biggest user in Asia. Thus, ongoing installation of coal-based power plants is anticipated to create lucrative opportunities for the medium voltage AC drive market in Asia Pacific in the near future.
Medium Voltage AC Drive Market: Key Players
Key players operating in the global medium voltage AC drive market are ABB, Schneider Electric, Hitachi, Ltd., Rockwell Automation, Inc., Nidec Industrial Solutions (NIDEC CORPORATION), Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), YASKAWA ELECTRIC CORPORATION, Honeywell International Inc., Siemens, Fuji Electric Co., Ltd., Spartan Controls, Amtech, Danfoss, and TECO Electric Europe Ltd.
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Global Medium Voltage AC Drive Market: Segmentation
Medium Voltage AC Drive Market, by Converter Type
Medium Voltage AC Drive Market, by Enclosure
Medium Voltage AC Drive Market, by Application
Medium Voltage AC Drive Market, by End-user
Medium Voltage AC Drive Market, by Voltage
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