Medium Voltage AC Drive Market is anticipated display a CAGR of around 4% over the forecast period (2021-2027). The Global Medium Voltage AC Drive Market is experiencing significant growth due to the increased demand for building automation systems, rising global demand for energy efficient electrical products, and increase in urban population and rise in industrialization activities are the key factors complementing the Medium Voltage AC Drives market.
AC drives are used for regulating the velocity of electric motors and function by fluctuating the frequency, magnetic flux and voltage in the motor’s circuit. They are used to achieve effective control over the motor’s speed and reduce energy consumption. Owing to this, they are employed across the oil and gas, power generation, building automation, food and beverage, and metals and mining sectors. Furthermore, the low energy consumption of AC drives is one of the prime factors that is driving the growth in the market. They adopt energy-saving techniques, which avoid strain on natural resources and offer a greater return on investment and efficiency. The use of these devices also reduces disturbances in the power supply and lowers carbon dioxide emissions.
Increase in demand for energy efficiency devices coupled with growing demand for medium voltage AC drives in across power generation, building automation, and water & wastewater sectors. Wastewater treatment industry has been witnessing rise in use of medium voltage AC drives, enabling pumps to accommodate the fluctuating demand by running these pumps at a lower speed and thereby consuming less amount of energy.
The liquid cooled drive manufacturers have implemented various types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions to strengthen their offerings in the market as well as to increase adoption of these drives in major end-use industries. For instance, ABB Ltd. offers ACS1000, a medium voltage AC drive which boasts features such as Direct Torque Control (DTC), Power range 315 kW up to 5 MW, and water cooled compatibility. It has applications in Mining, Marine, Power, Water & Wastewater, Oil & Gas, Pulp & Paper, among others.
In 2020, compressor category to account for significant share in the global market. Compressors equipped with drives can adjust speed, maximize production efficiency, and improve mechanical resonances. It also reduces operational and electrical stresses on the motor. Furthermore, compressors are widely used in oil and gas industry. Increased use of different types of compressors in upstream, midstream and downstream sectors for several distinctly different applications, such as transmission, storage, gas gathering, gas lift, gas injection, flash gas compression, refrigeration, etc. is further expected to support the market growth.