Frequently Asked Questions
The global medium voltage drives market was valued at USD 1.4 Billion in 2022.
The medium voltage drives market is expected to grow at a CAGR of 4.20% between 2023 and 2030, reaching USD 1.8 Billion in 2030.
1MW to 3MW is the leading segment by power range, holding over 25% share in value in 2022.
The power generation segment governs the demand for medium voltage drives worldwide, holding a massive share of over 25% in 2022.
The pump segment will post the highest CAGR during the forecast period.
North America is fueling the growth of the medium voltage drives industry, with over one-third share in 2022.
The top players include Eaton Corporation, ABB Ltd, Crompton Greaves Ltd, GE Company, and Honeywell International Inc.
Increasing demand for energy-efficient solutions and rising adoption of automation and process control systems are the benefits offered by medium voltage drives are the major market drivers.
Higher costs are the major market restraints.
Integration with renewable energy sources is a major opportunity in the medium voltage drives industry.