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Medium Voltage Drives Market Outlook (2023 to 2033)

The global medium voltage drives market is projected to expand at a moderate CAGR of 3.8%, reaching US$ 2,439.7 million by 2033 from US$ 1,680.2 million in 2023. Potential market demand for efficient medium voltage drives are projected to increase due to the growing trend of industrial automation.

Industrial establishments requiring higher energy consumption for running various manufacturing equipment are constantly striving for implementing energy-efficient tools. The adoption of the industrial Internet of things (IIoT) is likely to have a growth rate of 1.03x between 2022 and 2023.

Coupled with stringent regulations for reducing carbon emissions, it has made it a compulsion for spending less on electricity consumption. As a result, a medium voltage or mv drive has emerged to be a suitable tool for the higher performance of electric motors used in industries with the consumption of a lower amount of electricity.

Industries operating on higher capacity electricity motors also have high voltage VFD drives that benefit the users with the similar outcomes of using medium voltage VFDs.

Heavy-duty Industries and Oil & Gas Networks Implementing the Monitoring and Control Systems for Lessen Power Consumption

By varying the frequency and voltage of the electricity supplied to electric motors used in industries, it is possible to manage energy consumption. Moreover, the utilization of weg medium voltage drives in industrial setups helps in increasing the longevity of equipment and reduces the overall maintenance cost.

Industrial setups with high workloads prefer to deploy the best medium voltage drives, for example, Siemens mv drives, powerflex 7000 VFD, and others, for better results. Other media to smaller size enterprises opt for better options in terms of the lower cost that is likely to provide an equal ground for all the players operating in the market.

Attributes Details
Expected Market CAGR (2023 to 2033) 3.8%
Expected Market Size (2023) US$ 1,680.2 million
Expected Market Size (2033) US$ 2,439.7 million

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Growth of the Medium Voltage Drive Industry from 2018 to 2022 compared to Forecasts for 2023 to 2033

Attribute Details
Market CAGR (2018 to 2022) 3.5%
Market Size (2018) US$ 1,366.9 million
Market Size (2022) US$ 1,623.5 million
Market Y-o-Y Growth (between 2023 and 2033) 1.45x

As a way to save energy in industrial settings, the government and private businesses are supporting the use of high voltage and medium voltage drives. Short-term growth is quite substantial, as smart grid technology is being adopted. As a result, a valuation of US$ 1,879.11 million is predicted for 2026.

The potential demand for medium voltage is projected to see new heights due to the emphasis on sustainability and energy efficiency. It has become more crucial than ever to create intelligent motor control systems that maximize motor performance and energy usage using cutting-edge algorithms and sensors.

The market is currently expanding and changing, and new technology and applications are always being developed. This is likely to result in a substantial valuation of US$ 2,181.44 million by 2030.

The medium voltage drives industry, which began simply as a switch, has evolved into a main force in energy efficiency and innovation, supplying the world's industries and paving the way for a more sustainable future.

Does Existing Technologies Enough for Market Growth?

Obligations to control energy consumption by reducing the demand for electricity supply in electrical motors are optimized by the use of appropriate voltage-regulating drives.

Existing technologies across all levels of enterprises undergoing the necessary refurbishment and replacement. They are poised to obtain new upgraded versions of medium voltage variable frequency drives that are projected to obtain higher revenues in the market.

In recent times, there has been a growing requirement for introducing full-time monitoring control of various processing units. Due to a shortage of labor, particularly in developed economies, industries are resorting to the utilization of medium-voltage drives as well as high-voltage drives.

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What are the Game-changer Techniques for Effective Demand for Medium Voltage Drives?

  • The medium voltage drives have been in use for a very long time, but it has remained mostly limited to large industrial sectors with higher capital investments.
  • Medium voltage VFD motors require skilled personnel for operation due to maintenance and safety reasons. The development of medium voltage drives with more user-friendly controls is the key game-changer for medium voltage drive adoption.
  • In the aftermath of the successful demonstration of high-end digital technologies, such as machine learning (ML) and artificial intelligence (AI), a number of new players are emerging in the electronics and industrial sector.
  • The growing competition has led to a significant drop in the prices of important electrical devices. Previously renowned players in the market had to take care of medium voltage drive prices. For them to remain competitive in a world that is changing quickly, they should strive for quick adoption of new technology.

Comparative View of the Market

Medium Voltage Drives Market:

Attributes Medium Voltage Drives Market
CAGR (2023 to 2033) 3.8%
Market Value (2033) US$ 2,439.7 million
Growth Factor Rising investment toward smart infrastructure
Opportunity Surging development in heavy-duty industrial vehicles
Trends Rising adoption in various industries, such as mining, cement, and petrochemicals

Low Voltage Switchgear Market:

Attributes Low Voltage Switchgear Market
CAGR (2023 to 2033) 4.0%
Market Value (2033) US$ 105,670 million
Growth Factor Quick reaction time and low unit cost
Opportunity Favorable government regulations
Trends Investment in plug-in low-voltage switchgear

Switchgear Market:

Attributes Switchgear Market
CAGR (2023 to 2033) 5.5%
Market Value (2033) US$ 130,920 million
Growth Factor Rising investment in renewable energy
Opportunity New prospects due to aging power infrastructure
Trends Surging integration of smart control units

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Category Analysis

Which Segment Witnesses the Leading Growth Based on Voltage or Power Range?

Based on the power range, 1 MW to 3MW is likely to gain a top spot in the market, with a CAGR of 38% in 2023.

The rising use of automation in the building sector, fueled by the requirement for energy-efficient appliances, is likely to set the market with significant demand for 3 KV to 7KV medium voltage variable frequency drives.

This segment is expected to witness an advantage over other higher 14 KV and above categories owing to the higher medium voltage VFD price list.

Which Sectors Are the Prominent End Users of the Market?

There are six subsectors of the manufacturing sector considered to be intensive end-users having high energy requirements. In 2018, these six industries, namely oil & gas processing, power generation plants, mining and primary metal refining, and pulp and paper manufacturing, consumed almost 87% of the total manufacturing energy consumed per year.

Rising fossil fuel prices have redirected the various operations in these industries to use energy-efficient methods as a cost-cutting measure. The oil & gas segment is projected to lead the market with a share of 34% in 2023.

According to the Current Type used in the Drives, which Segment has the Maximum Growth Potential?

AC drives control the speed of electric motors and torque produced by fluctuating the voltage in the motor circuits. This segment is the most popular drive than the DC and servo medium voltage VFD motors.

AC drives are deployed in heavy industries that further fuel the growth of the medium voltage drives market in the coming days.

What are the Key Applications of Medium Voltage Drives Propelling the Global Market?

Electric motors are used in several types of appliances that we see in everyday life. Pump sets, cooling fans, conveyors, fluid compressors, and others are constructed over an electric motor, providing the required circular motion.

Medium voltage drives are installed in industrial setups, having bigger versions of these appliances requiring higher energy to run. Pump sets consume a significant amount of energy available for the production units. This makes them the attractive segment for medium voltage VFD manufacturers.

Regional Analysis

Key Players in North America Make the Global Industry Astonishing

North America is the dominant region in the manufacturing and production of medium voltage. With the presence of several top brands of medium voltage drives in the region, some brand names have become synonymous with the product. Siemens mv drives, weg medium voltage drives, and ABB medium voltage VFD are some common names mistakenly used instead of medium voltage drives.

  • The United States is leading with a market share of 21.6% in 2023. This is owing to the surging development of energy-efficient infrastructure.
  • The advancement of motor control technology allowed manufacturers to increase their revenue sources in the United States.

Technological Progress: Key Growth Factor for Asia Pacific Region

Country China
CAGR (2023 to 2033) 4.6%
Country India
CAGR (2023 to 2033) 5.0%

Medium voltage drive manufacturers with lower labor costs are setting up factories in the Asia Pacific region. This is done to lessen their need for cross-border transportation for raw materials.

Due to its quick economic expansion and governmental prohibitions on excessive energy use, Japan is likely to increase adequately, with a market share of 6% in 2023. Moreover, the presence of key manufacturers in these regions, particularly China and India, is likely to provide a conducive environment for the rapid adoption of MV drives in industries.

Medium voltage drives are now widely used across many industries due to rapid technological advancements. High reliability and cost-effective energy reduction are the main goals of progress.

Government Regulations Create New Opportunity for the Medium Voltage Drives Business

Europe is also a prominent region, having huge growth potential for the medium voltage drives sector being present for a very long time.

  • Obligations of European countries to strictly adhere to the environmental norms set by the government are expected to increase the focus on energy consumption methods. This sheer turnaround in the consumption trend is projected to expand the European market to new heights.
  • The medium voltage drives in the German market are anticipated to drastically change as a result of rising energy consumption, a key factor affecting the industrial environment of the nation. Germany is predicted to grow at a share of 5.4% in 2023 as a result.
  • The industry is being driven forward by high power consumption, the energy sector's resurrection of the CAPEX cycle, and the robust growth of process industries like wastewater, steel, water, and cement.

How can Manufacturers Expand in the Market?

Medium voltage drives manufacturers to focus on providing an easy way to program the interface. For instance, medium voltage AC drives with touch screen Human Machine Interfaces are being developed by manufacturers in a bid to give operators a simple way to interface with the drives, access the settings, and program them.

Due to the fact that medium voltage AC drives enable consistent torque over a broad speed range and significant torque increments, manufacturers in this industry are using value-grab opportunities for these applications.

Manufacturers in the medium voltage AC drive market are making systems that accurately manage the rolling mill operations in the metals industry more broadly accessible.

What is the Current Competitive Landscape for the Medium Voltage Drives Market?

The use of high-power speed drives recently developed by technological advancements requires provisions for the accurate supply of voltage and current specifications. Medium voltage VFD manufacturers are increasingly targeting this necessity to escalate product deployment.

To remain competitive, medium voltage drive manufacturers are producing drives according to the requirements of several industries. By creating medium voltage VFD specs that reflect consumer preferences, this change in business approach is anticipated to aid manufacturers in attracting new customers.

For instance: Fuji Electric is a key player in the Asia Pacific region that produces competitive medium voltage drives in the range starting from 0.1 kW and going up to 2400 kW as required by different applications in modern industries.

Recent Development:

  • In December 2021, Mitsubishi Electric Company announced that it has won the 2021 Research and Development 100 award from the United States Publication Research and Development World for its low-voltage air circuit breaker device. This device can safeguard low-voltage power distribution systems in factories and commercial buildings.
  • In March 2021, Rockwell Automation enhanced the operational capacity of the Power Flex 6000T Medium Voltage Drives. A number of improvements to the Allen-Bradley Power Flex 6000T medium voltage drives are now available to industrial businesses. The company's Total FORCE technology, which provides accurate speed and torque management, and automatic modifications to keep processes operating smoothly, is now incorporated into the drives.

Key Players

  • Johnson Controls
  • ABB
  • Schneider Electric
  • Eaton
  • Fuji Electric Co., Ltd.
  • Rockwell Automation, Inc.
  • WEG
  • Yaskawa Electric Corporation
  • Nidec Corporation

Key Segments

By Power Range:

  • < 1MW
  • 1MW to 3 MW
  • 3MW to 7 MW
  • > 7MW

By End User:

  • Oil & Gas
  • Power Generation
  • Mining & Metals
  • Pulp & Paper
  • Marine
  • Others

By Drive:

  • AC
  • DC
  • Servo

By Application:

  • Pump
  • Fan
  • Conveyor
  • Compressor
  • Extruder
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa (MEA)

Frequently Asked Questions

How Big is the Market Going to be by 2033?

The market is valued to hit US$ 2,439.7 million by 2033.

What is the Growth Forecast for the Market?

The market is forecast to register a CAGR of 3.8% through 2033.

What is the Current Market Valuation?

The market is estimated to secure a valuation of US$ 1,680.2 million in 2023.

How was the Historical Performance of The Market?

During 2018 to 2022, the market grew at a CAGR of 3.5%.

How Enormous Is the Opportunity in the United States?

In 2023, the United States to possess a market share of 21.6%.

Which Power Range Category Has a Significant Impact on the Global Market?

With a CAGR of 38% in 2023, 1 MW to 3MW to take the lead in the market.

Which End User Segment to Lead in the Market?

The oil and gas segment to command 34% of the market share in 2023.

Table of Content

1. Executive Summary | Medium Voltage Drives Market 

    1.1. Global Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Market Background

    3.1. Market Dynamics

        3.1.1. Drivers

        3.1.2. Restraints

        3.1.3. Opportunity

        3.1.4. Trends

    3.2. Scenario Forecast

        3.2.1. Demand in Optimistic Scenario

        3.2.2. Demand in Likely Scenario

        3.2.3. Demand in Conservative Scenario

    3.3. Opportunity Map Analysis

    3.4. Product Life Cycle Analysis

    3.5. Supply Chain Analysis

        3.5.1. Supply Side Participants and Their Roles

            3.5.1.1. Producers

            3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)

            3.5.1.3. Wholesalers and Distributors

        3.5.2. Value Added and Value Created at Node in the Supply Chain

        3.5.3. List of Raw Material Suppliers

        3.5.4. List of Existing and Potential Buyers

    3.6. Investment Feasibility Matrix

    3.7. Value Chain Analysis

        3.7.1. Profit Margin Analysis

        3.7.2. Wholesalers and Distributors

        3.7.3. Retailers

    3.8. PESTLE and Porter’s Analysis

    3.9. Regulatory Landscape

        3.9.1. By Key Regions

        3.9.2. By Key Countries

    3.10. Regional Parent Market Outlook

    3.11. Production and Consumption Statistics

    3.12. Import and Export Statistics

4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033

    4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022

    4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033

        4.2.1. Y-o-Y Growth Trend Analysis

        4.2.2. Absolute $ Opportunity Analysis

5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Power Range

    5.1. Introduction / Key Findings

    5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Power Range, 2018 to 2022

    5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Power Range, 2023 to 2033

        5.3.1. < 1MW

        5.3.2. 1MW - 3 MW

        5.3.3. 3MW - 7 MW

        5.3.4. > 7MW

    5.4. Y-o-Y Growth Trend Analysis By Power Range, 2018 to 2022

    5.5. Absolute $ Opportunity Analysis By Power Range, 2023 to 2033

6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User

    6.1. Introduction / Key Findings

    6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End User, 2018 to 2022

    6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End User, 2023 to 2033

        6.3.1. Oil & Gas

        6.3.2. Power Generation

        6.3.3. Mining & Metals

        6.3.4. Pulp & Paper

        6.3.5. Marine

        6.3.6. Others

    6.4. Y-o-Y Growth Trend Analysis By End User, 2018 to 2022

    6.5. Absolute $ Opportunity Analysis By End User, 2023 to 2033

7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Drive

    7.1. Introduction / Key Findings

    7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Drive, 2018 to 2022

    7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Drive, 2023 to 2033

        7.3.1. AC

        7.3.2. DC

        7.3.3. Servo

    7.4. Y-o-Y Growth Trend Analysis By Drive, 2018 to 2022

    7.5. Absolute $ Opportunity Analysis By Drive, 2023 to 2033

8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region

    8.1. Introduction

    8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022

    8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033

        8.3.1. North America

        8.3.2. Latin America

        8.3.3. Europe

        8.3.4. Asia Pacific

        8.3.5. Middle East and Africa(MEA)

    8.4. Market Attractiveness Analysis By Region

9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022

    9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033

        9.2.1. By Country

            9.2.1.1. The USA

            9.2.1.2. Canada

        9.2.2. By Power Range

        9.2.3. By End User

        9.2.4. By Drive

    9.3. Market Attractiveness Analysis

        9.3.1. By Country

        9.3.2. By Power Range

        9.3.3. By End User

        9.3.4. By Drive

    9.4. Key Takeaways

10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022

    10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033

        10.2.1. By Country

            10.2.1.1. Brazil

            10.2.1.2. Mexico

            10.2.1.3. Rest of Latin America

        10.2.2. By Power Range

        10.2.3. By End User

        10.2.4. By Drive

    10.3. Market Attractiveness Analysis

        10.3.1. By Country

        10.3.2. By Power Range

        10.3.3. By End User

        10.3.4. By Drive

    10.4. Key Takeaways

11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022

    11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033

        11.2.1. By Country

            11.2.1.1. Germany

            11.2.1.2. United Kingdom

            11.2.1.3. France

            11.2.1.4. Spain

            11.2.1.5. Italy

            11.2.1.6. Rest of Europe

        11.2.2. By Power Range

        11.2.3. By End User

        11.2.4. By Drive

    11.3. Market Attractiveness Analysis

        11.3.1. By Country

        11.3.2. By Power Range

        11.3.3. By End User

        11.3.4. By Drive

    11.4. Key Takeaways

12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022

    12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033

        12.2.1. By Country

            12.2.1.1. China

            12.2.1.2. Japan

            12.2.1.3. South Korea

            12.2.1.4. Singapore

            12.2.1.5. Thailand

            12.2.1.6. Indonesia

            12.2.1.7. Australia

            12.2.1.8. New Zealand

            12.2.1.9. Rest of Asia Pacific

        12.2.2. By Power Range

        12.2.3. By End User

        12.2.4. By Drive

    12.3. Market Attractiveness Analysis

        12.3.1. By Country

        12.3.2. By Power Range

        12.3.3. By End User

        12.3.4. By Drive

    12.4. Key Takeaways

13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022

    13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033

        13.2.1. By Country

            13.2.1.1. GCC Countries

            13.2.1.2. South Africa

            13.2.1.3. Israel

            13.2.1.4. Rest of Middle East and Africa(MEA)

        13.2.2. By Power Range

        13.2.3. By End User

        13.2.4. By Drive

    13.3. Market Attractiveness Analysis

        13.3.1. By Country

        13.3.2. By Power Range

        13.3.3. By End User

        13.3.4. By Drive

    13.4. Key Takeaways

14. Key Countries Market Analysis

    14.1. USA

        14.1.1. Pricing Analysis

        14.1.2. Market Share Analysis, 2022

            14.1.2.1. By Power Range

            14.1.2.2. By End User

            14.1.2.3. By Drive

    14.2. Canada

        14.2.1. Pricing Analysis

        14.2.2. Market Share Analysis, 2022

            14.2.2.1. By Power Range

            14.2.2.2. By End User

            14.2.2.3. By Drive

    14.3. Brazil

        14.3.1. Pricing Analysis

        14.3.2. Market Share Analysis, 2022

            14.3.2.1. By Power Range

            14.3.2.2. By End User

            14.3.2.3. By Drive

    14.4. Mexico

        14.4.1. Pricing Analysis

        14.4.2. Market Share Analysis, 2022

            14.4.2.1. By Power Range

            14.4.2.2. By End User

            14.4.2.3. By Drive

    14.5. Germany

        14.5.1. Pricing Analysis

        14.5.2. Market Share Analysis, 2022

            14.5.2.1. By Power Range

            14.5.2.2. By End User

            14.5.2.3. By Drive

    14.6. United Kingdom

        14.6.1. Pricing Analysis

        14.6.2. Market Share Analysis, 2022

            14.6.2.1. By Power Range

            14.6.2.2. By End User

            14.6.2.3. By Drive

    14.7. France

        14.7.1. Pricing Analysis

        14.7.2. Market Share Analysis, 2022

            14.7.2.1. By Power Range

            14.7.2.2. By End User

            14.7.2.3. By Drive

    14.8. Spain

        14.8.1. Pricing Analysis

        14.8.2. Market Share Analysis, 2022

            14.8.2.1. By Power Range

            14.8.2.2. By End User

            14.8.2.3. By Drive

    14.9. Italy

        14.9.1. Pricing Analysis

        14.9.2. Market Share Analysis, 2022

            14.9.2.1. By Power Range

            14.9.2.2. By End User

            14.9.2.3. By Drive

    14.10. China

        14.10.1. Pricing Analysis

        14.10.2. Market Share Analysis, 2022

            14.10.2.1. By Power Range

            14.10.2.2. By End User

            14.10.2.3. By Drive

    14.11. Japan

        14.11.1. Pricing Analysis

        14.11.2. Market Share Analysis, 2022

            14.11.2.1. By Power Range

            14.11.2.2. By End User

            14.11.2.3. By Drive

    14.12. South Korea

        14.12.1. Pricing Analysis

        14.12.2. Market Share Analysis, 2022

            14.12.2.1. By Power Range

            14.12.2.2. By End User

            14.12.2.3. By Drive

    14.13. Singapore

        14.13.1. Pricing Analysis

        14.13.2. Market Share Analysis, 2022

            14.13.2.1. By Power Range

            14.13.2.2. By End User

            14.13.2.3. By Drive

    14.14. Thailand

        14.14.1. Pricing Analysis

        14.14.2. Market Share Analysis, 2022

            14.14.2.1. By Power Range

            14.14.2.2. By End User

            14.14.2.3. By Drive

    14.15. Indonesia

        14.15.1. Pricing Analysis

        14.15.2. Market Share Analysis, 2022

            14.15.2.1. By Power Range

            14.15.2.2. By End User

            14.15.2.3. By Drive

    14.16. Australia

        14.16.1. Pricing Analysis

        14.16.2. Market Share Analysis, 2022

            14.16.2.1. By Power Range

            14.16.2.2. By End User

            14.16.2.3. By Drive

    14.17. New Zealand

        14.17.1. Pricing Analysis

        14.17.2. Market Share Analysis, 2022

            14.17.2.1. By Power Range

            14.17.2.2. By End User

            14.17.2.3. By Drive

    14.18. GCC Countries

        14.18.1. Pricing Analysis

        14.18.2. Market Share Analysis, 2022

            14.18.2.1. By Power Range

            14.18.2.2. By End User

            14.18.2.3. By Drive

    14.19. South Africa

        14.19.1. Pricing Analysis

        14.19.2. Market Share Analysis, 2022

            14.19.2.1. By Power Range

            14.19.2.2. By End User

            14.19.2.3. By Drive

    14.20. Israel

        14.20.1. Pricing Analysis

        14.20.2. Market Share Analysis, 2022

            14.20.2.1. By Power Range

            14.20.2.2. By End User

            14.20.2.3. By Drive

15. Market Structure Analysis

    15.1. Competition Dashboard

    15.2. Competition Benchmarking

    15.3. Market Share Analysis of Top Players

        15.3.1. By Regional

        15.3.2. By Power Range

        15.3.3. By End User

        15.3.4. By Drive

16. Competition Analysis

    16.1. Competition Deep Dive

        16.1.1. ABB

            16.1.1.1. Overview

            16.1.1.2. Product Portfolio

            16.1.1.3. Profitability by Market Segments

            16.1.1.4. Sales Footprint

            16.1.1.5. Strategy Overview

                16.1.1.5.1. Marketing Strategy

                16.1.1.5.2. Product Strategy

                16.1.1.5.3. Channel Strategy

        16.1.2. Schneider Electric

            16.1.2.1. Overview

            16.1.2.2. Product Portfolio

            16.1.2.3. Profitability by Market Segments

            16.1.2.4. Sales Footprint

            16.1.2.5. Strategy Overview

                16.1.2.5.1. Marketing Strategy

                16.1.2.5.2. Product Strategy

                16.1.2.5.3. Channel Strategy

        16.1.3. Hitachi, Ltd.

            16.1.3.1. Overview

            16.1.3.2. Product Portfolio

            16.1.3.3. Profitability by Market Segments

            16.1.3.4. Sales Footprint

            16.1.3.5. Strategy Overview

                16.1.3.5.1. Marketing Strategy

                16.1.3.5.2. Product Strategy

                16.1.3.5.3. Channel Strategy

        16.1.4. Rockwell Automation, Inc.

            16.1.4.1. Overview

            16.1.4.2. Product Portfolio

            16.1.4.3. Profitability by Market Segments

            16.1.4.4. Sales Footprint

            16.1.4.5. Strategy Overview

                16.1.4.5.1. Marketing Strategy

                16.1.4.5.2. Product Strategy

                16.1.4.5.3. Channel Strategy

        16.1.5. Nidec Industrial Solutions

            16.1.5.1. Overview

            16.1.5.2. Product Portfolio

            16.1.5.3. Profitability by Market Segments

            16.1.5.4. Sales Footprint

            16.1.5.5. Strategy Overview

                16.1.5.5.1. Marketing Strategy

                16.1.5.5.2. Product Strategy

                16.1.5.5.3. Channel Strategy

        16.1.6. Toshiba Mitsubishi-Electric Industrial Systems Corporation

            16.1.6.1. Overview

            16.1.6.2. Product Portfolio

            16.1.6.3. Profitability by Market Segments

            16.1.6.4. Sales Footprint

            16.1.6.5. Strategy Overview

                16.1.6.5.1. Marketing Strategy

                16.1.6.5.2. Product Strategy

                16.1.6.5.3. Channel Strategy

        16.1.7. Honeywell International Inc.

            16.1.7.1. Overview

            16.1.7.2. Product Portfolio

            16.1.7.3. Profitability by Market Segments

            16.1.7.4. Sales Footprint

            16.1.7.5. Strategy Overview

                16.1.7.5.1. Marketing Strategy

                16.1.7.5.2. Product Strategy

                16.1.7.5.3. Channel Strategy

        16.1.8. Siemens

            16.1.8.1. Overview

            16.1.8.2. Product Portfolio

            16.1.8.3. Profitability by Market Segments

            16.1.8.4. Sales Footprint

            16.1.8.5. Strategy Overview

                16.1.8.5.1. Marketing Strategy

                16.1.8.5.2. Product Strategy

                16.1.8.5.3. Channel Strategy

        16.1.9. Fuji Electric Co., Ltd.

            16.1.9.1. Overview

            16.1.9.2. Product Portfolio

            16.1.9.3. Profitability by Market Segments

            16.1.9.4. Sales Footprint

            16.1.9.5. Strategy Overview

                16.1.9.5.1. Marketing Strategy

                16.1.9.5.2. Product Strategy

                16.1.9.5.3. Channel Strategy

        16.1.10. Spartan Controls

            16.1.10.1. Overview

            16.1.10.2. Product Portfolio

            16.1.10.3. Profitability by Market Segments

            16.1.10.4. Sales Footprint

            16.1.10.5. Strategy Overview

                16.1.10.5.1. Marketing Strategy

                16.1.10.5.2. Product Strategy

                16.1.10.5.3. Channel Strategy

        16.1.11. Amtech

            16.1.11.1. Overview

            16.1.11.2. Product Portfolio

            16.1.11.3. Profitability by Market Segments

            16.1.11.4. Sales Footprint

            16.1.11.5. Strategy Overview

                16.1.11.5.1. Marketing Strategy

                16.1.11.5.2. Product Strategy

                16.1.11.5.3. Channel Strategy

        16.1.12. Danfoss

            16.1.12.1. Overview

            16.1.12.2. Product Portfolio

            16.1.12.3. Profitability by Market Segments

            16.1.12.4. Sales Footprint

            16.1.12.5. Strategy Overview

                16.1.12.5.1. Marketing Strategy

                16.1.12.5.2. Product Strategy

                16.1.12.5.3. Channel Strategy

17. Assumptions & Acronyms Used

18. Research Methodology

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List of Tables

Table 1: Global Market Value (US$ Million) Forecast by Region, 2018 to 2033

Table 2: Global Market Volume (Units) Forecast by Region, 2018 to 2033

Table 3: Global Market Value (US$ Million) Forecast by Power Range, 2018 to 2033

Table 4: Global Market Volume (Units) Forecast by Power Range, 2018 to 2033

Table 5: Global Market Value (US$ Million) Forecast by End User, 2018 to 2033

Table 6: Global Market Volume (Units) Forecast by End User, 2018 to 2033

Table 7: Global Market Value (US$ Million) Forecast by Drive, 2018 to 2033

Table 8: Global Market Volume (Units) Forecast by Drive, 2018 to 2033

Table 9: North America Market Value (US$ Million) Forecast by Country, 2018 to 2033

Table 10: North America Market Volume (Units) Forecast by Country, 2018 to 2033

Table 11: North America Market Value (US$ Million) Forecast by Power Range, 2018 to 2033

Table 12: North America Market Volume (Units) Forecast by Power Range, 2018 to 2033

Table 13: North America Market Value (US$ Million) Forecast by End User, 2018 to 2033

Table 14: North America Market Volume (Units) Forecast by End User, 2018 to 2033

Table 15: North America Market Value (US$ Million) Forecast by Drive, 2018 to 2033

Table 16: North America Market Volume (Units) Forecast by Drive, 2018 to 2033

Table 17: Latin America Market Value (US$ Million) Forecast by Country, 2018 to 2033

Table 18: Latin America Market Volume (Units) Forecast by Country, 2018 to 2033

Table 19: Latin America Market Value (US$ Million) Forecast by Power Range, 2018 to 2033

Table 20: Latin America Market Volume (Units) Forecast by Power Range, 2018 to 2033

Table 21: Latin America Market Value (US$ Million) Forecast by End User, 2018 to 2033

Table 22: Latin America Market Volume (Units) Forecast by End User, 2018 to 2033

Table 23: Latin America Market Value (US$ Million) Forecast by Drive, 2018 to 2033

Table 24: Latin America Market Volume (Units) Forecast by Drive, 2018 to 2033

Table 25: Europe Market Value (US$ Million) Forecast by Country, 2018 to 2033

Table 26: Europe Market Volume (Units) Forecast by Country, 2018 to 2033

Table 27: Europe Market Value (US$ Million) Forecast by Power Range, 2018 to 2033

Table 28: Europe Market Volume (Units) Forecast by Power Range, 2018 to 2033

Table 29: Europe Market Value (US$ Million) Forecast by End User, 2018 to 2033

Table 30: Europe Market Volume (Units) Forecast by End User, 2018 to 2033

Table 31: Europe Market Value (US$ Million) Forecast by Drive, 2018 to 2033

Table 32: Europe Market Volume (Units) Forecast by Drive, 2018 to 2033

Table 33: Asia Pacific Market Value (US$ Million) Forecast by Country, 2018 to 2033

Table 34: Asia Pacific Market Volume (Units) Forecast by Country, 2018 to 2033

Table 35: Asia Pacific Market Value (US$ Million) Forecast by Power Range, 2018 to 2033

Table 36: Asia Pacific Market Volume (Units) Forecast by Power Range, 2018 to 2033

Table 37: Asia Pacific Market Value (US$ Million) Forecast by End User, 2018 to 2033

Table 38: Asia Pacific Market Volume (Units) Forecast by End User, 2018 to 2033

Table 39: Asia Pacific Market Value (US$ Million) Forecast by Drive, 2018 to 2033

Table 40: Asia Pacific Market Volume (Units) Forecast by Drive, 2018 to 2033

Table 41: MEA Market Value (US$ Million) Forecast by Country, 2018 to 2033

Table 42: MEA Market Volume (Units) Forecast by Country, 2018 to 2033

Table 43: MEA Market Value (US$ Million) Forecast by Power Range, 2018 to 2033

Table 44: MEA Market Volume (Units) Forecast by Power Range, 2018 to 2033

Table 45: MEA Market Value (US$ Million) Forecast by End User, 2018 to 2033

Table 46: MEA Market Volume (Units) Forecast by End User, 2018 to 2033

Table 47: MEA Market Value (US$ Million) Forecast by Drive, 2018 to 2033

Table 48: MEA Market Volume (Units) Forecast by Drive, 2018 to 2033
Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

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List of Charts

Figure 1: Global Market Value (US$ Million) by Power Range, 2023 to 2033

Figure 2: Global Market Value (US$ Million) by End User, 2023 to 2033

Figure 3: Global Market Value (US$ Million) by Drive, 2023 to 2033

Figure 4: Global Market Value (US$ Million) by Region, 2023 to 2033

Figure 5: Global Market Value (US$ Million) Analysis by Region, 2018 to 2033

Figure 6: Global Market Volume (Units) Analysis by Region, 2018 to 2033

Figure 7: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033

Figure 8: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033

Figure 9: Global Market Value (US$ Million) Analysis by Power Range, 2018 to 2033

Figure 10: Global Market Volume (Units) Analysis by Power Range, 2018 to 2033

Figure 11: Global Market Value Share (%) and BPS Analysis by Power Range, 2023 to 2033

Figure 12: Global Market Y-o-Y Growth (%) Projections by Power Range, 2023 to 2033

Figure 13: Global Market Value (US$ Million) Analysis by End User, 2018 to 2033

Figure 14: Global Market Volume (Units) Analysis by End User, 2018 to 2033

Figure 15: Global Market Value Share (%) and BPS Analysis by End User, 2023 to 2033

Figure 16: Global Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033

Figure 17: Global Market Value (US$ Million) Analysis by Drive, 2018 to 2033

Figure 18: Global Market Volume (Units) Analysis by Drive, 2018 to 2033

Figure 19: Global Market Value Share (%) and BPS Analysis by Drive, 2023 to 2033

Figure 20: Global Market Y-o-Y Growth (%) Projections by Drive, 2023 to 2033

Figure 21: Global Market Attractiveness by Power Range, 2023 to 2033

Figure 22: Global Market Attractiveness by End User, 2023 to 2033

Figure 23: Global Market Attractiveness by Drive, 2023 to 2033

Figure 24: Global Market Attractiveness by Region, 2023 to 2033

Figure 25: North America Market Value (US$ Million) by Power Range, 2023 to 2033

Figure 26: North America Market Value (US$ Million) by End User, 2023 to 2033

Figure 27: North America Market Value (US$ Million) by Drive, 2023 to 2033

Figure 28: North America Market Value (US$ Million) by Country, 2023 to 2033

Figure 29: North America Market Value (US$ Million) Analysis by Country, 2018 to 2033

Figure 30: North America Market Volume (Units) Analysis by Country, 2018 to 2033

Figure 31: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033

Figure 32: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033

Figure 33: North America Market Value (US$ Million) Analysis by Power Range, 2018 to 2033

Figure 34: North America Market Volume (Units) Analysis by Power Range, 2018 to 2033

Figure 35: North America Market Value Share (%) and BPS Analysis by Power Range, 2023 to 2033

Figure 36: North America Market Y-o-Y Growth (%) Projections by Power Range, 2023 to 2033

Figure 37: North America Market Value (US$ Million) Analysis by End User, 2018 to 2033

Figure 38: North America Market Volume (Units) Analysis by End User, 2018 to 2033

Figure 39: North America Market Value Share (%) and BPS Analysis by End User, 2023 to 2033

Figure 40: North America Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033

Figure 41: North America Market Value (US$ Million) Analysis by Drive, 2018 to 2033

Figure 42: North America Market Volume (Units) Analysis by Drive, 2018 to 2033

Figure 43: North America Market Value Share (%) and BPS Analysis by Drive, 2023 to 2033

Figure 44: North America Market Y-o-Y Growth (%) Projections by Drive, 2023 to 2033

Figure 45: North America Market Attractiveness by Power Range, 2023 to 2033

Figure 46: North America Market Attractiveness by End User, 2023 to 2033

Figure 47: North America Market Attractiveness by Drive, 2023 to 2033

Figure 48: North America Market Attractiveness by Country, 2023 to 2033

Figure 49: Latin America Market Value (US$ Million) by Power Range, 2023 to 2033

Figure 50: Latin America Market Value (US$ Million) by End User, 2023 to 2033

Figure 51: Latin America Market Value (US$ Million) by Drive, 2023 to 2033

Figure 52: Latin America Market Value (US$ Million) by Country, 2023 to 2033

Figure 53: Latin America Market Value (US$ Million) Analysis by Country, 2018 to 2033

Figure 54: Latin America Market Volume (Units) Analysis by Country, 2018 to 2033

Figure 55: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033

Figure 56: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033

Figure 57: Latin America Market Value (US$ Million) Analysis by Power Range, 2018 to 2033

Figure 58: Latin America Market Volume (Units) Analysis by Power Range, 2018 to 2033

Figure 59: Latin America Market Value Share (%) and BPS Analysis by Power Range, 2023 to 2033

Figure 60: Latin America Market Y-o-Y Growth (%) Projections by Power Range, 2023 to 2033

Figure 61: Latin America Market Value (US$ Million) Analysis by End User, 2018 to 2033

Figure 62: Latin America Market Volume (Units) Analysis by End User, 2018 to 2033

Figure 63: Latin America Market Value Share (%) and BPS Analysis by End User, 2023 to 2033

Figure 64: Latin America Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033

Figure 65: Latin America Market Value (US$ Million) Analysis by Drive, 2018 to 2033

Figure 66: Latin America Market Volume (Units) Analysis by Drive, 2018 to 2033

Figure 67: Latin America Market Value Share (%) and BPS Analysis by Drive, 2023 to 2033

Figure 68: Latin America Market Y-o-Y Growth (%) Projections by Drive, 2023 to 2033

Figure 69: Latin America Market Attractiveness by Power Range, 2023 to 2033

Figure 70: Latin America Market Attractiveness by End User, 2023 to 2033

Figure 71: Latin America Market Attractiveness by Drive, 2023 to 2033

Figure 72: Latin America Market Attractiveness by Country, 2023 to 2033

Figure 73: Europe Market Value (US$ Million) by Power Range, 2023 to 2033

Figure 74: Europe Market Value (US$ Million) by End User, 2023 to 2033

Figure 75: Europe Market Value (US$ Million) by Drive, 2023 to 2033

Figure 76: Europe Market Value (US$ Million) by Country, 2023 to 2033

Figure 77: Europe Market Value (US$ Million) Analysis by Country, 2018 to 2033

Figure 78: Europe Market Volume (Units) Analysis by Country, 2018 to 2033

Figure 79: Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033

Figure 80: Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033

Figure 81: Europe Market Value (US$ Million) Analysis by Power Range, 2018 to 2033

Figure 82: Europe Market Volume (Units) Analysis by Power Range, 2018 to 2033

Figure 83: Europe Market Value Share (%) and BPS Analysis by Power Range, 2023 to 2033

Figure 84: Europe Market Y-o-Y Growth (%) Projections by Power Range, 2023 to 2033

Figure 85: Europe Market Value (US$ Million) Analysis by End User, 2018 to 2033

Figure 86: Europe Market Volume (Units) Analysis by End User, 2018 to 2033

Figure 87: Europe Market Value Share (%) and BPS Analysis by End User, 2023 to 2033

Figure 88: Europe Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033

Figure 89: Europe Market Value (US$ Million) Analysis by Drive, 2018 to 2033

Figure 90: Europe Market Volume (Units) Analysis by Drive, 2018 to 2033

Figure 91: Europe Market Value Share (%) and BPS Analysis by Drive, 2023 to 2033

Figure 92: Europe Market Y-o-Y Growth (%) Projections by Drive, 2023 to 2033

Figure 93: Europe Market Attractiveness by Power Range, 2023 to 2033

Figure 94: Europe Market Attractiveness by End User, 2023 to 2033

Figure 95: Europe Market Attractiveness by Drive, 2023 to 2033

Figure 96: Europe Market Attractiveness by Country, 2023 to 2033

Figure 97: Asia Pacific Market Value (US$ Million) by Power Range, 2023 to 2033

Figure 98: Asia Pacific Market Value (US$ Million) by End User, 2023 to 2033

Figure 99: Asia Pacific Market Value (US$ Million) by Drive, 2023 to 2033

Figure 100: Asia Pacific Market Value (US$ Million) by Country, 2023 to 2033

Figure 101: Asia Pacific Market Value (US$ Million) Analysis by Country, 2018 to 2033

Figure 102: Asia Pacific Market Volume (Units) Analysis by Country, 2018 to 2033

Figure 103: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2023 to 2033

Figure 104: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033

Figure 105: Asia Pacific Market Value (US$ Million) Analysis by Power Range, 2018 to 2033

Figure 106: Asia Pacific Market Volume (Units) Analysis by Power Range, 2018 to 2033

Figure 107: Asia Pacific Market Value Share (%) and BPS Analysis by Power Range, 2023 to 2033

Figure 108: Asia Pacific Market Y-o-Y Growth (%) Projections by Power Range, 2023 to 2033

Figure 109: Asia Pacific Market Value (US$ Million) Analysis by End User, 2018 to 2033

Figure 110: Asia Pacific Market Volume (Units) Analysis by End User, 2018 to 2033

Figure 111: Asia Pacific Market Value Share (%) and BPS Analysis by End User, 2023 to 2033

Figure 112: Asia Pacific Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033

Figure 113: Asia Pacific Market Value (US$ Million) Analysis by Drive, 2018 to 2033

Figure 114: Asia Pacific Market Volume (Units) Analysis by Drive, 2018 to 2033

Figure 115: Asia Pacific Market Value Share (%) and BPS Analysis by Drive, 2023 to 2033

Figure 116: Asia Pacific Market Y-o-Y Growth (%) Projections by Drive, 2023 to 2033

Figure 117: Asia Pacific Market Attractiveness by Power Range, 2023 to 2033

Figure 118: Asia Pacific Market Attractiveness by End User, 2023 to 2033

Figure 119: Asia Pacific Market Attractiveness by Drive, 2023 to 2033

Figure 120: Asia Pacific Market Attractiveness by Country, 2023 to 2033

Figure 121: MEA Market Value (US$ Million) by Power Range, 2023 to 2033

Figure 122: MEA Market Value (US$ Million) by End User, 2023 to 2033

Figure 123: MEA Market Value (US$ Million) by Drive, 2023 to 2033

Figure 124: MEA Market Value (US$ Million) by Country, 2023 to 2033

Figure 125: MEA Market Value (US$ Million) Analysis by Country, 2018 to 2033

Figure 126: MEA Market Volume (Units) Analysis by Country, 2018 to 2033

Figure 127: MEA Market Value Share (%) and BPS Analysis by Country, 2023 to 2033

Figure 128: MEA Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033

Figure 129: MEA Market Value (US$ Million) Analysis by Power Range, 2018 to 2033

Figure 130: MEA Market Volume (Units) Analysis by Power Range, 2018 to 2033

Figure 131: MEA Market Value Share (%) and BPS Analysis by Power Range, 2023 to 2033

Figure 132: MEA Market Y-o-Y Growth (%) Projections by Power Range, 2023 to 2033

Figure 133: MEA Market Value (US$ Million) Analysis by End User, 2018 to 2033

Figure 134: MEA Market Volume (Units) Analysis by End User, 2018 to 2033

Figure 135: MEA Market Value Share (%) and BPS Analysis by End User, 2023 to 2033

Figure 136: MEA Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033

Figure 137: MEA Market Value (US$ Million) Analysis by Drive, 2018 to 2033

Figure 138: MEA Market Volume (Units) Analysis by Drive, 2018 to 2033

Figure 139: MEA Market Value Share (%) and BPS Analysis by Drive, 2023 to 2033

Figure 140: MEA Market Y-o-Y Growth (%) Projections by Drive, 2023 to 2033

Figure 141: MEA Market Attractiveness by Power Range, 2023 to 2033

Figure 142: MEA Market Attractiveness by End User, 2023 to 2033

Figure 143: MEA Market Attractiveness by Drive, 2023 to 2033

Figure 144: MEA Market Attractiveness by Country, 2023 to 2033

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