The logistics price increased by 34.9% in July 2022, disrupting the supply chain, while electricity prices increased by 15.5%, the highest level since February 2006. Besides that, The number of existing U.S. homes sold in July 2022 decreased by 5.95% to 4.85 million (seasonally adjusted annual rate), which was the lowest number since May 2020 and under the market’s forecast of 4.89 million. The home sector sales fell for the sixth month in a row as the mortgage rate reached its highest point at 6.3%. The U.S. economy continues to be heavily impacted by the global energy crisis, causing people to spend less and conserve more.
Global Medium Voltage AC Drive Market to reach USD 33.06 billion by 2027.Global Medium Voltage AC Drive Market is valued approximately USD 20.59 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 6.8 % over the forecast period 2021-2027.
Market Overview- Alternate Current (AC) drives are electronic devices that control the speed and torque of an electric motor by alternative parameters such as frequency and magnetic flux. Rapidly growing industrialization and urbanization is driving the growth for the global medium voltage AC market. Nearly, 70% of all industrial development electrical energy is used to power electric motors.
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These motors help to reduce CO2 emission and is more energy efficient for the customers. Along with this, government regulation for obtaining energy efficiency is also major factor for growth driver. One with energy saving AC drive reduces wear and tear of mechanical product. Government regulations have boosted AC drives market. For instance, implementation of standards such as IOS 50001 (energy management-system standards) started on June 2011 and the standard is expected to influence up to 60% of global energy used and provide an internationally-recognized. However, decline in Foreign Direct Market (FDIs) and increasing price of these drives would also hinder the market growth during the forecasted period impedes the growth of the market over the forecast period of 2021-2027. Also, major development in urbanization fuel the market and is likely to increase the market growth during the forecast period.
The regional analysis of global Medium Voltage AC Drive market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading region across the world in terms of market share owing to significant growth in the rate of urbanization and rising industrialization holds a potential driver in the region. Whereas, North America is also anticipated to exhibit highest growth rate over the forecast period 2021-2027. Factors such as oil production in North America which will give leverage the demand of AC drivers there is sustainable growth in industrialization would create lucrative growth prospects for the Medium Voltage AC Drive market across Asia-Pacific region.
Major market player included in this report are: ABB Schneider Electric Hitachi, Ltd. Rockwell Automation, Inc. Nidec Industrial Solution Toshiba Mitsubishi-Electric Industrial System Corporation (TMEIC) Yaskawa Electric Corporation Honeywell International Inc. Siemens Danfoss
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below: By Converter Type: Voltage Source Inverter Current Source Inverter Load Commutated Inverter By Application: Pumps Fans Compressor Conveyors Others (Canes & Hoists) By Voltage: 3KV to 7KV 7.1 KV to 14KV 14.1KV to 35KV By Enclosure: Water Cooled Air Cooled By End Users: Oil & Gas Power Generation Pulp & Paper Cement Metal & Mining Others (HVAC System)
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