According to the research report titled ‘Medium Voltage Drives Market Size, By Power Range (? 1 MW, 1 MW - 3 MW, 3 MW - 7 MW, > 7 MW), By Drive (AC, DC, Servo), By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-use (Oil & Gas, Power Generation, Mining & Metals, Pulp & Paper, Marine), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028’, available with MarketStudyReport, global medium voltage drives market is anticipated to witness substantial growth over the forecast period 2022-2028.

As per report findings, strict government regulations for promoting use of energy-efficient products across major regions is acting a major impetus for global medium voltage drives market growth.

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For those unversed, medium-voltage AC drives give nearly hundred times more power than low-voltage drives, thereby enabling them to operate multi-megawatt electric motors that power heavy industrial loads found in power plants, mines, and metal processing plants.

These drives use smaller cables and work at high supply voltages to eliminate losses, and provide greater drive efficiency and lower costs, which has been driving product adoption over the past few years.

Based on drive type segmentation of worldwide medium voltage drives industry, the DC sub-segment captured 3% revenue share in 2021 and is on track to expand at a healthy CAGR over the stipulated period.

Considering end user scope, the oil & gas sub-segment is speculated to deliver substantial returns by the end of 2028, driven by surging investments to boost development of midstream, upstream, and downstream hydrocarbon activities.

From the regional point of view, North America market is expected to record 4% CAGR over the study timeframe. The Middle East & Africa industry is also slated to deliver notable returns over 2022-2028, owing to huge untapped potential across various end-use sectors in the region.

Prominent players in global medium voltage drives market are General Electric Co., Hitachi Ltd., Danfoss A/S, Nidec Corp., Yaskawa Electric Corp., WEG Equipamentos Elétricos S.A., Rockwell Automation Inc., Fuji Electric Co. Ltd., Eaton plc, Schneider Electric SE, ABB Ltd., Johnson Controls, and Siemens AG.