Industrial and Urban Expansion Propels Market Growth
This study covers hardware, software, and services for medium voltage AC drives with the following power ranges: up to 0.5 MW; >0.5 - 3 MW; >3 - 7.5 MW; >7.5 - 10 MW; >10 MW-20MW; and >20 MW.
Worldwide drive for energy efficiency and the rising demand for medium voltage AC drives from Asia due to industrial and urban expansion are major factors for the market growth. These factors put heavy demands on the oil & gas, electric power, and mining industries, which must use medium voltage AC drives for many of their operations. Investments in the infrastructure industries in many parts of the world created continued demand for medium voltage AC drives in 2012 and 2013.
Globalization also drives industrial operations to address initiatives for energy cost savings and reducing energy consumption. To offset energy costs and meet stricter environmental requirements, most industries want to minimize energy consumption, which benefits the medium voltage AC drives market.
This study identifies growth segments and market trends, as well as challenges suppliers face to achieve growth. In addition to the quantitative assessment, the study provides an insightful analysis of factors that will impact this business in the future.
The challenge in the medium voltage AC drives market landscape is for suppliers to differentiate themselves and offer an improved value propositions to users and OEMs. This is especially important because the market is competitive and demand is expected to grow. This study addresses key issues such as:
- Which high growth industries are the most attractive for suppliers to target
- What developing and emerging markets offer the highest growth potential
- Which special programs can help suppliers expand their market penetration
- How certain offerings can help suppliers expand market penetration