The Asia Pacific medium-voltage electric drives market is forecasted to grow at a compound annual growth rate (CAGR) of 4.0% in value terms during the forecast period, reaching an estimated value of USD 978.2 million by 2029. Within this market, product types are divided into Medium-voltage AC drives and Medium-voltage DC drives. The medium-voltage AC drives segment emerged as the dominant segment in 2023, with a projected valuation of USD 949.4 million by 2029. Additionally, this segment is expected to exhibit the highest CAGR of 4.1% from 2024 to 2029.
Various industries contribute to the Asia Pacific medium-voltage electric drives market, including oil & gas, petrochemicals, power generation, minerals, water treatment, food & beverages, HVAC-R, paper, discrete manufacturing, and others. The discrete manufacturing segment is anticipated to reach USD 175.6 million by 2029, showing a strong CAGR of 7.4% from 2024 to 2029. Furthermore, the revenue of the power generation segment is expected to grow at a CAGR of 4.7% to reach USD 90.5 million by 2029.
Leading the Asia Pacific medium-voltage electric drives market in 2023 are China, Japan, and India, collectively holding approximately 75% market share. Key players in this market include ABB, Ltd., Siemens AG, Danfoss A/S, Yaskawa Electric Corporation, Schneider Electric SE, Shanghai Electric Group Co., Ltd., and Toshiba Corporation. These top seven companies jointly held around 60% market share in 2022, emphasizing their significant presence and influence within the industry.
This study aims to analyze the Asia Pacific market for various segments of medium-voltage electric drives, including:
Product Type: Medium-voltage AC Drives and Medium-voltage DC Drives.
End-User: Oil & Gas, Petrochemicals, Power Generation, Minerals, Water Treatment, Food & Beverages, HVAC-R, Paper, Discrete Manufacturing, and Others.
Region: China, Japan, India, South Korea, Australia, Indonesia, Thailand, and Rest of Asia Pacific.