Power Magnetics for MV AC Drive Market to Hit $1.48 Billion by 2027; Increasing Demand for Clean Energy to Augment Growth

The global power magnetics for MV AC drive market size is expected to reach USD 1.48 billion by 2027, backed by the growing demand for clean energy across the globe. This information is published by Fortune Business Insights in its latest report, titled, “Power Magnetics for MV AC Drive Market Size, Share & Covid-19 Impact Analysis, By Type (Transformers, Inductors, Filters, Chokes, and Current Sensors), By Application (Pumps, Conveyors, Compressors, Electric Fans, Extruders, and Others), By End-user (Oil & Gas, Power Generation, Food & Beverages, Building Automation, Metal & Mining, Water & Wastewater, Chemicals & Petrochemicals, and Others), and Regional Forecast, 2020-2027.” The report further mentions that that market stood at USD 1.07 billion in 2019 and is likely to exhibit a CAGR of 5.4% between 2020 and 2027.

HPS Launches New TruWave Active Harmonic Filter to Cater to Growing End-User Industries Demand

In April 2019, HPS announced the launch of HPS TruWave Active Harmonic Filter (AHF) to its advanced line up of power magnetics for MV AC drive products. According to the company, the new product combines advanced control and efficient reliability to provide effective harmonic mitigation solutions. Additionally, HPS TruWave AHF is developed to operate at the highest efficiency for any type of harmonic filter.

The launch is likely to benefit several industrial applications such as food processing plants, oil & gas, data centers, HVAC applications, and mass transit facilities.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/power-magnetics-for-mv-ac-drive-market-104675

Increasing Demand for Clean Energy to Promote Market Growth

The rapid-paced urbanization, along with the growing population globally, is expected to drive the demand for energy in the forthcoming years. According to the International Energy Agency (IEA), the global energy demand is projected to grow by around 12% between 2019 and 2030. The increasing energy demand is propelling the adoption of sustainable energy generation by the manufacturers that is likely to boost the adoption of power magnetics for MV AC drives during the forecast period. For instance, in 2019, the government of Germany announced its plan to produce 20 GW of energy with offshore wind power by the end of 2030. Therefore, the high demand for sustainable energy generation sources is expected to favor the global power magnetics for MV AC drive market growth during the forecast period.

Eminent Companies Focus on Product Launches to Intensify Industry Competition

The global power magnetics for MV AC drive market is consolidated by the presence of major players such as Danfoss, Bourns Inc., Schaffner Holding AG, and Hammond Power Solutions Inc. These companies are striving to maintain their presence by focusing on developing innovative power magnetics for MV AC drive systems to cater to the growing end-user industrial demand. Moreover, adopting strategies such as partnerships and collaborations by other key players is expected to boost the market growth.

Industry Development:

• March 2020 – Bourns, Inc. introduced nine new products in its SRP series power inductor line. Some of them include SRP1245C, SRP1265C, SRP3012C, SRP3020C, SRP5020C. Built with a metal alloy powder formulation and round enamel-coated copper wire, the inductors are AEC-Q200 compliant with high-reliability designs that include LED lighting, power supplies, and DC/DC converters. Furthermore, they are ideal for many high-temperature environments.

List of the Companies Profiled in the Global Market:

• Schaffner Holding AG


• Tamura Corporation


• Torytrans


• AQ trafotek Oy


• Hans von Mangoldt GmbH


• mDexx


• Bourns, Inc.


• RoMan Manufacturing, Inc.


• Danfoss


• Hammond Power Solutions


• Controlled Magnetics, Inc.


• TCI, LLC


• Badger Magnetics, Inc.


• MGM Transformer Company


• L/C Magnetics

Further Report Findings:

• Asia-Pacific is expected to dominate and hold the highest position in the global power magnetics for MV AC drive market during the forecast period. The dominance is attributable to the rapid-paced industrialization in countries such as India and China that is anticipated to propel the demand for advanced power magnetics for MV AC drives in the region. Asia-Pacific stood at USD 0.44 billion in 2019.


• The market in North America is expected to showcase considerable growth owing to the rising oil & gas and food & beverage sectors that boost the adoption of such innovative drives such as inductors and transformers in the region.


• The pumps segment, based on application, held a considerable share of the global market for power magnetics for MV AC drive in terms of revenue in 2019 and is projected to experience considerable growth during the forecast period. This is ascribable to factors such as the increasing adoption of pumps across end-user industries globally.

Table of Segmentation: