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Power Magnetics for MV AC Drive Market to Exhibit 5.4% CAGR by 2027 Backed by Favorable Government Policies to Support Green Energy Applications, says Fortune Business Insights™

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Pune, India, Feb. 02, 2021 (GLOBE NEWSWIRE) — The global power magnetics for MV AC drive market size is expected to showcase exponential growth by reaching USD 1.48 billion by 2027 while exhibiting a CAGR of 5.4% between 2020 and 2027. The growth is attributable to the favorable government policies supporting green energy applications and the rapid-paced urbanization that is anticipated to surge the adoption of advanced power magnetics for MV AC drive products globally. Fortune Business Insights in its latest report, titled, “Power Magnetics for MV AC Drive Market Size, Share & Covi-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.”, mentions that the market stood at USD 1.07 billion in 2019 and is likely to exhibit a CAGR of 5.4% between 2020 and 2027.COVID-19 Impact: Market to Exhibit -4.38% CAGR in 2020The global market for power magnetics for MV AC drive is marred by several disruptions due to halted or postponed energy projects. Additionally, a reduced workforce across several end-user industries is hampering the operational activities that have led to a significant economic downturn. Owing to all these factors, the market is expected to register a negative CAGR of -4.38% in 2020. However, the post-COVID-19 period is expected to prove beneficial for the market due to the resumption of industrial activities during the forecast period.Click here to get the short-term and long-term impact of COVID-19 on this Market.

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Power magnetics mainly consists of several components such as inductors, transformers, chokes, and current sensors. These products are extensively adopted to design and manufacture medium voltage AC drives. The advanced power magnetics for MV AC drive systems help optimize energy by enabling variable-speed control for several normal to heavy-duty applications.What does the Report Provide?The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.DRIVING FACTORSFavorable Government Policies to Favor Market GrowthThe increasing demand for clean energy sources has led to several government agencies formulating supportive policies to promote clean energy sources. The growing demand for clean energy applications is expected to drive advanced power magnetics for MV AC drive systems across the globe. Furthermore, the increasing rate of urbanization propels the demand for energy that is likely to bode well for the global power magnetics for MV AC drive market growth in the forthcoming years.
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SEGMENTATIONTransformer Segment Held a Dominant Market Share in 2019The transformer segment, based on type, held a dominant market share in terms of revenue in 2019 and is expected to showcase considerable growth owing to the growing demand for the product that aids in the conversion of alternating current from one voltage to another.   REGIONAL INSIGHTSGrowing Consumer Demand for Power Electronic Systems in Asia-Pacific to Aid GrowthAmong all the regions, Asia-Pacific is expected to hold the highest position in the global power magnetics for MV AC drive market during the forecast period. This is attributable to the growing consumer demand for power electronic systems such as inductors and transformers that is likely to boost the demand for these advanced drives in the region. Asia-Pacific stood at USD 0.44 billion in 2019.On the other hand, North America is expected to hold the second position in the market during the forecast period. This is ascribable to the rising food and beverage sector in countries such as the U.S. between 2020 and 2027.
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COMPETITIVE LANDSCAPEFacility Expansion by Key Players to Develop Advanced DrivesThe global power magnetics for MV AC drive market is experiencing healthy competition amongst several players positioned to gain dominance. These players are focusing on expanding their facilities into developing and innovative advanced systems to serve several end-user applications. Moreover, to maintain their presence in the global market for power magnetics for MV AC drive, other key players adopt strategies such as merger and acquisition, the introduction of new products, and collaboration that will augment market growth in the forthcoming years.Industry Development:March 2020 – Schaffner holding AG unveiled ecosine max passive harmonic filter series, FN3470/71, FN3480/81, FN3472/73, and FN3482/83. According to the company, the new filters are generally designed to mitigate excessive harmonics across most demanding applications. Additionally, they meet the compliance requirements of IEEE-519 and other power quality standards.List of the Companies Profiled in the Global Market for Power Magnetics for MV AC Drive:Schaffner Holding AGTamura CorporationTorytransAQ trafotek OyHans von Mangoldt GmbHmDexxBourns, Inc.RoMan Manufacturing, Inc.DanfossHammond Power SolutionsControlled Magnetics, Inc.TCI, LLCBadger Magnetics, Inc.MGM Transformer CompanyL/C Magnetics
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Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementRegulatory LandscapePorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Power Magnetics for MV AC Drive MarketSteps Taken by the Government to Overcome the ImpactKey Developments in the Industry in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakGlobal Power Magnetics for MV AC Drive Market Analysis (USD Billion), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypeTransformersInductorsFiltersChokesCurrent SensorsMarket Analysis, Insights and Forecast – By ApplicationPumpsConveyorsCompressorsElectric FansExtrudersOthers Market Analysis, Insights and Forecast – By End-userOil & GasPower GenerationFood & BeveragesBuilding AutomationMetal & MiningWater & WastewaterChemicals & PetrochemicalsOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & AfricaTOC Continued.
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Have a Look at Related Research Insights:Direct Current (DC) Drives Market Size, Share & Industry Analysis, By Voltage Rating (Up to 240 V, 240 – 600 V, and 600 V & Above), By Power Rating (Up to 250 kW, 251 – 500 kW, and 500 kW & Above), By End User (Oil & Gas, Power Generation, Food & Beverage, Chemicals & Petrochemicals, Metal & Mining, Water & Wastewater, Building Automation, and Others), and Regional Forecast, 2019-2026AC Drives Market Size, Share & Industry Analysis, By Power Rating (Low Power Drives, Medium Power Drives, and High Power Drives), By Voltage (Low Voltage and Medium Voltage), By Application (Pumps, Conveyors, Compressors, Electric Fan), By End-User (Food & Beverage, Oil & Gas, Power Generation, Building Automation, Metal & Mining, Water & Wastewater, Chemical & Petrochemicals) and Regional Forecast, 2019-2026Variable Frequency Drive Market Size, Share & Covid-19 Impact Analysis, By Type (AC Drive, DC Drive, Servo Drive), By Power Range (Micro, Low, Medium, High), By Application (Pumps, Conveyors, HVAC, Electric Fan, Extruders, Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Infrastructure, Agriculture, Mining, Others) and Regional Forecast, 2020-2027Well Cementing Market Size, Share & Industry Analysis, By Type (Primary Cementing and Remedial Cementing), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026Automotive Fuel Cell Market Size, Share & Industry Analysis, By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Others), By Power Rating (Below 100 kW, 100 – 200 kW, Above 200 kW), By Vehicles (Passenger Vehicles, Light Commercial Vehicles (LCVs), Bus, Trucks), and Regional Forecast, 2019-2026About us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.Contact Us:
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