Europe VFDs Market by Application (Pump, Fan, Compressor, Conveyor, Extruder), Power Rating (0–0.5, 0.5–20, 20–50, 50–200, >200kW), Voltage (Low and Medium) And Countries (Germany, Russia, UK, France, Italy, Spain) – Global Forecast to 2024
The Europe VFDs Market is projected to grow from an estimated USD 5.2 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 4.13% during the forecast period. This growth can be attributed to factors such as increasing investments in the energy and construction industries and government regulations in reducing greenhouse gas emissions.
By application, the pump segment is the largest contributor to the Europe variable frequency drives market during the forecast period
The report segments the Europe variable frequency drives market, by application, into pump, fan, compressor, conveyor, extruder, and others (crusher & mill and mixer). The increasing pump exports and its use in various industries are likely to drive the pump segment in the Europe Variable frequency drives market.
By voltage, the low voltage segment is expected to be the largest contributor during the forecast period
The Europe variable frequency drives market is categorized into low voltage (up to 690 V) and medium voltage (above 690 V). Increase in the usage of variable frequency drives in mining, pulp & paper, water & wastewater, and oil & gas industries is driving the Europe variable frequency drives market in the low voltage segment. Low maintenance and operating cost of medium voltage variable frequency drives in cement & steel industries is expected to drive the medium voltage segment of the Europe variable frequency drives market.
Germany is expected to account for the largest market size during the forecast period
In this report, the Europe VFDs Market has been analyzed with respect to some major countries, namely, Germany, Russia, the UK, France, Italy, and Spain. Germany is estimated to dominate the Europe variable frequency drives market in 2018. The market is likely to increase due to various factors such as investments in the energy projects and construction industry. Other countries in this region are also investing in energy. There has been an increase in the demand for renewable power generation in the chemical and food & beverage industries, which is also expected to boost the Europe variable frequency drives market in this region. The government regulation for reducing greenhouse gas emissions is also one of the major initiatives for this market.
Some of the key players of the market are ABB (Switzerland), Eaton (Ireland), Schneider (France), Siemens (Germany), Danfoss (Denmark), Fuji (Japan), Rockwell (US), Yaskawa (Japan), CG Power and Industrial Solutions (India), Hitachi (Japan), WEG SA (Brazil), and TMEIC (Japan).
