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 variable frequency drives market is projected to grow at a CAGR of 4.13% from 2019 to 2024”
The Europe variable frequency drives 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. The growth of this market is driven by the increasing investments in the energy and construction industries. The government in this region is focusing on reducing greenhouse gas emissions. Such initiatives are the major drivers for this market.
“The compressor segment, by application, is expected to be the largest Europe variable frequency drives market (units) from 2019 to 2024”
The compressor segment is estimated to be the largest Europe variable frequency drives market, by application. It is expected to grow from 1,579,412 units in 2019 to 1,983,492 units by 2024, at a CAGR of 4.66% during the forecast period. The oil & gas, food & beverage, and building automation industries are driving the demand for compressors.
“The 0.5-20 kW segment, by power rating, is expected to be the largest Europe variable frequency drives market from 2019 to 2024”
The 0.5-20 kW is the largest segment, which is expected to be USD 755.3 million by 2019, at a CAGR of 4.90% from 2019 to 2024. The high energy savings at a low capital cost increase the demand for the 0.5-20 kW segment in Europe.
“Germany: The largest Europe variable frequency drives market”
The Europe variable frequency drives market in Germany is expected to grow at a CAGR of 4.82% during the forecast period. Increasing investments in the energy and construction industries are likely to drive the Europe variable frequency drives market in Germany. The other major countries contributing to this market are the UK, Russia, Spain, Italy, and France. Increasing demand for renewable power generation in chemical and food & beverage industries is expected to boost the Europe variable frequency drives market in this region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess the future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 27%, and Tier 3- 13%
By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: Europe- 40%, Asia Pacific- 25%, North America- 19%, Middle East & Africa- 16%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3:
The Europe variable frequency drives market is dominated by a few major players that have a wide regional presence. The leading players in the Europe variable frequency drives 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).
The report defines, describes, and forecasts the Europe variable frequency drives market, by application, power rating, voltage, and country. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value and future trends in the Europe variable frequency drives market.
Why Buy This Report?
1. The report identifies and addresses the key markets of the Europe variable frequency drives market, which would help various stakeholders such as energy utilities, government and research organizations, institutional investors, shareholders, variable frequency drives’ manufacturers, dealers, and suppliers.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
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