DUBLIN–(BUSINESS WIRE)–The “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) –
Forecast to 2024” report has been added to ResearchAndMarkets.com’s
offering.
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.
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).
For more information about this report visit https://www.researchandmarkets.com/r/4ml09r
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