CHICAGO, April 10, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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.
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The pump segment, by application, is expected to be the fastest growing market during the forecast period
The pump segment is the largest market at a CAGR of 4.61% from 2019 to 2024. The increasing pump exports and its use in various industries are likely to drive the pump segment of the Europe Variable Frequency Drives Market.
The 0.5–20 kW segment, by power rating, is expected to be the largest market from 2019 to 2024
The 0.5-20 kW segment is expected to reach 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 increases the demand for the 0.5–20 kW segment. The 20–50 kW segment is the second largest segment. It is expected to reach USD 1,346.8 million by 2019, at a CAGR of 4.28% from 2019 to 2024.
Browse in-depth TOC on "Europe VFDs Market"
65 – Tables
33 – Figures
116 – Pages
The low voltage segment, by voltage, is expected to be the largest market from 2019 to 2024
The low voltage segment is expected to reach USD 4,245.5 million by 2019, at a CAGR of 4.21% from 2019 to 2024. It is the largest European variable frequency drives market, by voltage, as the usage of variable frequency drives in mining, pulp & paper, water & wastewater, and oil & gas industries is increasing.
Germany: The largest market for Europe variable frequency drives during the forecast period
In this report, the Europe Variable Frequency Drives Market has been analyzed with respect to 6 major countries, namely, Germany, Russia, the UK, France, Italy, and Spain. Germany is estimated to dominate the Europe Variable Frequency Drives Market in 2018, owing to increasing investments in the energy and construction industries. Other countries in this region are also investing in energy. Increasing demand for renewable power generation inhemical and food & beverage industries is expected to boost the Europe Variable Frequency Drives Market in this region. The Government in this region is focusing on reducing greenhouse gas emissions. Such initiatives are the major drivers for this market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Europe VFDs Market. Some of the key players 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 leading players are adopting various organic and inorganic strategies to increase their share in the Europe Variable Frequency Drives Market.
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Variable Frequency Drive (VFD) Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors, and Conveyors), Power Range, Voltage, and Region - Global Forecast to 2023
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