Europe Variable Frequency Drives Market Size Report, 2024-2032 (2024)

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Report ID: GMI9747
Published Date: Jun 2024
Report Format: PDF

Europe Variable Frequency Drives Market Size

Europe Variable Frequency Drives Market Size was evaluated at above USD 5.5 billion in 2023 and is set to grow a CAGR of 4% through 2032. Increasing demand for energy-efficient devices and the implementation of stringent regulatory landscape governing energy consumption has influenced the industry growth.

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For instance, The EU's revised Energy Performance of Buildings Directive and Energy Efficiency Directive aim to enhance building energy performance. These directives promote achieving a highly efficient, decarbonized building stock by 2050, create a stable investment environment, enable consumers & businesses to make energy-saving decisions. Rising demand for HVAC, and ventilation systems that offer solutions to improve infrastructure energy production and growing investments and expenditures for infrastructure development further complementing the business outlook.

Europe Variable Frequency Drives Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Variable Frequency Drives Market Size in 2023:	USD 5.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4%
2032 Value Projection:	USD 7.8 Billion
Historical Data for:	2021 - 2023
No. of Pages:	85
Tables, Charts & Figures:	40
Segments covered:	Voltage, Drive, Application, End-Use and Country
Growth Drivers:	Accelerating investments across industrial infrastructure and rising energy demand Rising deployment for energy efficient systems and introduction of emission standards
Pitfalls & Challenges:	High initial deployment cost

Europe Variable Frequency Drives Market Trends

Europe variable frequency drives industry is anticipated to grow owing to increasing investments and expenditures for upgrading existing energy infrastructures and stringent regulations toward limiting emissions and energy consumption will stimulate the business dynamics. For instance, in December 2023, the European Parliament and council reached a provisional agreement on electricity market design reform, followed by an agreement on Net-Zero Industry Act in February 2024. Furthermore, growing need for energy efficient & reliable motor control solutions, significant focus towards improving energy efficiency and increased demand across industrial automation will accelerate the product deployment.

Europe Variable Frequency Drives Market Analysis

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Europe low voltage drives market is set to grow to surpass USD 7 billion by 2032. Growing focus on industrial automation, increasing emphasis on energy efficiency and advancements in technology is set to influence the industry growth. Rising demand for efficient and cost-effective solutions across wide of industries and applications and increasing emphasis on energy efficiency will augment the product demand. Favorable government programs and incentives that promote energy efficiency and offer financial incentives to manufacturers investing in low voltage drive technologies, further stimulating the low voltage drive technologies.

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AC Drives is anticipated to observe over 4% CAGR through 2032. Advancements in AC drive technology, including incorporation of IoT capabilities and smart features, improve their performance and functionality augmenting the product demand. Accelerating investments across the industries and introduction of Industry 4.0 with advanced automation and technologies will stimulate the business outlook. Furthermore, the versatility and scalability of these units make them ideal for a wide range of applications, from small-scale activities to big industrial facilities, will positively influence the AC drives market dynamics.

Pump application is set to grow owing to the rapidly expanding industrial infrastructure and ease of integration across variety of applications. Stringent regulations and standards promoting energy efficiency propel the adoption of VFDs in pump systems. Technological advancements, including enhanced control algorithms over electric power frequency, along with ability to effectively adjust the flow within a system, integration with IoT platforms to enable real-time monitoring, reducing downtime and operational costs. further boost the product deployment.

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Germany variable frequency drives market is set to grow over USD 1.2 billion by 2032. Favorable schemes by respective authorities focusing at encouraging industrial development and introduction of Industry 4.0, comprising of automation across various manufacturing processes, will complement the industry landscape. For instance, in April 2024, The European Commission approved a USD 2.4 billion German scheme to support the decarbonization of industrial production, aligning with the Green Deal Industrial Plan. Approved under the State aid Temporary Crisis and Transition Framework, this scheme aims to accelerate the green transition. Moreover, increasing measures to reduce the energy consumption and fuel energy-efficiency of several industrial operations will influence the business dynamics.

Europe Variable Frequency Drives Market Share

Key players in the Europe variable frequency drives industry are aiming toward forming strategic collaborations, partnerships, agreements, and introducing innovative technologies to increase their market competitiveness. Major players including ABB, Danfoss, GE Vernova, KEB Automation KG, Siemens, and Yaskawa Europe GmbH., among other, holds majority of the market share.

Europe Variable Frequency Drives Market Companies

Major manufacturers operating across the industry consists of:

ABB
Bosch Rexroth Ltd.
Danfoss
Eaton
Emerson Electric Co.
Fuji Electric Europe GmbH
GE Vernova
Honeywell International, Inc.
Invertek Drives Ltd.
Johnson Controls Inc.
KEB Automation KG
Kostal Industrie Elektrik GmbH & Co. KG
Mitsubishi Electric Europe B.V.
Nidec Motor Corporation
OMRON Corporation
PARKER HANNIFIN CORP
Schneider Electric
Siemens
WEG
Yaskawa Europe GmbH

Europe Variable Frequency Drives Industry News

In April 2024, Invertek Drives announced to showcase its variable frequency drives at IFAT Munich to be held from 13 to 17 May, to demonstrate how they optimize processes, improve energy efficiency, and support regulatory compliance. These VFDs help reduce operational costs and align with EU sustainability goals, including those in the urban wastewater treatment directive.
In November 2023, Franklin Electric unveiled variable frequency drives comprising of DrivE-Tech COMPACT and CERUS X-Drive. The most recent developments in fully functional, dependable, and small drive solutions for a variety of sectors and applications. Both drives combine the ease of an affordable, user-friendly controller with the sophisticated design required for the extremely demanding applications across the pump, HVAC, and industrial markets.

The Europe variable frequency drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “‘000 Units and USD Million” from 2021 to 2032 for the following segments:

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Market, By Voltage

Low
Medium

Market, By Drive

AC
DC
Servo

Market, By Application

Pump
Fan
Conveyor
Compressor
Extruder
Others

Market, By End-Use

Oil & Gas
Power generation
Mining & metals
Pulp & paper
Marine
Others

The above information has been provided for the following countries:

Germany
UK
France
Italy
Spain
Russia
Denmark

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

Industry size for Europe variable frequency drives was USD 5.5 billion in 2023 and will grow at 4% CAGR between 2024 and 2032, driven by the strong emphasis on energy efficiency and environmental sustainability.

The AC drives segment in the Europe variable frequency drives industry will register 4% CAGR through 2032, primarily due to its wide range of applications, growing emphasis on energy efficiency and the need for precise motor control.

Germany variable frequency drives industry will exceed USD 1.2 billion by 2032, propelled by country's thriving industrial sector, encompassing automotive, manufacturing, and machinery industries.

Some of the key Europe variable frequency drives market players are Mitsubishi Electric Europe B.V., Nidec Motor Corporation, OMRON Corporation, PARKER HANNIFIN CORP, Schneider Electric, Siemens, WEG, and Yaskawa Europe GmbH, among others.

Europe Variable Frequency Drives Market Scope

Europe Variable Frequency Drives Market Size

Europe Variable Frequency Drives Market Trends

Europe Variable Frequency Drives Market Analysis

Europe Variable Frequency Drives Market Share

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Premium Report Details

Base Year: 2023
Companies covered: 20
Tables & Figures: 40
Countries covered: 7
Pages: 85

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