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 increasing investments in the energy and construction industries.
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, Siemens, Schneider, Danfoss, and Rockwell.
The major strategies adopted by the players include new product launches, investments & expansions, mergers & acquisitions, contracts & agreements, partnerships, and collaborations. New product launches was the most commonly adopted strategy from January 2015 to February 2019. These industry players also adopted contracts & agreements and mergers & acquisitions as major strategies during that period.
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ABB (Switzerland) is a leading power technology and industrial automation company that offers a range of products, systems, solutions, and services to boost productivity, enhance energy efficiency, and increase power reliability. It operates through 4 business segments, namely, electrification products, robotics and motion, industrial automation, and power grids. In January 2019, ABB launched a series of ACS880 industrial drives and ACH580 Ultra-Low Harmonic (ULH) HVAC drive, which is applicable to all industries and applications to tackle the harmonic issues. In October 2017, ABB was awarded a contract by Metsä Group (Finland) to supply power and process electrical systems for a new bioproduct mill in Äänekoski in central Finland. This maximized the mill’s bioenergy production, and thus, increased the share of renewable energy in Finland.
Siemens is a German conglomerate that focuses on the fields of electrification, automation, and digitalization. The company conducts operations through 8 business segments, namely, power & gas, healthineers, energy management, digital factory, mobility, Siemens Gamesa renewable energy, process industries and drives, and building technologies. It offers variable frequency drives under its process industries and drives business segment. In November 2017, Siemens launched Simotics IQ, the new Internet of Things (IoT) concept for motors. The new Simotics SD low voltage motors are fitted with a compact sensor box and transmit data by WiFi to the cloud, thereby protecting variable frequency drives too. In September 2016, Kongsberg Maritime partnered with Siemens to provide a component for variable frequency drive systems for offshore and maritime vessels. This would strengthen the partnerships between Siemens and Kongsberg Maritime, enabling them to develop a larger footprint in the marine markets.
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
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