Europe Electric Drives Facts and Figures

Europe Electric Drives Facts and Figures

It is projected that the European electric drives market will experience a compound annual growth rate (CAGR) of 2.7% in value terms during the forecast period, leading to an estimated value of USD 4,088.5 million by the year 2029.

The European electric drives market is segmented by product type into AC drives, DC drives, and servo drives. In 2023, the AC drives segment emerged as the dominant category within the market. The valuation of the AC drives segment is forecasted to reach USD 3,564.5 million by 2029, with an anticipated highest CAGR of 2.9% during the period from 2024 to 2029.

Analyzing the market size of the Europe electric drives market in revenue terms, focusing on the breakdown between low-voltage electric drives and medium-voltage electric drives from 2020 to 2029, the total revenue of the low-voltage electric drives segment is expected to reach USD 3,380.9 million in 2029, demonstrating a CAGR of 2.7% from 2024 to 2029.

Furthermore, the electric drives market can be segmented across various industries such as oil & gas, petrochemicals, power generation, minerals, water treatment, food & beverages, HVAC-R, paper, discrete manufacturing, and others. The discrete manufacturing segment is projected to achieve a revenue of USD 583.6 million by 2029, with a CAGR of 3.0% over the forecast period from 2024 to 2029. Additionally, the revenue of the food & beverages segment is expected to grow at a CAGR of 3.5%, reaching USD 500.1 million by 2029.

In 2023, Germany, Italy, and Russia were identified as the top three countries leading the Europe electric drives market, collectively holding around 40% market share.

Key players in the European electric drives market include Siemens AG, ABB, Ltd., Danfoss A/S, Schneider Electric SE, Rockwell Automation, Inc., Nidec Corporation, Yaskawa Electric Corporation, and Toshiba Corporation. According to Tanalyze Ltd.'s report, these top eight companies collectively held over 90% market share in 2022, underscoring their significant influence within the industry.

This study aims to analyze the Europe market for various segments of electric drives, including:

Product Type: AC Drives, DC Drives, and Servo Drives.

Voltage: Low-voltage Electric Drives and Medium-voltage Electric Drives.

End-User: Oil & Gas, Petrochemicals, Power Generation, Minerals, Water Treatment, Food & Beverages, HVAC-R, Paper, Discrete Manufacturing, and Others.

Region: Germany, Italy, Russia, United Kingdom, France, Poland, Sweden, Spain, and Rest of Europe.