Europe Electric Drives Market Size (2024 - 2029)

The Europe Electric Drives Market is poised for significant growth, driven by the increasing adoption of electric vehicles and stringent emission standards. The demand for electric drives is expected to rise due to their efficiency and cost-effectiveness, supported by government incentives and regulations promoting energy savings. Europe's leadership in the medium voltage AC drive sector is bolstered by investments in sustainable energy technologies and strict regulations aimed at reducing greenhouse gas emissions. The integration of intelligent motor management and software solutions is enhancing the market's potential, while manufacturers are adapting production strategies to meet the rising demand post-pandemic.

Market Size of Europe Electric Drives Industry

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Europe Electric Drives Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 7.00 %
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Europe Electric Drives Market Analysis

Europe Electric Drives Market is expected to register a CAGR of over 7% during the forecast period (2022 - 2027). Growing adoption of electric vehicles as a result of rigorous standards emission standards, combined with a government push to adopt EVs through grants and incentives for EV purchase, is expected to boost demand for smart electric drives in the coming years.

  • Electric drives are one type of technology that provides a highly efficient manufacturing process at a low cost. Because electricity consumption is a major cost component across end-user industries, demand for electric drives is expected to rise significantly over the forecast period. Furthermore, increasing energy-saving awareness and stringent government regulations fuel the demand for electric drives in the studied region.
  • Europe is a major player in the medium voltage AC drive market. Extra spending on sustainable and clean technologies for electricity production in the region, such as wind and solar, can be attributed to the region's regional dominance. Implementing strict rules to reduce GHG emissions from power generation facilities is an important factor that is likely to encourage using renewable energy sources in electricity production facilities.
  • Intelligent motor management is being introduced to medium voltage drives as part of Industry 4.0 to provide critical information to the control system about process factors and drive health. Furthermore, the market is expected to benefit from the steady increase in related businesses. Software solutions make it easier and faster to integrate medium voltage AC drives into control systems.
  • Government policies played a significant role in the promotion of electric vehicles in the European region. The results can be seen in many European countries, where electric cars have accounted for a sizable portion of the total vehicle population. For instance, according to IEA, electric car sales continued to increase in Europe, with an increase of more than 65% year-on-year the EV sales reached 2.3 million in 2021.
  • The control panels in electric drives can alter the frequency only when they receive a fixed voltage. Hence, to work efficiently these electric drives require a proper power supply. To solve this issue, drives are often integrated with harmonic mitigation devices, which increases the size and overall cost of these drives.
  • During the COVID-19 pandemic, major component manufacturers such as Bosch and ZF group announced the suspension of production due to lower demand, supply chain bottlenecks, and to protect the safety of their employees in France, Germany, Italy, and Spain. Manufacturers will likely adjust production to avoid bottlenecks and plan production based on demand from OEMs and tier 1 suppliers. However, with the increase in vehicle demand following the pandemic, manufacturers have adjusted their production planning to meet OEM demand.

Europe Electric Drives Industry Segmentation

Electric Drives are the systems used to control the motion of a motor/electric device. These devices basically perform the conversion of electrical energy into mechanical energy or vice versa for running and controlling various processes.

Europe Electric Drives Market study tracks the trends and recent developments of various types of electric drives and related end-user Industries. The study also includes the impact assessment of COVID-19 on the European electric drives supply and demand.

By Type
AC Drives
DC Drives
Servo Drives
By Voltage
Low
Medium
By End-user Industry
Oil & Gas
Chemical & Petrochemical
Food & Beverage
Water & Wastewater
Power Generation
Metal & Mining
Pulp & Paper
HVAC
Discrete Industries
Other End-user Industries
By Country
United Kingdom
Germany
Italy
France
Russia
Rest of Europe
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Europe Electric Drives Market Size Summary

The European electric drives market is poised for significant growth, driven by the increasing adoption of electric vehicles and the push for sustainable energy solutions. The region's commitment to stringent emission standards and government incentives has catalyzed the demand for smart electric drives, which are integral to the efficient operation of electric vehicles. This trend is further supported by the rising awareness of energy conservation and the implementation of strict regulations aimed at reducing greenhouse gas emissions. Europe stands as a key player in the medium voltage AC drive market, with investments in renewable energy sources like wind and solar power bolstering the demand for electric drives. The integration of intelligent motor management systems within medium voltage drives, as part of the Industry 4.0 initiative, is expected to enhance the market's growth by providing critical insights into process factors and drive health.

Germany, with its robust industrial infrastructure and leading automotive sector, plays a pivotal role in the European electric drives market. The country's focus on electric motors across various industries, including packaging and food processing, underscores the growing need for motion control solutions. The increasing production of electric vehicles in Germany, supported by significant investments from major automotive brands, further propels the demand for electric drives. The market is characterized by a fragmented landscape with numerous regional players, including Robert Bosch GmbH and ABB Ltd., who are actively developing high-quality solutions and expanding their market presence through strategic initiatives. Recent product launches, such as Delta's compact AC motor drive and WEG Electric Corp.'s variable speed drive, highlight the ongoing innovation and competitive dynamics within the market.

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Europe Electric Drives Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porters Five Force Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers/Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Assessment of Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 AC Drives

      2. 2.1.2 DC Drives

      3. 2.1.3 Servo Drives

    2. 2.2 By Voltage

      1. 2.2.1 Low

      2. 2.2.2 Medium

    3. 2.3 By End-user Industry

      1. 2.3.1 Oil & Gas

      2. 2.3.2 Chemical & Petrochemical

      3. 2.3.3 Food & Beverage

      4. 2.3.4 Water & Wastewater

      5. 2.3.5 Power Generation

      6. 2.3.6 Metal & Mining

      7. 2.3.7 Pulp & Paper

      8. 2.3.8 HVAC

      9. 2.3.9 Discrete Industries

      10. 2.3.10 Other End-user Industries

    4. 2.4 By Country

      1. 2.4.1 United Kingdom

      2. 2.4.2 Germany

      3. 2.4.3 Italy

      4. 2.4.4 France

      5. 2.4.5 Russia

      6. 2.4.6 Rest of Europe

Europe Electric Drives Market Size FAQs

The Europe Electric Drives Market is projected to register a CAGR of 7% during the forecast period (2024-2029)

Robert Bosch GmbH, CEDS DURADRIVE GmbH, Groschopp AG, TECO Electric Europe Ltd. and ABB Ltd. are the major companies operating in the Europe Electric Drives Market.

Europe Electric Drives Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)