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Electric Drives Market in the European HVAC Industry
Frost & Sullivan, June 2008, Pages: 151
Research Overview
This Frost & Sullivan research service titled Electric Drives Market in the European HVAC Industry provides the market overview, revenue forecasts and the competitive market analysis of electric drives for different regions in Europe. In this research, Frost & Sullivan's expert analysts thoroughly examine AC, servo and DC drives and detail the power rating and application. The applications include fans, pumps and compressors.
This analysis is available through our Power Transmission Growth Partnership Services programme. With continuous access to intelligence and resources from all seven perspectives of the complex business universe, the Growth Partnership Services programme ensures that you and your Growth Team™ are able to maintain a 360° view of the market. This comprehensive, objective information allows your company to mitigate risk, identify new opportunities and drive effective strategies for growth.
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
By Product:
AC drives
Servo drives
DC drives
By Application:
Fans
Pumps
Compressors
Market Overview:
Demand for Energy-efficient HVAC Systems Boosts the European Electric Drives Market
The heating, ventilation and air conditioning (HVAC) industry in Europe is experiencing a boom with the construction business taking off. This trend bodes well for the electric drives market, since HVAC accounts for nearly 10 per cent of the total market revenue. The HVAC industry’s status as one of the major consumers of electrical energy among industries in Europe and the recent hike in energy costs have compelled electric drive manufacturers to develop energy-efficient systems. This development was bolstered by the passing of standards and directives stressing on energy conservation. However, the implementation of these directives has not been smooth in certain Eastern European countries due to their unstable political situations and lack of efficient systems. Their changing economies and therefore, varying construction industry trends have also deterred long-term investments in the market.
Meanwhile, rising competition is squeezing electric drive manufacturers’ profit margins, especially with the rising demand for smaller and low-cost HVAC drives. Manufacturers have to develop a novel and clever business strategy to maintain their market share in this price-competitive environment. However, the falling prices have also had a positive fallout. 'The declining prices of the drives have ensured that the payback period of the investment on these drives has shortened,' says the analyst of this research. 'With shorter payback periods, users are able to justify the capital expenditure on these products.'
Outstanding Benefits of Electric Drives Boosts Sales:
The growing awareness of the financial benefits of energy conservation is increasingly driving the replacement of power-hungry HVAC systems with energy-efficient systems, which incorporate variable frequency drives that increase efficiency levels. To sustain this momentum, participants could also offer value-added services, as they can often sway purchase decisions in their favour in this highly competitive market. They can ensure customer loyalty by developing a strong, responsive and agile after-sales service network that will ensure that customers’ after-sales requirements are met. This move will also bring in substantial service revenue. In fact, while the AC and servo drives segments are the biggest revenue generators, the DC segment mainly relies on maintenance and repair orders to sustain itself.
The sales of electric drives are likely to be buoyed by the products’ ease of use. The improvements in technology have eliminated the need for operators to have excellent technical expertise or an understanding of the machines and processes. 'The control panel of the drives is user friendly and embedded with a range of features,' notes the analyst. 'This ease of use has converted them to simple devices, and has encouraged OEMs and mechanical contractors to use the drives in HVAC systems.'
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