The boom in the construction business has rippled into the heating, ventilation and air conditioning (HVAC) industry in Europe, which, in turn, has buoyed the electric drives market. This is because HVAC accounts for nearly 10 per cent of its total market revenue.

 

New analysis from Frost & Sullivan Electric Drives Market in the European HVAC Industry finds that the market earned revenues of $292.5 million in 2007 and estimates this to reach $456.5 million in 2014. 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. The passing of standards and directives stressing on energy conservation bolstered this development.

 

“The declining prices of the drives have ensured that the payback period of the investment on these drives has shortened,” says Frost & Sullivan Research Analyst Venkataraman Salavakkam. “With shorter payback periods, users are able to justify the capital expenditure on these products.” Also, 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, reveals the market research company’s press release.