Global Motors and Drives Market in Process Industries 2016-2020
About Motors and Drives in Process Industries
Globalization has encouraged the use of advanced automation techniques and energy-saving equipment worldwide, leading to increased adoption of low-power AC drives and motors. These drives and motors are used across the discrete, process, and infrastructure industries such as chemical, oil and gas, building automation, food and beverage, textile, utility, metal, and water and wastewater.
Technavio’s analysts forecast the global motors and drives market in process industries to grow at a CAGR of 7% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global motors and drives market in process industries 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of motors and drives majorly for compressors, elevators and lifts, fans, pumps, and conveyors.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Motors and Drives Market in Process Industries 2016-2020
Technavio recognizes the following companies as the key players in the global motors and drives market in process industries: ABB, Danfoss, Rockwell Automation, Siemens, and WEG.
Other Prominent Vendors in the market are: Allied Motion, ARC Systems, Asmo, Emerson CT, Franklin Electric, Fuji Electric, GE, Huali, KEB, Nidec, Schneider Electric, SEW Eurodrive, TECO-Westinghouse, Toshiba, and Yaskawa.
Commenting on the report, an analyst from Technavio’s team said: “The rising demand for IEC motors will be a key trend propelling growth in this market. in the past three years, the IEC motor market has been thriving in North America, primarily in the US and the Canadian end-user markets, as evident particularly for offshore oil and gas in midstream and upstream pumping applications. These market dynamics have created a growing need for replacement IEC machinery, spurring the growth of a market of over 120 million per year.”
According to the report, one driver leading to the growth of this market is the growing water management and wastewater treatment industry. Several European countries already have technologically advanced industrial water treatment infrastructure and are working to develop municipal water treatment infrastructure. Germany and the UK will likely invest in their water treatment infrastructure by 2019. The quality of such infrastructure is low in India and China, where a large section of the population lack access to potable water. This is enhancing the potential for investments in the water and wastewater treatment plants in the region.
Further, the report states that one challenge hampering the prospects for growth in this market is the lack of awareness about electric drives. Several end-users are price-sensitive, which has forced global vendors to create awareness about the use of standard electric drives to safeguard their motors. For instance, the initial investment and installation cost of drives may sometimes exceed the cost of motors. Therefore, many end-users, especially cost-driven companies and small and medium-sized machinery operators, prefer low-cost controllers and gears.
ABB, Danfoss, Rockwell Automation, Siemens, WEG, Allied Motion, ARC Systems, Asmo, Emerson CT, Franklin Electric, Fuji Electric, GE, Huali, KEB, Nidec, Schneider Electric, SEW Eurodrive, TECO-Westinghouse, Toshiba, Yaskawa.