Safety Drives And Motors Market
Safety Drives and Motors Market Forecasts to 2028 - Global Analysis By Type (Drivers and Motors), By End User (Energy and Power, Manufacturing and Mining) and Geography
|
Years Covered |
2020-2028 |
|
CAGR (2022 - 2028) |
8.42% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Safety Drives and Motors Market is expected to grow at a CAGR of 8.42% during the forecast period. A motor is a crucial piece of equipment for any industrial sector to operate. Because there are so many dangerous areas in the main industrial sectors, safety motors are now absolutely necessary. These safety motors are equipped with features that enable system speed and torque control, as well as significant energy savings and ideal process control. The demand for safe equipment and an increase in industrial safety standards are anticipated to fuel market expansion in the upcoming years.
According to GE, unplanned outages due to moto failure can result in a refinery revenue loss of USD 1.1 million for each half-hour offline. As a result, the use of VFDs (Variable Frequency Drives) to control flow and prevent energy waste in throttling valves is growing rapidly in the oil and gas industry.
Market Dynamics:
Driver:
Increasing need of safety in industrial sectors is driving the market growth
Oil and gas, as well as other industries, have always been concerned with safety. The adoption of risk assessment requirements for increased safety and non-sparking motors by the IEC standards are recent developments aimed at improving the safety level of electrical machines used in hazardous areas. These specifications aid manufacturers in testing their designs and, if the risk levels are higher than acceptable, equipping their products with special accessories. Additionally, industrial power distribution systems frequently use low-voltage (LV) motor control centres (MCCs). Due to the close interactions between operator and maintenance personnel and the MCC, safety is frequently a concern.
Restraint:
Regulatory Constraints
The complexity of standards, which apply to both safety drives and motors, presents a challenge to the market. The limited applications or lack of flexible functionality in various zones of safety motors is a problem. However, the main factor slowing down the market is likely to be the expansion of regulatory restrictions.
Opportunity:
Rapid adoption of the internet of things (IoT)
The internet of things (IoT) rapid utilisation and integration with industrial automation's machinery and control systems to boost output and production have fueled the demand for market. Moreover, the vendors concentrate on releasing electric drives with IoT capabilities for various industrial applications. Safety drives help to decrease machine downtime, which in turn increases productivity. In addition, there are numerous uses for hybrid safety drives in low, medium, and high voltage equipment across a range of end-user industries.
Threat:
Slowdown in mining industry
The market's expansion is being held back by a significant slowdown in the mining sector. The mining market has experienced slow growth or, in some cases, decline in all of the major mining giants, including nations like Canada, Australia, Ukraine, Russia, etc. The main factor slowing down the market is likely to be the expansion of regulatory restrictions. Therefore, the market's potential for growth is effectively minimized by these factors.
Covid-19 Impact
The Covid-19 pandemic had a significant impact on manufacturing facilities, including the closure of factories and plants as well as travel bans and restrictions. As a result, there was a decline in the demand for drives across various industry verticals, including oil & gas, construction machinery, and power generation, among others. Players in the industry are preparing for delivery and construction delays, either as a result of the shutdown of industrial operations to stop the virus' spread or because workers have tested positive. The production of variable frequency drives has been hampered over the past two years by the decline in manufacturing activities in the US and China.
The oil and gas segment is expected to be the largest during the forecast period
Over the forecast period, the oil and gas is anticipated to be the largest segment. Oil and gas production and distribution, oil pumping systems, and compression drive trains for gas infrastructure all heavily rely on electric drives and motors. Drives are used by the compressors and pumps to smoothly start big motors and continuously change speed to control flow. In order to control the flow and prevent energy waste in the throttling valves, VFDs (Variable Frequency Drives) are being used more and more in the oil and gas industry. Increasing from USD 18.6 billion as of 2016, the sales value of VFD is anticipated to reach USD 24.8 billion. The motor is also shielded from starting inrush currents and control valve maintenance costs, reducing downtime. Such aspects propel the segments growth.
The Drives segment is expected to have the highest CAGR during the forecast period
During the forecast period, the Drives segment is expected to grow at the highest CAGR. In drives the AC Drive segment is expected to register the highest growth. AC Drive is mainly used to control the motor’s speed in the oil & gas, water & wastewater treatment, and metals & mining industries Companies in the metals & mining industry deploy equipment such as conveyors, mills, grinders, crushers, and fans/blowers, which require AC drives. These drives also find applications in wind turbine power generation, water supply pumping, HVAC systems, boiler feed pumps, power generators, and flow hydronic systems which are boosting the segment growth.
Region with largest share:
The North American region is expected to hold the largest market share during the forecast period. North America is the One of the biggest markets for safety drives and motors. The upstream oil and gas industry as well as the industrial segment have high demand in the region. In fact, it is among the largest industry 4.0 policy adopters globally. Demand from the industrial sector is anticipated to be primarily driven by US government policies to boost production and rely less on exports. Additionally, the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019–2024, under which the United States Department of the Interior (DoI) plans to permit offshore exploratory drilling in about 90% of the outer continental shelf (OCS) acreage, is anticipated to boost the region's oil and gas industry.
Region with highest CAGR:
Europe is anticipated to grow at the highest CAGR over the forecast period. The need for cost-effective systems, industry safety standards, and consumer demand for safe equipment are the main drivers contributing to the growth of global safety drives and motors market in this region. Moreover, the need for systems with reliable functionality and high levels of flexibility, as well as the high degree of cost effectiveness that these safety drives come with, are the factors propelling the global market for safety drives.
Key players in the market
Some of the key players profiled in the Safety Drives and Motors Market include ABB Ltd, Beckhoff Automation GmbH, Kollmorgen Corporation, Rockwell Automation Inc., Sigmatek Safety Systems, Siemens AG, Hoerbiger Holding AG, Pilz International, WEG SA, CG Global and KEBA Corporation.
Key Developments:
In July 2017, ABB acquired BandR. After this acquisition, ABB became the only industrial automation provider that offers customers in process and discrete industries the entire spectrum of technology and software solutions, around measurement, control, actuation, robotics, digitalization, and electrification.
In June 2017, WEG SA acquired CG Power USA Inc. This acquisition, in addition to complementing the WEG product line, increased the company's market share in the North American market. CG has a relevant market share in transformers for wind sites and solar farms in the United States. This acquisition, combined with WEG SA production platforms in Brazil, Colombia, Mexico, and South Africa, allowed the two companies to rapidly advance in the transmission and distribution business internationalization.
Types Covered:
• Drives
• Motors
End Users Covered:
• Energy and Power
• Manufacturing
• Mining
• Oil and Gas
• Chemical and Petrochemical
• Construction
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Safety Drives and Motors Market, By Type
5.1 Introduction
5.2 Drives
5.2.1 AC
5.2.2 DC
5.3 Motors
5.3.1 AC
5.3.2 DC
6 Global Safety Drives and Motors Market, By End User
6.1 Introduction
6.2 Energy and Power
6.3 Manufacturing
6.4 Mining
6.5 Oil and Gas
6.6 Chemical and Petrochemical
6.7 Construction
6.8 Other End Users
7 Global Safety Drives and Motors Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 ABB Ltd
9.2 Beckhoff Automation GmbH
9.3 Kollmorgen Corporation
9.4 Rockwell Automation Inc.
9.5 Sigmatek Safety Systems
9.6 Siemens AG
9.7 Hoerbiger Holding AG
9.8 Pilz International
9.9 WEG SA
9.10 CG Global
9.11 KEBA Corporation
List of Tables
1 Global Safety Drives and Motors Market Outlook, By Region (2020-2028) ($MN)
2 Global Safety Drives and Motors Market Outlook, By Type (2020-2028) ($MN)
3 Global Safety Drives and Motors Market Outlook, By Drives (2020-2028) ($MN)
4 Global Safety Drives and Motors Market Outlook, By AC (2020-2028) ($MN)
5 Global Safety Drives and Motors Market Outlook, By DC (2020-2028) ($MN)
6 Global Safety Drives and Motors Market Outlook, By Motors (2020-2028) ($MN)
7 Global Safety Drives and Motors Market Outlook, By AC (2020-2028) ($MN)
8 Global Safety Drives and Motors Market Outlook, By DC (2020-2028) ($MN)
9 Global Safety Drives and Motors Market Outlook, By End User (2020-2028) ($MN)
10 Global Safety Drives and Motors Market Outlook, By Energy and Power (2020-2028) ($MN)
11 Global Safety Drives and Motors Market Outlook, By Manufacturing (2020-2028) ($MN)
12 Global Safety Drives and Motors Market Outlook, By Mining (2020-2028) ($MN)
13 Global Safety Drives and Motors Market Outlook, By Oil and Gas (2020-2028) ($MN)
14 Global Safety Drives and Motors Market Outlook, By Chemical and Petrochemical (2020-2028) ($MN)
15 Global Safety Drives and Motors Market Outlook, By Construction (2020-2028) ($MN)
16 Global Safety Drives and Motors Market Outlook, By Other End Users (2020-2028) ($MN)
17 North America Safety Drives and Motors Market Outlook, By Country (2020-2028) ($MN)
18 North America Safety Drives and Motors Market Outlook, By Type (2020-2028) ($MN)
19 North America Safety Drives and Motors Market Outlook, By Drives (2020-2028) ($MN)
20 North America Safety Drives and Motors Market Outlook, By AC (2020-2028) ($MN)
21 North America Safety Drives and Motors Market Outlook, By DC (2020-2028) ($MN)
22 North America Safety Drives and Motors Market Outlook, By Motors (2020-2028) ($MN)
23 North America Safety Drives and Motors Market Outlook, By AC (2020-2028) ($MN)
24 North America Safety Drives and Motors Market Outlook, By DC (2020-2028) ($MN)
25 North America Safety Drives and Motors Market Outlook, By End User (2020-2028) ($MN)
26 North America Safety Drives and Motors Market Outlook, By Energy and Power (2020-2028) ($MN)
27 North America Safety Drives and Motors Market Outlook, By Manufacturing (2020-2028) ($MN)
28 North America Safety Drives and Motors Market Outlook, By Mining (2020-2028) ($MN)
29 North America Safety Drives and Motors Market Outlook, By Oil and Gas (2020-2028) ($MN)
30 North America Safety Drives and Motors Market Outlook, By Chemical and Petrochemical (2020-2028) ($MN)
31 North America Safety Drives and Motors Market Outlook, By Construction (2020-2028) ($MN)
32 North America Safety Drives and Motors Market Outlook, By Other End Users (2020-2028) ($MN)
33 Europe Safety Drives and Motors Market Outlook, By Country (2020-2028) ($MN)
34 Europe Safety Drives and Motors Market Outlook, By Type (2020-2028) ($MN)
35 Europe Safety Drives and Motors Market Outlook, By Drives (2020-2028) ($MN)
36 Europe Safety Drives and Motors Market Outlook, By AC (2020-2028) ($MN)
37 Europe Safety Drives and Motors Market Outlook, By DC (2020-2028) ($MN)
38 Europe Safety Drives and Motors Market Outlook, By Motors (2020-2028) ($MN)
39 Europe Safety Drives and Motors Market Outlook, By AC (2020-2028) ($MN)
40 Europe Safety Drives and Motors Market Outlook, By DC (2020-2028) ($MN)
41 Europe Safety Drives and Motors Market Outlook, By End User (2020-2028) ($MN)
42 Europe Safety Drives and Motors Market Outlook, By Energy and Power (2020-2028) ($MN)
43 Europe Safety Drives and Motors Market Outlook, By Manufacturing (2020-2028) ($MN)
44 Europe Safety Drives and Motors Market Outlook, By Mining (2020-2028) ($MN)
45 Europe Safety Drives and Motors Market Outlook, By Oil and Gas (2020-2028) ($MN)
46 Europe Safety Drives and Motors Market Outlook, By Chemical and Petrochemical (2020-2028) ($MN)
47 Europe Safety Drives and Motors Market Outlook, By Construction (2020-2028) ($MN)
48 Europe Safety Drives and Motors Market Outlook, By Other End Users (2020-2028) ($MN)
49 South America Safety Drives and Motors Market Outlook, By Country (2020-2028) ($MN)
50 South America Safety Drives and Motors Market Outlook, By Type (2020-2028) ($MN)
51 South America Safety Drives and Motors Market Outlook, By Drives (2020-2028) ($MN)
52 South America Safety Drives and Motors Market Outlook, By AC (2020-2028) ($MN)
53 South America Safety Drives and Motors Market Outlook, By DC (2020-2028) ($MN)
54 South America Safety Drives and Motors Market Outlook, By Motors (2020-2028) ($MN)
55 South America Safety Drives and Motors Market Outlook, By AC (2020-2028) ($MN)
56 South America Safety Drives and Motors Market Outlook, By DC (2020-2028) ($MN)
57 South America Safety Drives and Motors Market Outlook, By End User (2020-2028) ($MN)
58 South America Safety Drives and Motors Market Outlook, By Energy and Power (2020-2028) ($MN)
59 South America Safety Drives and Motors Market Outlook, By Manufacturing (2020-2028) ($MN)
60 South America Safety Drives and Motors Market Outlook, By Mining (2020-2028) ($MN)
61 South America Safety Drives and Motors Market Outlook, By Oil and Gas (2020-2028) ($MN)
62 South America Safety Drives and Motors Market Outlook, By Chemical and Petrochemical (2020-2028) ($MN)
63 South America Safety Drives and Motors Market Outlook, By Construction (2020-2028) ($MN)
64 South America Safety Drives and Motors Market Outlook, By Other End Users (2020-2028) ($MN)
65 Middle East & Africa Safety Drives and Motors Market Outlook, By Country (2020-2028) ($MN)
66 Middle East & Africa Safety Drives and Motors Market Outlook, By Type (2020-2028) ($MN)
67 Middle East & Africa Safety Drives and Motors Market Outlook, By Drives (2020-2028) ($MN)
68 Middle East & Africa Safety Drives and Motors Market Outlook, By AC (2020-2028) ($MN)
69 Middle East & Africa Safety Drives and Motors Market Outlook, By DC (2020-2028) ($MN)
70 Middle East & Africa Safety Drives and Motors Market Outlook, By Motors (2020-2028) ($MN)
71 Middle East & Africa Safety Drives and Motors Market Outlook, By AC (2020-2028) ($MN)
72 Middle East & Africa Safety Drives and Motors Market Outlook, By DC (2020-2028) ($MN)
73 Middle East & Africa Safety Drives and Motors Market Outlook, By End User (2020-2028) ($MN)
74 Middle East & Africa Safety Drives and Motors Market Outlook, By Energy and Power (2020-2028) ($MN)
75 Middle East & Africa Safety Drives and Motors Market Outlook, By Manufacturing (2020-2028) ($MN)
76 Middle East & Africa Safety Drives and Motors Market Outlook, By Mining (2020-2028) ($MN)
77 Middle East & Africa Safety Drives and Motors Market Outlook, By Oil and Gas (2020-2028) ($MN)
78 Middle East & Africa Safety Drives and Motors Market Outlook, By Chemical and Petrochemical (2020-2028) ($MN)
79 Middle East & Africa Safety Drives and Motors Market Outlook, By Construction (2020-2028) ($MN)
80 Middle East & Africa Safety Drives and Motors Market Outlook, By Other End Users (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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