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Market research analysts at Technavio have predicted that the global motors and drives market in process industries will grow steadily at a moderate CAGR of around 7% by 2020. The growing demand for high-quality food products has driven the adoption of advanced refrigeration technologies in the food processing industry. These advanced refrigeration systems comprise of a complete set of automation equipment that requires high-end variable speed motors and drives to run the operation. The exponential rise in global population will subsequently increase the need for these advanced refrigeration systems which in turn will augment the demand for this market in the next four years.
As a result of the shrinking workforce and immigration control, a large number of industries are focusing on investing in factory automation practices. This involves the installation of multiple high-end motors in various applications such as conveyor belts, compressors, and fans. Automated factories will also require smart machinery that can be wirelessly controlled, remotely monitored, and are capable of diagnosing predictive maintenance, this, in turn, will have a positive impact on the growth of this market. This market study report has estimated that APAC will account for a major market share and dominate the market throughout the forecast period. Due to the availability of raw materials and cost-efficient labor, this region has emerged as a low-cost manufacturing hub for process industries, which will fuel the demand for the motors and drives market from this region.
The market appears highly fragmented due to the presence of several large and small scale vendors. Major companies account for a considerable share of the market and have started undergoing strategic partnerships and channel partners to expand their global presence. Constant technological advancements have induced drives and electric motor manufacturers to invest heavily in R&D to design more affordable and energy-efficient motors and drives. This will result in the introduction of advanced products in the market, which will intensify vendor competition in the next four years.
The leading vendors in the market are -
The 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.
During 2015, the drives segment accounted for approximately 51% of the total market share and dominated this market. Drives are vital components in the construction of energy generation units and the increasing shift towards renewable sources of energy will augment the demand for industrial electric drives. Additionally, the adoption of VFDs (variable frequency drives) in water treatment systems and energy management sectors coupled with the estimated growth of the manufacturing, chemical processing, power generation industrial sectors will also fuel the demand for this market segment.
According to this market study, the food and beverage segment will dominate the motors and drives market in process industries and will account for almost 37% of the total market share by 2020. The rise in per capita GDP in countries such as India, China, Qatar, Luxembourg, and Singapore is likely to increase the consumption of foods and beverages. This, in turn, will boost the demand for geared motors and drives used for operating ice and beverage dispensing units, food processing conveyors, and confectioner ovens.
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Table of Contents
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by type
PART 07: Market segmentation by end-user
PART 08: Geographical segmentation
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
PART 15: Appendix
PART 16: Explore Technavio
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