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Technavio's market study identifies the increasing need for energy-efficient products to be one of the primary growth factors for the safety drives market. Several process and discrete industries are taking measures to conserve energy by using energy-efficient equipment such as safety drives in their plant premises. Safety drives optimizes the energy consumption and reduces energy wastage, while providing superior operation control. Stringent regulations laid down by authorities for energy conservation and energy shortage faced by several countries influence the demand and utilization of safety drives since they offer high potential high energy savings. According to our market reseach analysts, this market will grow steadily at a CAGR of almost 7% by 2021.
The emergence of hybrid safety drives wil be one of the major trends thar will gain traction in this global market in the coming years. Safety drives are usually used for low voltage industrial applications. However, with modifications in the components, the drives can function efficiently in high and medium voltage applications. Insulated-gate bipolar transistor (IGBT) vendors are constantly focusing on developing the technology and applications of IGBT that is primarily used in low voltage and medium voltage applications. The improved IGBT technology will enable high-power applications and also help in smooth controlling, soft start and stop functions, and reverse recovery. This in turn, will help in reducing losses by almost 30%.
The safety drives market is highly fragmented due to the presence of several international and regional vendors. Safety drive vendors are investing significantly in innovation by reducing the size and complexity of the products and attracting new customers by offering a distinct range of products at competitive price. The international vendors have monopolized the market competition in terms of durability, technological innovation, reliability, and quality.
The leading vendors in the market are -
The other prominent vendors in the market are B&R (Part of ABB group), HOERBIGER, WEG, Kollmorgen, Pilz, CG Global, Technosoft, Ketterer, Shenzhen INVT Electric, Schneider Electric, and Shenzhen Sikes Electric.
The utility industries are deploying increasing number of power grids to cater to the growing demand for power while, improving the energy efficiency to reduce the carbon footprint. Investment in the power industry will encourage power generation from renewable energy resources. Additionally, these industries are also focusing on modernizing the grid and are moving toward IoT-enabled devices and intelligent power grids.
Several countries in EMEA such as the UK and Germany are witnessing a high demand for safety drives from several sectors such as utility, oil and gas, and water and wastewater industry. This is mainly influenced by the need for safety compliance and the use of safety drives to enhance productivity and increasing energy efficiency.
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Our market research methodology for the safety drives market
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by end-user
PART 07: Geographical segmentation
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
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