London, 29 June 2015: Technavio, the independent tech-focused global research firm, has published a report on the global electric drives market 2015-2019, which is estimated to grow at a CAGR of 7.63% during the forecast period of 2014-2019.
“Electric drives find diversified applications in the food and beverage industry for elevators and escalators that require varying AC or DC drives of different capacity and ratings,” says Faisal Ghaus, Vice President of Technavio.
“Vendors are making efforts to coordinate with the end-users for product design and development to avoid product redundancy, increase demand for the new drives, reduce the losses in R&D, and help in increasing customer loyalty.”
Key Market Drivers
- Need for Energy Efficiency
- Increased Need for Retrofitting
- Customized Drives
Key Market Trends
- Increased Focus toward Renewable Energy
- Government Regulations
- Growing Emphasis on IoT and Services
Key Market Vendors
- ABB Ltd
- Danfoss A/S
- Siemens AG
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
