Motors and drives in discrete industries: Key market research findings
- Enforcement of motor efficiency legislations drives market growth
- Motors account for a majority of the market’s revenue
- Key vendors – ABB, Danfoss, Rockwell Automation, Siemens, and WEG
Technavio’s market research analysts predict the global motors and drives market in discrete industries to grow at a CAGR of around 10% between 2016 and 2020. The growth in the market is driven primarily by the enforcement of motor efficiency legislations. Industries are replacing old electric motors with certified motors with a higher operating efficiency to comply with the mandates set by such legislations regarding carbon emission and fuel efficiency. Currently, APAC dominates the global motors and drives market in discrete industries by occupying more than 39% of the market share. The high growth rate of the construction and automotive sectors in India and China are expected to fuel growth in the motors and drives market in discrete industries in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the motors and drives segments based on the type.
“Recently, vendors have started developing customized motors. Such motors provide special mechanical properties and system solutions to end users as well as improved efficiency. As a result, many end users, especially discrete industries, are increasingly adopting customized motors. As custom-made motors are sophisticated, they open up market opportunities for low voltage motor and drives manufacturers,” says Bharath Kanniappan, Lead Analyst, Industrial Automation, Technavio Research.
By 2020, the motors segment is expected to account for more than 66% of the overall market space and will dominate the global motors and drives market in discrete industries. Motors are generally used in the production of electric vehicles and heating, ventilation, and air conditioning (HVAC) applications. Vendors are trying to achieve product differentiation by offering integrated products and value-added services owing to the price sensitive nature of the market. The introduction of incentive programs such as offering subsidies to manufacturing companies to build highly efficient and low carbon emission motors across many countries in Europe and the US will augment the demand for motors in the coming years.
The key vendors in the market include ABB, Danfoss, Rockwell Automation, Siemens, and WEG. This market is highly competitive and fragmented because of the presence of well-diversified international and regional providers. As the major vendors have a strong market presence, local vendors find it difficult to compete with them in terms of quality, safety, and price. The end users in the market are increasingly focusing toward energy efficiency as a key parameter while purchasing electric drives, which has increased the growth opportunities for the market players.
A more detailed analysis is available in the Technavio report, Global Motors and Drives Market in Discrete Industries 2016-2020.
We can customize reports by other regions and specific segments upon request.
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