Safety Drives and Motors Market (2020 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Safety Drives and Motors market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
“Safety Drives and Motors Market report is anticipated to register a CAGR of 6.42% over a five years forecast period (2020 – 2023).”
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List of Major Key players operating in the Global Safety Drives and Motors Market are –
- Rockwell Automation Inc.
- SIGMATEK Safety Systems
- ABB Limited
- Siemens AG
- CG Global.
The global safety drives and motors market is projected to register a CAGR of nearly 6.42% during 2020 - 2023 (the forecast period). The scope of this report is limited to the solutions that are offered by the major players, including providers of AC and DC drives and motors. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Drives and motors are important parts of a machinery in the functioning of any industrial sector. With the existence of several hazardous zones in the core industrial sectors, the need for safety drives and motors has become imperious. The IEC and EN standards are used to certify the motors and to fulfill ATEX directives and other international standards. The safety drives help to minimize machine time and increase the productivity level while keeping both the personnel and equipment safe from any kind of damage. Thus, these safety devices possess features that allow speed control and torque of the system and also lead to optimal process control and significant energy savings. Industry machines and plants are becoming increasingly more flexible and productive and have resulted in the creation of safety integrated devices. These integrated safety functions enable the implementation of new safety concepts in a cost-effective manner.
However, the complexity of standards poses a challenge to the market, as it is applicable for, both, the safety drives and motors. An issue with safety motors is that they have restricted applications or lack of flexible functionality in different zones.
Increasing Need of Safety in Industrial Sectors is Driving the Market Growth
Safety has always been a concern among the chemical, oil & gas, and other industries. Recent developments, aiming toward the improvement of safety level of electrical machines that are used in hazardous areas, include the adoption of risk assessment requirements for increased safety and non-sparking motors by the IEC standards. These requirements assist manufacturers to prove their designs by testing, or to equip their products with special accessories, if the risk levels exceed the acceptable limits. Also, low-voltage (LV) motor control centres (MCCs) are largely used in the industrial power distribution systems. MCC is commonly a safety concern as operator and maintenance personnel have close interactions with the MCC. Also, the recognition of arc flash as a unique electrical hazard has led to a new expectation for circuit protection devices, by safeguarding personnel from the hazards of thermal burns and explosive blasts.
Oil & Gas Industry to Account for a Significant Portion of the Market
Electric drives and motors play a major role in the oil & gas production and distribution, pumping systems for oil and compression drive trains for gas infrastructure. The compressors and pumps use drives to smoothly start large motors and continuously adjust the speed to control flow. With this, VFDs (Variable Frequency Drives) are increasingly being used in the oil & gas industry to control the flow, by adjusting speed that avoids energy wastage in the throttling valves. The sales value of VFD is expected to reach a value of USD 24.8 billion, an increase from USD 18.6 billion as of 2016. Most of the VSD applications control flow through pipelines and control the input flow to large process units. In addition, the motor is protected against starting inrush currents and control valve maintenance expenses, which minimizes the downtime.
North America to Contribute Significantly to the Market Growth over the Forecast Period
North America, followed by Europe and Asia-Pacific, is expected to become a major market. The demand for safe equipment, industry safety standards, and the need for cost-effective systems are the factors contributing to the growth of the global safety drives and motors market in the region. Moreover, the increasing vehicle sales rate and stabilizing economy are set to boost the sales and demand for safety drives and motors in the region. Additionally, the growing shale gas industry and improving manufacturing outlook, on account of the rising domestic consumption rate, are expected to augment the demand for safety drives and motors in the region. As an alternative to oil, shale gas has modified the region’s economical and global political scenarios, providing North America, especially the United States, a new capability to redesign its national and foreign energy policies toward innovative and self-sufficient development.
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Scope of the Report:
The report analyses Safety Drives and Motors market, which includes –
- Analysis of the growth of Safety Drives and Motors market in global and regional level including Asia-Pacific, Americas, and EMEA.
- The report provides Safety Drives and Motors market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
- The report offers country level Safety Drives and Motors market volume and value by end-user segment for the period 2012-2023.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Safety Drives and Motors market are discussed.
- The report provides competitive landscape at country level for the year 2020. It also covers key policies and initiatives, key deals, and key upcoming projects.
Highlighted points of Safety Drives and Motors Market Report:
- Varying dynamics of the Safety Drives and Motors industry.
- Prospective changes in sales volumes and worldwide share growth in upcoming years (2020-2023).
- Safety Drives and Motors market report recognizes the key drivers of growth and challenges of the key industry players.
- Competitors profiles along with product description, overview, and business data.
- A complete analysis of market risks, opportunities, limitations, and growth of the market.
- Market driving and restraining factors.
- Delivers information on the historical and current market size and the future potential of the market.
- Safety Drives and Motors market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.
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Reasons to Purchase Safety Drives and Motors Market Report:
- The report analyses how stringent emission control norms will drive the global Safety Drives and Motors market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Safety Drives and Motors market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
In this study, the years considered to estimate the market size of Safety Drives and Motors:
History Year: 2013-2017
Base Year: 2017
Estimated Year: 2020
Forecast Year 2020 to 2023
Look into Table of Content of Safety Drives and Motors Market Report @ https://www.360marketupdates.com/TOC/12883877#TOC
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