NEW
YORK, June 26, 2024 /PRNewswire/ -- The global
motors and drives services market size is estimated to grow by
USD 2.35 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a
CAGR of almost 2.24% during the forecast period.
Increasing demand for servo motors and brushless motors is
driving market growth, with a trend towards technological
advances in electric drives. However, intense competition
among vendors poses a challenge. Key market players include
ABB Ltd., Danfoss AS, Delta Electronics Inc., Fuji Electric Co.
Ltd., Integrated Power Services LLC, Lenze SE, Mitsubishi Electric
Corp., Nidec Corp., OMRON Corp., Regal Rexnord Corp., Rockwell
Automation Inc., SEW EURODRIVE GmbH and Co KG, Siemens AG, Toledo
Engineering Co. Inc., Toshiba Corp., WEG Equipamentos Eletricos
S.A., Wolong Electric Group Co. Ltd., Yaskawa Electric Corp., and
Yokogawa Electric Corp..
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Motors And Drives
Services Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
2.24%
|
Market growth
2024-2028
|
USD 2355.9
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
2.17
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 44%
|
Key
countries
|
China, US, Germany,
Japan, and UK
|
Key companies
profiled
|
ABB Ltd., Danfoss AS,
Delta Electronics Inc., Fuji Electric Co. Ltd., Integrated Power
Services LLC, Lenze SE, Mitsubishi Electric Corp., Nidec Corp.,
OMRON Corp., Regal Rexnord Corp., Rockwell Automation Inc., SEW
EURODRIVE GmbH and Co KG, Siemens AG, Toledo Engineering Co. Inc.,
Toshiba Corp., WEG Equipamentos Eletricos S.A., Wolong Electric
Group Co. Ltd., Yaskawa Electric Corp., and Yokogawa Electric
Corp.
|
Market Driver
The global motors and drives services market is witnessing
growth due to the increasing demand for energy-efficient solutions.
Traditional AC drives utilize additional equipment like active
front-end rectifiers and multi-purpose transformers to mitigate
harmonics, leading to increased wiring, space, and cost
requirements. To address this challenge, vendors are adopting
matrix design in AC drives, eliminating the need for a DC bus and
bypassing harmonic production. Regenerative capabilities in
electric drives, such as Yaskawa Electric Corp.'s R1000
Regenerative Unit and ABB Ltd.'s ACS880, enable the diversion of
regenerated power back to the power source, optimizing energy
utilization and reducing penalty charges. The focus on energy
efficiency and regenerative capabilities is expected to fuel market
growth during the forecast period.
The Motors and Drives Services market is experiencing
significant growth, with a focus on upgrades and modernization.
Performances and efficiencies are key trends, as businesses seek to
improve productivity and reduce downtime. Producers of motors and
drives are investing in research and development to create more
efficient and durable products. Consumers are looking for condition
monitoring and predictive maintenance solutions to prevent
equipment failure. The use of automation and digitalization is
increasing, with the implementation of IoT technologies and data
analytics. Additionally, the demand for sustainable and
energy-efficient solutions is driving innovation in the market.
Overall, the Motors and Drives Services market is evolving to meet
the changing needs of businesses and industries.
Research report provides comprehensive data on
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Market Challenges
- The global motors and drives services market is fragmented due
to numerous vendors offering maintenance and retrofitting services.
Price is a significant factor for buyers, who prefer cost-effective
options that meet regulatory standards. China's market consists of affordable small
vendors, attracting investments due to low labor, land, and raw
material costs. End-users seek cost-effective machines and
solutions. Price-sensitive customers challenge OEMs, prompting them
to partner with economical service providers. To tackle costs,
global vendors are considering mergers and acquisitions for market
expansion in APAC. However, this expansion may negatively impact
local small- and medium-scale vendors, potentially hindering market
growth.
- The Motors and Drives Services market faces several challenges.
Consumption of motors and drives is essential in various industries
such as manufacturing, automotive, and energy. However, the
increasing use of renewable energy sources and energy efficiency
regulations pose challenges to the market. Additionally, the high
cost of advanced technologies like permanent magnet motors and
variable frequency drives can be a barrier to entry for some
businesses. Furthermore, the global supply chain disruptions due to
the pandemic have affected the market's growth. Lastly, the need
for customized solutions and the short product lifecycle add to the
complexity of the market. Companies must address these challenges
to remain competitive and meet the evolving demands of their
customers.
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challenges - Request a sample report!
Segment Overview
This motors and drives services market report extensively covers
market segmentation by
- Product
- End-user
- 2.1 Process industry
- 2.2 Discrete industry
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Motors- The motors and drives services market
is driven by the integral role motors play in discrete and process
industries, particularly in energy-intensive sectors like pulp and
paper. With frequent servicing needs in harsh conditions,
maintenance and repair dominate the market. Predictive strategies
are preferred for cost-effectiveness. ABB Ltd. Offers intelligent
motor solutions to enhance performance, uptime, and efficiency,
contributing to market growth.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Motors and Drives Services Market encompasses a wide range
of offerings, including feedback control systems for encoders and
potentiometers, skilled workforce expertise in rotary systems
segment, gearboxes, pulleys, and DC motors for precise control in
industrial automation. Reliable performance is ensured through the
adoption of automated systems, preventive maintenance,
troubleshooting, and retrofitting for motor-driven systems. Shunt
motors and separately excited motors are integral solutions for
various industries. Performance upgrades and efficiency
enhancements are crucial aspects of this market, driving the need
for digitalization and reliability in motor systems. Labor
shortages in emerging countries are being addressed through the
adoption of robotics and digital technologies, further expanding
the market landscape.
Market Research Overview
The Retifting Performance Management Automation Diganalytics
sector encompasses the provision of services related to motors and
drives. This market is characterized by the implementation of
advanced technologies such as electronics, sensors, and software to
optimize motor and drive performance. Efficientcy and reliability
are key factors driving the growth of this market. The use of
predictive maintenance techniques enables early detection and
resolution of potential issues, reducing downtime and maintenance
costs. Consumption of motors and drives is widespread across
industries such as manufacturing, oil and gas, and power
generation. The market is expected to grow significantly due to the
increasing demand for energy efficiency and the integration of
renewable energy sources into power grids. The implementation of
Industry 4.0 and the Internet of Things (IoT) is also expected to
drive market growth by enabling real-time monitoring and predictive
maintenance of motors and drives. The use of condition-based
monitoring systems and the adoption of cloud-based solutions are
further trends in this market. The market for motors and drives
services is a dynamic and evolving landscape, with ongoing
advancements in technology and industry trends shaping its
future.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- End-user
-
- Process Industry
- Discrete Industry
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio