Emerging Factory Automation Services Predicted to Drive the Global Motors and Drives Market in Process Industries Through 2020, Says Technavio
According to the latest research study released by Technavio,
the global motors and drives market in process industries is expected to
record a CAGR of around 7% until 2020.
This research report titled ‘Global
Motors and Drives Market in Process Industries 2016-2020’,
provides an in-depth analysis of market growth in terms of revenue and
emerging market trends. The report also presents the vendor landscape
and a corresponding detailed analysis of the top five vendors operating
in the market.
Request sample report: http://bit.ly/291Tt0I
“A large number of companies are investing in factory automation that
needs installation of multiple high-end motors in various applications
such as conveyer belts, compressors, and fans. Japan and China have
invested heavily in automating most of their factories with high-end
industrial robots. Companies are looking for a substitute to manual
workforce because of aging population, shrinking workforce, and
immigration control. Hence, industrial robotics has become an area of
opportunity for motors and drives vendors,” said Bharath Kanniappan, one
of Technavio’s lead analysts for automation.
Segmentation of global motors and drives market in process industries
by end-users 2015
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Oil and gas
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34.8%
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Mining
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22.1%
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Power
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17.6%
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Food and beverage
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7.9%
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Others
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17.6%
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Source: Technavio research
Global motors and drives market in oil and gas industry
The global motors and drives market in the oil and gas industry was
valued at USD 9.06 billion in 2015. The oil and gas industry is majorly
driven by increased urbanization and the need to maintain the required
level of oil repository to meet the B2B and B2C demand. However, some
countries, such as China, are working to reduce reliance on coal to curb
air pollution levels, leading to more investment in low voltage motors
in the oil and gas refining process-lines. China has established market
entry conditions for foreign players to encourage them to use clean
energy such as natural gas. The government also announced a subsidy of
USD 0.06 for every cubic meter of gas produced in the country.
China also holds the world’s largest shale gas reserves with more than
31 TCM of recoverable shale gas resources. The country is expected to
invest USD 160 billion in shale gas development over the forecast
period, which should increase its shale gas production from 1 BCM in
2014 to 3.5 BCM in 2015. These initiatives in China’s oil and gas
industry should increase the demand for industrial valves.
Global motors and drives market in mining industry
The global motors and drives market in the mining industry was valued at
USD 5.75 billion in 2015. Silver prices declined by 45.74% during
2011-2014. Similarly, gold, copper, and iron ore prices declined by
19.35%, 22.26%, and 42.25%, respectively, during the same time frame.
Thus, shrinking prices and weakening global demand have turned away
investors from the mining industry, putting projects on hold. These
factors have muted the demand for low-voltage motors in the mining
industry.
However, mining companies have started to make heavy investments in
high-end machinery construction over the past two years as the industry
is predicted to experience a positive growth during the forecast period.
It has resulted in the development of high-end drives and motors for the
extrusion and fracking machines.
Global motors and drives market in power industry
The global motors and drives market in the power industry was valued at
USD 4.58 billion in 2015. The motors and drives market in the wind power
industry is growing significantly due to large-scale installations of
wind turbines in the US, China, Germany, Spain, and India. Globally,
more than 53 GW of wind power installation were established in 2015 with
China topping the list at 25 GW. In the first half of 2015, Germany
installed 2 GW of offshore wind power. We note that government
initiatives directed at environment-friendly clean energy power
generation has expanded wind energy generation infrastructure in many
countries. The governments in countries, such as Brazil, Mexico, South
Africa, Canada, and Australia, are boosting such installations. High
performance geared motor products, such as the 700-TW wind turbine pitch
control gear motor from Bonfiglioli, are used in wind turbines to
control the pitch and yaw drive systems.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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