Top 3 Emerging Trends Impacting the Global Electric Drives Market from 2017-2021: Technavio
Technavio’s latest report on the global
electric drives market provides an analysis of the most
important trends expected to impact the market outlook from 2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global electric drives market from 2017-2021. (Graphic: Business Wire)
The global electric drives market is projected to grow to USD 19.11
billion by 2021, growing at a CAGR of almost 5% through the forecast
period. AC drives are the most popular device type in the market,
responsible for generating more than 93% of the total revenue.
Geographically, EMEA, the Americas, and APAC have almost equal market
shares, with EMEA having a slight lead over the other two regional
segments. The highly-evolved water and wastewater treatment industry,
the presence of mandates regulating energy efficiency, and rising
investments in renewable energy are expected to ensure the region’s lead
through the forecast period.
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The top three emerging trends driving the global electric drives market
according to Technavio industrial
automation research analysts are:
-
Regulation on energy efficiency
-
Increasing demand for Internet of Things (IoT)
-
Emerging demand for sensor-less drives
Regulation on energy efficiency
“Various energy regulation policies have been formulated by
governments around the world to promote the use of energy-efficient
products. Developed regions like North America and Europe have already
taken a step to ensure maximum usage of renewable energy by 2050,”
says Bharath Kanniappan, one of the lead research analysts at Technavio
for automation
research.
Regulatory bodies such as the American Council for an
Energy-Efficient Economy, are involved in the creation of benchmarks
for optimal energy efficiency for motor and electrical devices to
achieve target efficiency levels. The standards that have been imposed
and incentives that are being provided by governments are pushing for
the increased adoption of energy-efficient drives into existing systems.
Burgeoning demand for Internet of Things (IoT)
In today’s world, most of the electronic devices which have access to
the internet are interconnected and capable of exchanging data, which is
broadly termed as the internet
of things (IoT). There is stiff competition between vendors to
create competitive advantages for their products to ensure a safe hold
on the market. Many vendors are incorporating IoT to their product
offerings to differentiate their products from competitors.
Also, customers of the electric drives market are dependent upon expert
opinion for maintenance and service, which vendors are capitalizing on.
Vendors are using IoT to provide the real-time performance of the
machine to consumers, and a user-friendly platform for the customers to
obtain timely information for the maintenance of electric drives.
Additionally, connectivity of machines driven by mobile apps should give
an added push to the market.
Emerging demand for sensor-less drives
“The sensor-less drive is another major trend, which is expected
to accelerate the adoption of electric drives during the forecast
period. Electric drives are mostly operated through a
microcontroller-based device, and all the smart
robots have sensors and respond to the transmitter for
signals. However, the growing requirements for remote control at field
locations has led to the introduction of sensor-less drives,”
says Bharath.
The microcontroller-based integrated chip inside electric drives can
directly receive a signal through the internet without using
transmitter-receiver sensors. The use of such devices aids in the
reduction of extra burden resulting from the use of inaccurate physical
sensors. The increasing adoption of such automated products is likely to
revolutionize the electric drives market.
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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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