LONDON--(EON: Enhanced Online News)--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.
“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”
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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