Safety Drives And Motors Market - Growth, Trends , COVID-19 impact, and Forecasts (2021 - 2026)

Posted May 5, 2021 by Statzyreports

The Safety Drives And Motors Market is expected to grow at a CAGR of 6.42% over the forecast period (2021 - 2026).
The Safety Drives And Motors Market is expected to grow at a CAGR of 6.42% over the forecast period (2021 - 2026). Safety drives and motors have become an integral part of industry operations. Drives and motors are used in many industrial operations, especially machinery and equipment. Most industrial operations rely on electric motors and drive systems to power and control machinery and equipment.

- Electric motors are used to power a wide range of machinery, including conveyor systems and heavy industrial equipment. Growing adoption of automation has created a need for accurate control of industrial machinery to realize optimal use of resources and maintain the predefined quality of operation.
- Electric drives are thus deployed to control the movements and speeds of the machinery and other devices. This need is particularly high in manufacturing environments that deal with sensitive, fragile or explosive products. The growing focus on safety in such industries is driving the demand for safety drives and motor systems globally.

- Increased safety drives offer additional safety features over normal drives and motors. These systems are equipped with safety control and monitoring components that enable safe stop of the motors without damaging the motor or equipment.

- Accidents are common in industrial workspaces and are resulting huge losses for companies. Loss of human personal and downtime due to machine failure and malfunction has a significant impact on the companies. Thus, industries are opting for safety drives and motors to avoid losses.
- Safety drives and motors with safety functions, such as SS1 and STO are increasingly being employed. Additionally, the industries working in hazardous environments, such as mining, oil and gas, and petrochemicals have high safety standards. Thus, becomes necessary to deploy explosion-proof and fireproof motor drives to avoid damages.

- However, a considerable slowdown in the mining industry is restraining the growth of the market. All the major mining giants, including countries, like Canada, Australia, Ukraine, Russia, etc., have recorded slow growth or in some case, a decline in the mining market. Increasing regulatory constraints stand to be the major cause for the slowdown in the market.
- Over the forecast period, the decreasing demand from the mining industry is expected to be one of the major limiting factors to the safety drives and motors market.

Key Market Trends

Energy and Power Has Significant Share In The Market.

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- Globally, the power generation sector is extremely diverse and is providing new opportunities to the safety drives and motors market.
- Previously power sources, such as coal were one of the major sources of power generation. But in order to reduce their carbon footprints, many countries are encouraging cleaner energy generation alternatives.
- Further, in countries, like the United States, the demand for nuclear power is in high demand. As of June 2018, the US government has funded the Advanced Research Projects Agency-Energy (ARPA-E) division’s Modeling-Enhanced Innovations Trailblazing Nuclear Energy Reinvigoration (MEITNER) program with over USD 20 million to carry out ten different projects that enable cheaper, safer, and more advanced nuclear power plant designs. Such advanced initiatives are expected to create considerable demand for safety drives and motors, both during the time of development and deployment.

North America Has The Largest Share In The Market.

- North America is one of the largest markets for safety drives and motors globally. The region has a high demand form the upstream oil and gas sector and industrial segment. In fact it is one of the largest adopters of industry 4.0 policies in the world. Additionally, the US government’s policies to increase production and depend less on exports is expected to be the primary driver for demand from the industrial sector.
- Moreover, with the United States Department of the Interior (DoI) planning to allow offshore exploratory drilling in about 90% of the outer continental shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the oil and gas sector in the region is expected to open up new opportunities to the market.
- Further, similar to the global scenario, declining demand from the mining industry stand be a major restraint. In Canada, the number of mining projects have reduced by one-third in number and by over 50% in value between 2014 and 2017. Over the forecast period, this scenario is expected to recover with reduced production costs.

Competitive Landscape

The Safety Drives And Motors Market is Fragmented due to reverse engineering and a decrease in initial costs. Some key players in the market are Rockwell Automation, Seimens, ABB. Some key developments in the market are Rockwell Automaton has added five new members to its Machine Safety System Integrator program. Created in 2014, the program helps industrial companies identify system integrators with current safety standards expertise and a proven track record in designing safety systems in August 2018. National Copper Corporation of Chile has awarded Rockwell automation with a major contract worth USD 50 million to supply several automation and safety systems for the construction of Chuquicamata underground mine in August 2018. The company introduced Allen-Bradley Micro870 PLC, the new flagship of Micro800 family, that can be used in place of multiple micro PLCs. Machine designers can use a new micro programmable logic controller (PLC) to help optimize the control architecture in large standalone machines or systems in March 2018.

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Categories Electronics , Semiconductors
Tags Safety Drives And Motors Market , Safety Drives And Motors Market size , Safety Drives And Motors Market share , Safety Drives And Motors Market forecast , Safety Drives And Motors Market trends , COVID-19 Impact
Last Updated May 5, 2021