Princeton, NJ -- (SBWIRE) -- 06/20/2018 -- The global safety drives and motors market is projected to register a CAGR of nearly 6.42% during 2018 - 2023 (the forecast period). The scope of this report is limited to the solutions that are offered by the major players, including providers of AC and DC drives and motors. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Drives and motors are important parts of a machinery in the functioning of any industrial sector. With the existence of several hazardous zones in the core industrial sectors, the need for safety drives and motors has become imperious. The IEC and EN standards are used to certify the motors and to fulfill ATEX directives and other international standards. The safety drives help to minimize machine time and increase the productivity level while keeping both the personnel and equipment safe from any kind of damage. Thus, these safety devices possess features that allow speed control and torque of the system and also lead to optimal process control and significant energy savings. Industry machines and plants are becoming increasingly more flexible and productive and have resulted in the creation of safety integrated devices. These integrated safety functions enable the implementation of new safety concepts in a cost-effective manner.

However, the complexity of standards poses a challenge to the market, as it is applicable for, both, the safety drives and motors. An issue with safety motors is that they have restricted applications or lack of flexible functionality in different zones.

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Increasing Need of Safety in Industrial Sectors is Driving the Market Growth
Safety has always been a concern among the chemical, oil & gas, and other industries. Recent developments, aiming toward the improvement of safety level of electrical machines that are used in hazardous areas, include the adoption of risk assessment requirements for increased safety and non-sparking motors by the IEC standards. These requirements assist manufacturers to prove their designs by testing, or to equip their products with special accessories, if the risk levels exceed the acceptable limits. Also, low-voltage (LV) motor control centres (MCCs) are largely used in the industrial power distribution systems. MCC is commonly a safety concern as operator and maintenance personnel have close interactions with the MCC. Also, the recognition of arc flash as a unique electrical hazard has led to a new expectation for circuit protection devices, by safeguarding personnel from the hazards of thermal burns and explosive blasts.

Oil & Gas Industry to Account for a Significant Portion of the Market
Electric drives and motors play a major role in the oil & gas production and distribution, pumping systems for oil and compression drive trains for gas infrastructure. The compressors and pumps use drives to smoothly start large motors and continuously adjust the speed to control flow. With this, VFDs (Variable Frequency Drives) are increasingly being used in the oil & gas industry to control the flow, by adjusting speed that avoids energy wastage in the throttling valves. The sales value of VFD is expected to reach a value of USD 24.8 billion, an increase from USD 18.6 billion as of 2016. Most of the VSD applications control flow through pipelines and control the input flow to large process units. In addition, the motor is protected against starting inrush currents and control valve maintenance expenses, which minimizes the downtime.

North America to Contribute Significantly to the Market Growth over the Forecast Period
North America, followed by Europe and Asia-Pacific, is expected to become a major market. The demand for safe equipment, industry safety standards, and the need for cost-effective systems are the factors contributing to the growth of the global safety drives and motors market in the region. Moreover, the increasing vehicle sales rate and stabilizing economy are set to boost the sales and demand for safety drives and motors in the region. Additionally, the growing shale gas industry and improving manufacturing outlook, on account of the rising domestic consumption rate, are expected to augment the demand for safety drives and motors in the region. As an alternative to oil, shale gas has modified the region's economical and global political scenarios, providing North America, especially the United States, a new capability to redesign its national and foreign energy policies toward innovative and self-sufficient development.

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Key Developments in the Market
July 2017 - ABB acquired B&R. After this acquisition, ABB became the only industrial automation provider that offers customers in process and discrete industries the entire spectrum of technology and software solutions, around measurement, control, actuation, robotics, digitalization, and electrification.
June 2017 - WEG SA acquired CG Power USA Inc. This acquisition, in addition to complementing the WEG product line, increased the company's market share in the North American market. CG has a relevant market share in transformers for wind sites and solar farms in the United States. This acquisition, combined with WEG's production platforms in Brazil, Colombia, Mexico, and South Africa, allowed the two companies to rapidly advance in the transmission and distribution business internationalization.

Major Players: ROCKWELL AUTOMATION INC., SIGMATEK SAFETY SYSTEMS, ABB LIMITED, BECKHOFF, AND CG GLOBAL, WEG, PILZ, HOERBIGER, KEBA, SIEMENS AG, KOLLMORGEN, AND B&R, amongst others.

Reasons to Purchase this Report
Impact of opportunities offered by VFDs
Various perspectives of the market, with the help of Porter's five forces analysis
Growth of hardware products, such as AC and DC drives and motors
Regional analysis of the market
The latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)

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