Market Size of Asia Pacific Safety Drives and Motors Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 6.81 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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APAC Safety Drives Motors Market Analysis
The Asia Pacific Safety Drives and Motors Market is expected to register a CAGR of 6.81% during the forecast period from 2021 to 2026. The demand for safety equipment, the need for cost-effective systems, and industry safety standards propel the region's global safety drives and motors market.
- Drives and motors are critical components of any industrial sector's machinery. Since several hazardous zones exist in the core industrial sectors, the need for safety drives and motors has become pivotal. The IEC and EN standards are used to certify motors and meet ATEX directives and other international standards.
- The safety drives help to reduce machine time and increase productivity while protecting both personnel and equipment from damage. As a result, these safety devices have features that allow for system speed and torque control, optimal process control, and significant energy savings.
- Industry machines and plants are becoming more flexible and productive, which has resulted in the development of safety-integrated devices. These integrated safety functions allow for the cost-effective implementation of new safety concepts. Moreover, the increasing vehicle sales rate, especially in the Chinese and Japanese regions, and stabilizing economy boost the region's sales and demand for safety drives and motors. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the number of passenger cars sold in the Asia Pacific region was 32 million, of which 20.17 million was from China, and 3.80 million was from Japan.
- Additionally, the region's growing shale/natural gas industry and improving manufacturing outlook due to rising domestic consumption are expected to boost demand for safety drives and motors. For instance, according to Energy Information Administration (EIA), the shale gas production in China in 2015 was 0.5 billion cubic feet per day and is estimated to reach 22 billion cubic feet per day by 2040.
- On the other hand, the complexity of standards poses a challenge to the market because it applies to both safety drives and motors. One disadvantage of safety motors is that they have limited applications or a lack of flexibility in different zones.
APAC Safety Drives Motors Industry Segmentation
The Asia Pacific Safety Drives and Motors Market is segmented by Type ( Drives, Motors), End-user Industry ( Energy & Power, Mining, Oil & Gas, Manufacturing, Petroleum & Chemical Industry).
Integrated safety functions of safety drives and motors remain popular to meet the growing demands of modern infrastructure, efficient energy consumption, and environmentally friendly solutions. The safety drives and motors also contribute to shorter downtimes, increased productivity, and low maintenance and setup costs.
By Type | ||||
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By End-User Industry | |
Energy & Power | |
Mining | |
Oil and gas | |
Manufacturing | |
Petrolium and Chemical | |
Other End-User Industries |
By Country | |
China | |
Japan | |
India | |
Australia | |
South Korea | |
Others |
Asia Pacific Safety Drives and Motors Market Size Summary
The Asia Pacific Safety Drives and Motors Market is experiencing growth driven by the increasing demand for safety equipment, cost-effective systems, and adherence to industry safety standards. Safety drives and motors are essential in industrial sectors, particularly in hazardous zones, to enhance productivity while ensuring the safety of personnel and equipment. The integration of safety functions into machinery has led to more flexible and productive systems, supporting the implementation of new safety concepts. The market is further bolstered by rising vehicle sales in China and Japan, a stabilizing economy, and the expansion of the shale gas industry. However, the complexity of safety standards and limited application flexibility pose challenges to market growth.
The market is moderately competitive, with major players like ABB Ltd., Siemens, and Rockwell Automation Ltd. dominating the landscape. These companies are focusing on expanding their global presence through strategic collaborations. Recent developments include the launch of advanced drive systems designed for specific industrial applications, such as Rockwell Automation's PowerFlex 6000T and Siemens' SINAMICS G120XE. The oil and gas industry also significantly contributes to market demand, with Variable Frequency Drives (VFDs) being utilized to optimize energy efficiency. As Asia, particularly Southeast Asia, is poised to become a key driver of global energy trends, the demand for safety drives and motors is expected to rise, supported by increasing energy needs and refinery expansions.
Asia Pacific Safety Drives and Motors Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Technology Snapshot
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1.4 Assessment of the Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Drives
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2.1.1.1 AC Drives
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2.1.1.2 DC Drives
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2.1.2 Motors
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2.1.2.1 AC Motors
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2.1.2.2 DC Motors
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2.2 By End-User Industry
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2.2.1 Energy & Power
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2.2.2 Mining
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2.2.3 Oil and gas
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2.2.4 Manufacturing
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2.2.5 Petrolium and Chemical
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2.2.6 Other End-User Industries
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2.3 By Country
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2.3.1 China
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2.3.2 Japan
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2.3.3 India
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2.3.4 Australia
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2.3.5 South Korea
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2.3.6 Others
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Asia Pacific Safety Drives and Motors Market Size FAQs
What is the current Asia Pacific Safety Drives and Motors Market size?
The Asia Pacific Safety Drives and Motors Market is projected to register a CAGR of 6.81% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Safety Drives and Motors Market?
ABB Limited, Rockwell Automation, Inc., Siemens, Pilz GmbH & Co. KG and SIGMATEK GmbH & Co KG are the major companies operating in the Asia Pacific Safety Drives and Motors Market.