Market Size of NA 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 | 6.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Safety Drives & Motors Market Analysis
The North America Safety Drives and Motors Market is expected to register a CAGR of 6.2% 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 United States, and stabilizing economy boost the region's sales and demand for safety drives and motors. The US is the second biggest passenger car market, after China. As per the US Dept. of Transportation and Federal Highway Administration, there were 286.9 million cars in the US.
- The COVID-19 outbreak had an unprecedented impact on the safety drives and motors market, with several end-user industries that deploy drives facing several difficulties. The industries were riddled with nationwide lockdowns, which brought them to a standstill. However, with the reopening of the offices and industries in the post-COVID-19 era, the industry is expected to witness an increasing need for energy-efficient devices creating an ancillary demand for drives and motors.
North America Safety Drives & Motors Industry Segmentation
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.
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| By End-User Industry | |
| Energy and Power | |
| Mining | |
| Oil and gas | |
| Manufacturing | |
| Petrolium and Chemical | |
| Other End-User Industries |
| By Country | |
| United Sates | |
| Canada |
NA Safety Drives and Motors Market Size Summary
The North America Safety Drives and Motors Market is experiencing growth driven by the increasing demand for safety equipment, adherence to industry safety standards, and the need for cost-effective systems. These drives and motors are essential in industrial sectors, particularly in hazardous environments, where they enhance productivity and protect personnel and equipment. The integration of safety functions into machinery has led to more flexible and productive systems, contributing to the market's expansion. The automotive sector, especially in the United States, plays a significant role in this growth, with rising vehicle sales and a stabilizing economy boosting demand. The post-COVID-19 recovery has further fueled the need for energy-efficient devices, creating additional demand for safety drives and motors.
In the oil and gas sector, the market is poised for significant growth due to increased investments in upstream and midstream activities. The replacement of traditional appliances with modern safety drives and motors is expected to enhance production efficiency. The Fourth Industrial Revolution has also influenced the market, with domestic manufacturers leveraging data to improve energy efficiency. The shale gas industry is reshaping regional economic and energy policies, further driving demand for these systems. Major players in the market, such as Siemens, ABB Limited, and Rockwell Automation, are introducing innovative products to meet the diverse needs of industries like oil and gas, petrochemicals, and energy utilities. These developments underscore the market's potential for continued expansion in the coming years.
NA Safety Drives and Motors Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Industry Value-Chain Analysis
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.4 Industry Policies
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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 and 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 United Sates
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2.3.2 Canada
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NA Safety Drives and Motors Market Size FAQs
What is the current NA Safety Drives and Motors Market size?
The NA Safety Drives and Motors Market is projected to register a CAGR of 6.20% during the forecast period (2024-2029)
Who are the key players in NA 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 NA Safety Drives and Motors Market.
