Market Trends of NA Safety Drives and Motors Industry
This section covers the major market trends shaping the North America Safety Drives & Motors Market according to our research experts:
Oil and Gas Sector is Expected to Hold the Maximum Market Share
- Safety drives and motors play an essential role in producing and distributing oil and gas and pumping systems for oil and compression drive trains for gas infrastructure.
- With the increasing investment in oil and gas upstream and midstream sectors, the demand for AC/DC safety drives and motors is expected to witness significantly high growth. The oil and gas upstream companies are gradually investing in oil production activities, which, in turn, will boost the replacement rate of traditional appliances. In turn, this is expected to increase the growth across the oil and gas production market in the North American region
- U.S. Energy Information Administration has previously forecasted that the United States liquid fuels consumption will average 15.7 million barrels per day in the Q2 of 2020, down by 23% from the same period in the previous year. The declining result reflects travel restrictions and reduced economic activity related to the COVID-19 pandemic mitigation efforts. U.S. Energy Information Administration expects one of the most significant declines in the United States oil consumption that has already happened, and demand will generally rise in the next 18 months.
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United States Expected to Dominate the Market
- Demand for safe drives and motors in the United States is driven by the industrial revolution across automobiles, aerospace, defense, and regional efforts to emerge as significant exporters of oil and gas products.
- Domestic industrial players in the region also follow energy efficiency standards. When the United States began to profit from the Fourth Industrial Revolution, local manufacturers were using large amounts of data to maintain energy consumption at the industrial level. These factors are the driving factors for industrial motors.
- The demand for safety equipment, industry safety standards, and the need for cost-effective systems also contribute to the growth of the region's global safe drive and motor market.
- Rising vehicle sales and economic stability will increase the region's sales and demand for safe drives and motors. In addition, rising domestic consumption is expected to drive demand for safe drives and motors in the region, driven by growth in the shale gas industry and an improved manufacturing outlook.
- Shale gas as an alternative to oil has the new ability to modify regional economic and global political scenarios and redesign domestic and foreign energy policies for innovative and self-sufficient development in North America, especially the United States.
- Moreover, the Department of Energy (DOE) is funding R&D (about USD 25 million) to develop energy-efficient electric motors. It expects to develop a new generation of energy-efficient, high power density, high speed, integrated medium voltage drive systems for diverse applications.
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