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.
