Market Trends of Asia Pacific Safety Drives and Motors Industry
This section covers the major market trends shaping the APAC Safety Drives Motors Market according to our research experts:
The Increasing Need of Safe Equipment in Industrial and Manufacturing Sector is Driving the Market Growth
- The adoption of risk assessment necessities for increased safety and non-sparking motors by IEC standards is one of the recent developments to improve the safety level of electrical machines used in hazardous areas.
- If the risk levels surpass the acceptable limits, these requirements assist manufacturers in proving their designs through testing or equipping their products with unique accessories. Low-voltage (LV) motor control centers (MCCs) are also widely used in industrial power distribution systems. MCC is frequently a source of concern for operators and maintenance personnel due to their close interactions with the MCC.
- Also, the recognition of arc flash as a distinct electrical hazard has resulted in a new expectation for circuit protection devices, which protect personnel from the dangers of thermal burns and explosive detonation.
- Further, the demand for safety drives and motors in the manufacturing sector increased in the last couple of years. Since September 2020, the manufacturing sector in many Asia Pacific economies has shown a significant rebound, as lockdown measures in many countries have been eased as domestic pandemics have been stabilized.
- For Instance, according to the National Bureau of Statistics of China, the manufacturing production in China increased by 2.50 percent in October of 2021 over the same month in the previous year.
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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.
- Further, VFDs (Variable Frequency Drives) are frequently used in the oil & gas industry to control the flow by adjusting speed to avoid energy wastage in the throttling valves. Advanced and modern drives incorporate networking and diagnostic capabilities into improved performance. Intelligent motor control and reduced peak-current drawn are factors that boost the adoption of VFDs in the oil and gas industries.
- The majority of VSD applications control flow through pipelines and input flow to large process units. Besides that, the motor is protected against starting inrush currents and control valve maintenance costs, reducing downtime.
- Due to the expected increase in energy demand, Asia, particularly the Southeast region, will become a key driver and proxy for global energy trends over the next two decades, according to the International Energy Agency (IEA).
- Further, according to the International Energy Outlook 2019 report, the number of refineries in Asia will increase by 60% between 2018 and 2050. The IEA predicts that regional oil demand will increase to 9 million barrels per day by 2040, up from 6.5 million barrels per day today.
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