Market Trends of Integrated Drive System Industry
This section covers the major market trends shaping the Integrated Drive System Market according to our research experts:
Automotive Industry is Expected to be One of the Major Sectors of Application
- Innovation and continuous improvement remain one of the key features of the highly competitive automotive industry. The need to maintain competitive advantage has led to the continuous deployment of such systems.
- The increasing vehicle production program costs have led to manufacturers rely on simulation software to support continuous improvement and maximize productivity while simultaneously reducing costs. SIMUL8 offers a process simulation software that enables automotive manufacturers to create a digital representation of any manufacturing system.
- Ford Motor Company has been using Motion Analysis systems to conduct an ergonomic analysis of its assembly line, in order to identify and correct ergonomic issues that led to the injury. Repetitive, stress-related injuries, like rotator cuff tears, strains, and spinal compression, have decreased significantly after deployment of the system.
- Siemens has recently undertaken the modernization of three press lines that include drive technology and automation components for the Volkswagen factory in Wolfsburg, Germany. The integrated drive system SINAMICS S120 and SIMOTION D had been tested using virtual simulation before installation.
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Asia - Pacific is Expected to be the Fastest Growing Market During the Forecast Period
- The growth of the major end user indusstries where Integrated Frequency Drives are experincing growwth is one of the majro reasons that is leading to the growth of the market studies n the rgeion. For instance, the escalating trade war between China and the United States has enabled China to focus on oil and gas production. In 2019, the country has initiated a capital investment in oil exploration by 20%, to USD 77 billion, in order to boost production in two old oilfields. This is expected to drive the market for variable frequency drives in the oil and gas industry in China.
- Additionally, China started the Made in China 2025 program, a government initiative to upgrade the country’s industry from low-cost mass production to higher value-added advanced manufacturing. Through this program, the Chinese government aims to produce 1 million electric and plug-in hybrid cars in China by 2020, with national production accounting for at least 70% of the country’s market share. Moreover, China aims to sell 3 million domestically branded new energy vehicles (NEV’s) in 2025, with a minimum of 80% of the country’s NEV market share.
- Moreover, with above average economic growth in India and Southeast Asia, almost all countries in the region are expected to continue using coal for their energy needs. With more than 50% of the top 40 mining companies in the globe present in the region, Mining is expected to emerge as one of the major areas of application for integrated drives during the forecast period.
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