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 |
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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.
