Market Size of Safety Drives and Motors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.63 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Safety Drives Motors Market Analysis
The Global Safety Drives and Motors Market is projected to register a CAGR of nearly 6.63% during the forecast period (2020-2025).Drives and motors are used in many industrial operations, especially machinery and equipment. Most industrial operations rely on electric motors and drive systems to power and control machinery and equipment.
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Electric motors are used to power a wide range of machinery, including conveyer systems and heavy industrial equipment. Growing adoption of automation has created a need for accurate control of industrial machinery to realize optimal use of resources and maintain predefined quality of operation.
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Electric drives aredeployed to control the movements and speeds of the machinery and other devices. This need is particularly high in manufacturing environments that deal with sensitive, fragile or explosive products. Growing focus on safety in such industries is driving the demand for safety drives and motor systems globally.
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However, considerable slowdown in the mining industry is restraining the growth of the market. All the major mining giants, including countries, like Canada, Australia, Ukraine, Russia, etc., have recorded slow growth or in some case, decline in the mining market. Increasing regulatory constraints stand to be the major cause for slowdown in the market.
