Global Motors And Drives Services Market 2024-2028
Technavio has been monitoring the motors and drives services market and is forecast to grow by USD 2355.9 mn during 2023-2028, accelerating at a CAGR of 2.24% during the forecast period. Our report on the motors and drives services market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing demand for servo motors and brushless motors, focus on increasing energy efficiency in industries, and increased outsourcing of service and maintenance operations.
Technavio's motors and drives services market is segmented as below:
By Product
By End-user
- Process industry
- Discrete industry
By Geography
- APAC
- Europe
- North America
- South America
- Middle East and Africa
This study identifies the technological advances in electric drives as one of the prime reasons driving the motors and drives services market growth during the next few years. Also, advent of IoT in electric drives and adoption of inside sales strategy in developing countries will lead to sizable demand in the market.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on the motors and drives services market covers the following areas:
- Motors and drives services market sizing
- Motors and drives services market forecast
- Motors and drives services market industry analysis
Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading motors and drives services market vendors that include ABB Ltd., Danfoss AS, Delta Electronics Inc., Fuji Electric Co. Ltd., Integrated Power Services LLC, Lenze SE, Mitsubishi Electric Corp., Nidec Corp., OMRON Corp., Regal Rexnord Corp., Rockwell Automation Inc., SEW EURODRIVE GmbH and Co KG, Siemens AG, Toledo Engineering Co. Inc., Toshiba Corp., WEG Equipamentos Eletricos S.A., Wolong Electric Group Co. Ltd., Yaskawa Electric Corp., and Yokogawa Electric Corp.. Also, the motors and drives services market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.