The report forecasts the global motors and drives market in process industries to grow at a CAGR of 7% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The rising demand for IEC motors will be a key trend propelling growth in this market. in the past three years, the IEC motor market has been thriving in North America, primarily in the US and the Canadian end-user markets, as evident particularly for offshore oil and gas in midstream and upstream pumping applications. These market dynamics have created a growing need for replacement IEC machinery, spurring the growth of a market of over 120 million per year.
According to the report, one driver leading to the growth of this market is the growing water management and wastewater treatment industry. Several European countries already have technologically advanced industrial water treatment infrastructure and are working to develop municipal water treatment infrastructure. Germany and the UK will likely invest in their water treatment infrastructure by 2019. The quality of such infrastructure is low in India and China, where a large section of the population lack access to potable water. This is enhancing the potential for investments in the water and wastewater treatment plants in the region.
Further, the report states that one challenge hampering the prospects for growth in this market is the lack of awareness about electric drives.