Lewes, DE -- (SBWire) -- 10/14/2016 --Report forecast the global motors and drives services market to grow at a CAGR of 5.82% during the period 2016-2020.
The services and maintenance industry is growing exponentially due to the current industrial concepts of cost-benefit analysis in the face of severe competition in the manufacturing industry. Motors and drives are major determinants of the power supply chain in industrial applications. Any malfunction of these components would cause a lack of sustainability in the manufacturing processes and can incur extensive losses. Therefore, motors and drives servicing has been gaining prominence in recent years.
The report covers the present scenario and the growth prospects of the global motors and drives services market from 2016-2020. To calculate the market size, the report presents the vendor landscape and a corresponding detailed analysis of the top-five vendors operating in the market.
The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA
According to the report, one driver that will lead to the growth of this market is the increased outsourcing of service and maintenance operations. Globally, both process and discrete industries are now adopting third-party services to satisfy service maintenance requirements for key components such as drives and motors. Over 400 motors and drives from different OEMs are routinely deployed in a typical manufacturing plant. The third-party service provider offers a single comprehensive solution, which addresses all the needs of maintenance and service portfolios of drives and motors, irrespective of the services from respective OEMs.
Further, the report states that a major challenge for this market is the decrease in investments by oil and gas industry. The oil and gas industry is a major end-user of motors and drives services. However, with crude oil prices at 11-year lows, major oil and gas producers have reduced their new investments. They are forced to cut spending, shed jobs, sell assets, and delay projects as the oil slump shows no signs of recovery.
Global Motors and Drives Services Market, 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.
key players in the Global Motors and Drives Services Market: ABB, Danfoss, Emerson Electric, Rockwell Automation, Siemens, Allied Motion Technologies, ARC Systems, Asmo, Bilfinger, Brammer, Franklin Electric, Fuji Electric, General Electric, Huali, KEB, Mitsubishi Electric, Nidec, Omron, Rexel, Schneider Electric, SEW Eurodrive, TECO-Westinghouse, Toshiba International, WEG, Wood, W.W. Grainger, Yaskawa, and Yokogawa Electric.
Market driver
- Stringent regulations for motor efficiency
- For a full, detailed list, view our report
Market challenge
- Decrease in investments by oil and gas industry
- For a full, detailed list, view our report
Market trend
- Adoption of analytics for predictive maintenance
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Spanning over 122 pages "Global Motors and Drives Services Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Market segmentation by product, Market segmentation by end-user, Geographical segmentation, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key takeaways, Appendix.
For more information Visit at: http://www.marketresearchreports.com/technavio/global-motors-and-drives-services-market-2016-2020
Find all Engines and Motors Reports at: http://www.marketresearchreports.com/engines-motors
About Market Research Reports, Inc.
Market Research Reports, Inc. is the world's leading source for market research reports and market data. We provide you with the latest market research reports on global markets, key industries, leading companies, new products and latest industry analysis & trends.
Yearly/Quarterly Report Subscription: http://www.marketresearchreports.com/subscriptions
