New York, April 04, 2023 (GLOBE NEWSWIRE) -- From 2022 to 2032, the market for integrated drive systems is anticipated to surpass a CAGR of 4.2%. By 2032, Integrated Drive System Market is anticipated to expand by appreciating to around US$ 57.5 billion in value. In 2022, it exceeded a value of US$ 38.3 billion.
Sales of integrated drive systems are anticipated to increase over the next ten years as the importance of process performance to preserve competitive advantage grows. Another important aspect that might promote growth is the expanding usage of integrated drive systems for industrial automation.
Use of integrated drive systems can lower maintenance costs. Combination of internet-driven technologies and energy-saving software applications enables certain drive applications, resulting in significant cost savings. A few estimates state that using integrated drive systems can reduce costs by up to 15%.
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Owing to the horizontal integration of a drive train, a motor, gearbox, connector, phase converter, and controller can all be purchased from the same supplier. Clients are then held accountable to a single vendor, simplifying the purchasing process and bringing down warranty costs that are typically disregarded.
Innovation and ongoing progress are two of the defining hallmarks of the fiercely competitive automobile industry. Such systems must be continually implemented in order to maintain a competitive edge.
Due to escalating costs of automobile production programs, manufacturers nowadays rely on computer simulation to encourage continuous development, increase efficiency, and save costs at the same time. With the process simulation software offered by SIMUL8, automotive companies might create a digital model of any manufacturing system.
For instance, Ford Motor Corporation has used motion analysis tools to examine the ergonomics of its assembly line. It took place in an effort to identify and address any ergonomic issues that might have caused the injury. Following the implementation of the system, injuries brought on by repetitive stress, including rotator cuff tears, straining, and lumbar compression, significantly decreased.
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Key Takeaways from Integrated Drive System Market Study:
- The global integrated drive systems market exhibited decent growth at a CAGR of 5.0% from 2017 to 2021.
- Asia Pacific integrated drive systems market size was US$ 17.6 billion in 2021.
- The USA integrated drive systems market is expected to be worth US$ 8.6 billion by 2032.
- The United Kingdom integrated drive systems market is expected to flourish at a CAGR of 2.6% from 2022 to 2032.
- The automotive and transportation industry exhibited steady growth at a CAGR of 4.7% from 2017 to 2021.
“Integrated drive systems can aid businesses in their efforts to lessen their environmental impact by consuming less energy and increasing overall productivity. In different businesses, automation and digitalization are on the rise. Due to their simplicity of integration into such systems, demand for integrated drive systems is rising.” – Says a lead analyst.
Competitive Landscape: Integrated Drive System Market
In order to set themselves apart from their rivals, producers of integrated drive systems are constantly coming up with fresh, cutting-edge ideas. To access new markets and customers around the world, they are also strengthening their operations and distribution networks.
A few firms are concentrating on creating more environmentally friendly integrated drive systems that utilize less energy and less harmful materials. To boost effectiveness and efficiency of their systems, a handful of local players are rapidly incorporating digital technologies, including sensors, analytics, and machine learning algorithms.
For instance,
- In August 2019, Schneider Electric announced the launch of its new offering- the Altivar process 6000 integrated drive systems. The Altivar can help businesses to achieve up to 20% more productivity and reduce downtime productivity loss.
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Get More Exclusive Insights into Integrated Drive System Market Study
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the integrated drive system market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2023 to 2032.
The study reveals extensive growth in the integrated drive system in terms of offering (hardware, software, services), communication protocol (fieldbus, industrial Ethernet, wireless), industry (automotive & transportation, food & beverage, chemical, oil & gas, pulp & paper, pharmaceutical, machine building, water & wastewater management), and regions.
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