LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global explosion proof motors market to grow at a CAGR of close to 4% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the emergence of compact explosion proof motors as one of the key emerging trends driving the global explosion proof motors market. The implementation of stringent regulations on the safety of equipment operated in harsh environment has compelled players to increase the safety of their explosion proof motors. Players have expanded their product portfolios owing to different applications, climatic conditions, and the severity of operations. Players are emphasizing on offering compact explosion proof motors that can be integrated with direct on line and variable frequency drive operations. This is because the operation models of industries have changed as they are focusing on reducing their capital and operating expenditures.
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In this report, Technavio analysts highlight the increasing number of initiatives to develop energy-efficient motors as a key factor contributing to the growth of the global explosion proof motors market:
Increasing number of initiatives to develop energy-efficient motors
To cater to the growing demand, end-user industries are increasing their production volume, which has increased the need for energy-efficient equipment in different processes. On an average, nearly 9% of the cost of production is spent on electricity in most industries. However, in energy-intensive industries such as oil and gas, food and beverage, and power, it is almost 40%. The increasing consumption of electricity by energy-intensive industries has forced regulatory authorities to encourage the adoption of energy-efficient equipment. Various stringent guidelines related to energy efficiency have been implemented by the regulatory authorities globally.
According to a senior analyst at Technavio for automation, “In end-user industries such as oil and gas, food and beverage, and pulp and paper, the cost of energy increases the overhead cost of companies. Thus, reducing energy consumption reduces the cost of production, which leads to a decrease in the cost of final products. The demand for explosion-proof motors has increased in several end-user industries as they can withstand harsh environments and consume low energy.”
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Global explosion proof motors market segmentation
This market research report segments the global explosion proof motors market into the following end-users (oil and gas, chemicals and petrochemicals, materials and mining, and power) and key regions (the Americas, APAC, and EMEA).
Of the four major end-users, the oil and gas segment held the largest market share in 2017, accounting for nearly 28% of the market. The market share for this end-user is expected to decrease by 2022. The fastest growing end-user is chemicals and petrochemicals, which will account for nearly 26% of the total market share by 2022.
The Americas was the leading region for the global explosion proof motors market in 2017, accounting for a market share of nearly 36%. By 2022, APAC is expected to register the highest growth rate.
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