LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global explosion-proof electric motors and actuators market to grow at a CAGR of nearly 5% during the forecast period, according to their latest market research report.
Development of smart actuators is one of the major trends being witnessed in the global explosion-proof electric motors and actuators market 2019-2023. Actuators are crucial parts of valves, because actuators regulate the valves to control the mass and energy flow. For the past three decades, the basic design of an actuator has remained the same. However, explosion-proof actuators have been upgraded with the help of technological modifications, to endure the hostile working applications in industries
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According to Technavio analysts, one of the key factors contributing to the growth of the global explosion-proof electric motors and actuators market is the increasing demand for servo and brushless explosion-proof motors:
Global explosion-proof electric motors and actuators market: Increasing demand for servo and brushless explosion-proof motors
Servo and brushless type of explosion-proof motors are used in a wide range of applications in process and discrete industries such as robotics conveyers compressors and material handling equipment. However, the high demand for explosion-proof servo and brushless motors can be attributed to the increasing application areas of precision motors across harsh environmental conditions in oil and gas, power, chemical and petrochemical, and pharmaceutical industries. The normal servo and brushless motors are under severe threat of explosion while being operated under harsh industrial environments.
According to a senior analyst at Technavio for research on engineering tools, “The need for integrated servo and brushless explosion-proof motors has increased owing to the growing robotic and automation technologies in industries. Majority of these robotics and automation activities are carried out in potentially explosive atmospheres. In such environments, flammable substances such as vapor dust fluids cleaning agents and gases can affect the working of motors.”
Global explosion-proof electric motors and actuators market: Segmentation analysis
The global explosion-proof electric motors and actuators market research report provides market segmentation by product (electric motors and actuators), by end-user (oil and gas, C&P, M&M, and power), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The electric motors segment held the largest market share in 2018, accounting for over 69% of the market. This product segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2018, and the region is expected to dominate the market through 2023, however there will be a decrease in its market share.
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