Low Harmonic Drives Market has Tremendous Potential to Grow Rapidly
Annexation of oil exploration activities such as shale related and offshore explorations are expected to garner high utilizations over the next few years. Moreover, increasing focus on generation of renewable energy will present considerable growth prospects for the industry participants over the long run.
High utilization of gasoline in conjunction with low prices of pumps and relaxation in diesel and gasoline taxes in the Europe is anticipated to present considerable growth opportunities for the industry participants in the region. Presence of large number of hydrocarbons in Russia will add up to the overall industry demand, will help the region dominate the overall industry demands over the forecast period. Moreover, increased demands for manufacturing activities in Asia Pacific region is expected to present considerable growth landscape.
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Chief players in the low harmonic drive market include ABB, Danfoss, Eaton, Rockwell and Schneider Electric. Industry presence is moderately consolidated with several regional players competing with the multinational players. Participants are expected to adopt M&A, and innovative product launches for the propagation of their market shares over the next few years. For instance, in July 2017, Schneider Electric introduced Altivar ATV980 & ATV680 Drives which was featured as the world’s first three level low harmonic drive.
Growing demand for efficient power utilization and reduce the losses with the increasing energy supply demands is anticipated to provide solid growth prospects to the industry growth
Requirement to reduce the electrical power consumption costs, organizations and industry participants are increasingly investing in efficient industrial products and equipment that different motors, pumps, compressors, and fans. These requirements to limit the consumption without compromising the energy efficiency are expected to present considerable growth prospects for the low harmonic drive market. Furthermore, requirements to meet the distinct regional stringent regulatory compliances relating to efficient power consumptions will provide the traction to the industry growth.
For instance, National People’s Congress (NPC) the 12-5 Plan in China, EPA Power Sector Regulations in U.S. and Electricity Industry Act 2010 in New Zealand are among the few directives that are in place to regulate the electricity consumption. However, high switching costs for end users is expected to be the only challenge that will negatively impact to overall adoption rates over the forecast period.
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