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According to the latest market study released by Technavio, the global safety drives market is expected to grow at a CAGR of almost 7% through 2021.
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Technavio has published a new report on the global safety drives market from 2017-2021. (Graphic: Business Wire)
This research report titled ‘Global Safety Drives Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Failure in operation not only affects the workers but also hampers the productivity. Voltage spikes or non-linear loads can affect the current system. The components/equipment attached to the current system, especially equipment like fans, blowers, compressors, motors, and conveyors, are also affected by the fluctuation. Network or component breakdown can lead to a longer downtime and reduce overall operational efficiency. Safety devices like drives are used to regulate this fluctuation. Safety components like safety relays, logic solvers, and power switches are also used, but they require comparatively more space.
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Technavio’s analysts categorize the global safety drives market into six major segments by end-user. They are:
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The top three segments based on end-user for the global safety drives market are discussed below:
Global safety drives market in utility industry
The utility industry is operating in a highly competitive market, and the producers are looking for cost-effective ways of generating power. The industry is constantly trying to modernize the grid and move toward IoT-enabled devices and intelligent power grids. In gas turbine power plants, equipment like compressors, turbines, and pumps need safety drives for reducing power consumption and ensuring protection from voltage spikes, thus leading to reduced heat generation during the power generation process.
According to Bharath Kanniappan, a lead automation research analyst from Technavio, “In thermal power plants, processes that use electric motors consume 70-75% of the electricity. It is estimated that out of the total energy produced, about 10-15% is consumed due to the installation of devices. Safety drives are easy to install, owing to the integration of drives with safety features.”
Global safety drives market in manufacturing industry
The manufacturing industry has shifted its focus from production-centric to product-centric activities because of buyers' inclination toward quality products with better features compared with low-cost products. The economies of scale with the quality of the product has gained importance among end-users. The equipment used in manufacturing industries is required to fulfill industrial regulation directives specified by the countries in which they are operating.
“Equipment like compressors, conveyors, elevators, cranes, fans, blowers, and motorized machines require proper voltage for working efficiently in the production line. The motor stopping and braking functions need to be smooth to avoid damage. Although relays and interlocks were used as safety devices for machines, the integration of safety features within the machinery has provided better control and reduced the hassle of installing different devices for the same function,” says Bharath.
Global safety drives market in healthcare industry
The healthcare industry is growing at a fast rate. The rising expenditure in the healthcare sector is due to an increase in demand for better medical facilities. The industry is adopting automation and robotics to provide quality products and services. In North America, the healthcare industry has seen continuous improvement in revenue share for the safety drives market. In 2015, almost 47% of the total global healthcare expenditure came from North America, and it is expected to grow to 48% by 2020.
In the healthcare industry, major HVAC applications are controlled using safety drives, which enable smooth temperature control in healthcare facilities like hospitals and pharmaceutical centers. They provide energy efficiency and cost benefits by reducing the energy consumption and increasing the overall productivity.
The top vendors highlighted by Technavio’s research analysts in this report are:
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