Growth in End-user Industries Spurs Electric Drives Market in Southeast Asia, Australia, and New Zealand, Finds Frost & Sullivan
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SOURCE Frost & Sullivan
Cost and security benefits of electric drives fuel adoption
KUALA LUMPUR, Malaysia, March 6, 2013 /PRNewswire/ -- The Southeast Asian (SEA) and Australia-New Zealand (ANZ) electric drives market is expected to grow in tandem with end-user industries such as oil and gas, food and beverage, water and wastewater, chemicals and petrochemicals, automotive, and power. Greater awareness about drive technology and the value of electric drives will further increase adoption.
New analysis from Frost & Sullivan (http://www.motors.frost.com), Analysis of the Southeast Asian and Australia New Zealand Electric Drives Market, finds that the market earned revenues of over US$269.4 million in 2011 and estimates this to reach US$426.9 million in 2017.
Higher foreign direct investments and demand from China and India drive the pharmaceutical, and metals and mining industries respectively in SEA and ANZ. This, in turn, has enlarged the potential market base for electric drives in the regions.
"Several energy companies across both regions are installing new gas pipelines to meet the growing demand for fuel," saidFrost & Sullivan Senior Research Analyst Vandhana Venkatesan. "They require electric drives to enhance energy security and adhere to efficiency regulations and standards."
Since motor-driven applications account for approximately 60 percent of the total industrial energy consumption, energy-efficient drives can significantly lower operating costs. Benefits such as noise reduction and process speed regulation also boost the popularity of electric drives.
However, the high initial investments needed to install drives curb sales. Small and medium enterprises, in particular, prefer low-cost products over costly established brands, restraining market revenues. The lack of skilled personnel in end-user industries further deters the uptake of drive technology.
Suppliers need to allocate higher marketing funds to highlight the importance of drive technology and encourage adoption. They must also train shop floor personnel to communicate electric drive benefits to customers.
"Intense competition in the SEA and ANZ electric drives market will reduce prices," concluded Venkatesan. "To enhance customer loyalty, manufacturers must offer value-added solutions such as after-sales services and technical support."
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Analysis of the Southeast Asian and Australia New Zealand Electric Drives Market is part of the Power Transmission Growth Partnership Services program, which also includes research in the following markets: European FHP & IHP Motors Market, Electric Drives Market in Eastern Europe, Russia and CIS, and European Hydraulic Equipment Market for Industrial and Mobile Applications. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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