The explosion-proof electric motors and actuators market will register a CAGR of almost 5% by 2023
LONDON, Feb. 25, 2019 /PRNewswire/ -- About this market
Growing need for customized and compact explosion-proof motors to drive growth in the market. Vendors are constantly trying to differentiate their products. The stringent regulations norms regarding the equipment safety in harsh environments have prompted the vendors to constantly improve their explosion-proof motors products. The growing variations of applications, varying climatic conditions, and the severity of operations have encouraged vendors to expand their product portfolios. Technavio' s analysts have predicted that the explosion-proof electric motors and actuators market will register a CAGR of almost 5% by 2023.
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Market Overview
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. The growing robotic and automation technologies in industries have increased the need for integrated servo and brushless explosion-proof motors. Most of these robotics and automation activities are carried out in potentially explosive atmospheres.
Volatility in raw material prices affecting profit margins
Instability in the prices of raw materials affects the cost of production. Therefore, many key vendors have long-term contracts with suppliers to reduce the impact of the fluctuation in the prices of raw materials on their businesses. However, small vendors do not have such contracts.
For the detailed list of factors that will drive and challenge the growth of the explosion-proof electric motors and actuators market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Siemens and WEG the competitive environment is quite intense. Factors such as the rising need for customized and increasing demand for servo and brushless explosion-proof motors, will provide considerable growth opportunities to explosion-proof electric motors and actuators manufactures. ABB, Emerson Electric, Flowserve, Rockwell Automation, Siemens, and WEG are some of the major companies covered in this report.
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