The need to improve user safety, process control, efficiency and productivity is fuelling the adoption of electric drives in the global elevator, crane and hoist segments. In addition to the benefits it offers, falling prices will also encourage the uptake of electric drives across these segments.
New analysis from Frost & Sullivan (motors.frost.com), Global Electric Drives Market in the Elevator, Crane and Hoist Segments, finds that the market earned revenues of $1,509.2 million in 2011 and estimates this to reach $1,950.1 million in 2016.
"There is a demand to optimally balance technology and price in the electric drives market," noted Frost & Sullivan Industrial Automation and Process Control Research Analyst Ramasubramanian Natarajan. "Manufacturers who can develop application-specific solutions for mining hoists, tower cranes and factory cranes stand to make strong revenue gains."
Developing countries in the Asia Pacific, Eastern Europe, Russia and Latin America will largely contribute to the total market revenues over the forecast period. In the medium-term, as the impact of recession subsides in the Americas and Europe, and with the strengthening of economies in countries like China, India, South Korea, Brazil and Russia, further investments are expected in infrastructure, entertainment, marine transportation and mining. These trends will improve the sales of electric drives in the elevator, crane and hoist segments.
Early entry into the emerging markets of North Africa, Latin America and East Asia will boost brand awareness and open new growth avenues for manufacturers. Establishing manufacturing and service facilities in high-growth, developing countries will allow manufacturers to leverage low-cost production and expand their market reach.
"Improving regenerative braking technology and offering it at an affordable price will advance the market for replacements of electric drives in the elevator, crane and hoist segments," advised Natarajan. "Additionally, entering into long-term contracts with mine developers and infrastructure developers will aid in revenue growth."
If you are interested in more information on this study, please send an email with your contact details to Julia Nikishkina, Corporate Communications, at julia.nikishkina[.]frost.com.
Global Electric Drives Market in Elevator, Crane and Hoist Segments is part of the Power Transmission Growth Partnership Service programme, which also includes research in the following markets: Motor Management and Control Devices, Advanced Motion Controllers Market in Europe, European Mechanical Power Transmission Equipment and, Repairs and Refabrication Market for Electric Drives in Europe. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion | Join Us: Join our community | Subscribe: Newsletter on "the next big thing" | Register: Gain access to visionary innovation
Global Electric Drives Market in Elevator, Crane and Hoist Segments / M8A1-17