The global integrated drive system market is anticipated to showcase a considerable CAGR during the forecast period. The integrated drive systems offer energy efficiency benefits of the comprehensive and custom engineered product and service offerings, including gearboxes, couplings, motors and drives through a single source. In this way, the integrated drive systems play a significant role in the cutting of unplanned downtime, and to enhance the product quality. The integration of automated systems in various industries such as chemical, oil & gas, pharmaceuticals, and food & beverages among others is a key factor creating the demand for the integrated drive system. Many institutions and organizations have taken initiatives for the adoption of automation in the industrial sector.
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For instance, the UK’s Manufacturing Technology Centre a major provider of robot technology has been working on combining laser metrology and a real-time control system in order to deliver real-time corrections to a robot’s path throughout the manufacturing process, mostly functional in complex manufacturing spaces. Additionally, Praxis Packaging Solutions, an American packaging solution provider, is using the US-based Rethink Robotics’ industrial robots. Focused on cost-effective repackaging and packaging of new products and rapid reconfiguration of the assembly procedure, Praxis deployed Baxter industrial robots. Moving forward, automation will be central to human-robot collaboration, enabling robots to manage more comprehensive tasks and make autonomous decisions based on real-time data in industrial applications.
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According to the investigation of the International Federation of Robotics (IFR), various manufacturing robots deployed in factories accounted to be around 1.3 million globally in 2018. This will assist the employees to decline labor work and assist in reaching the developing stage in designing, programming, and maintenance of product manufacturing. The adoption of automation in industries along with the high demand for integrated drive systems is a major factor attributing to the growth of the integrated drive system across the globe. Furthermore rising adoption of industry 4.0 initiative is another factor promoting the growth of the global integrated drive system market.
ABB Ltd., Siemens AG, Schneider Electric SE, Mitsubishi Electric Corp., Rockwell Automation, Inc., Emerson Electric Co., Yaskawa Electric Corp., Integrated Drive Systems LLC, Bosch Rexroth USA and so on are the key providers of the integrated drive system. The integrated drive system market is a highly consolidated market. These players are actively adopting different organic and inorganic growth strategies such as new product launch, partnerships, collaboration, and mergers and acquisitions in order to sustain their market place in the market. The activities adopted by the major market players are further contributing to the growth of the integrated drive system market across the globe.
Global Integrated Drive System Market Segmentation
By Product Type
- Hardware
- Software
By End-User
- Automotive
- Oil & Gas
- Pharmaceutical
- Chemical
- Food & Beverages
- Others
