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KUALA LUMPUR, Malaysia,
March 6, 2013 /PRNewswire/ -- The Southeast Asian (SEA) and
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 (
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
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," said
Frost & 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.