LONDON, Feb. 21, 2013 /PRNewswire/ -- 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 ( http://www.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."