Wireless Integrated Drive System Market

 

Wireless Integrated Drive System Market to be Dominated by Siemens AG and ABB Ltd; Introduction of SIDRIVE IQ by Siemens AG to Improve Business Prospects

Wireless Integrated Drive System Market  | 2021 Automotive Industry Global Analysis By Covid-19 Impact On, Size, Trends, Growth, Share, Business, Key Players, Merger, Statistics, Competitive Landscape, And Regional Forecast To 2026 is latest study published by Fortune Business Insights. The Global Wireless Integrated Drive System Market expected to rise at a notable CAGR and reach USD remarkable a valuation of by 2028.Wireless Integrated Drive System Market Size, Share & Industry Analysis, By Type (Horizontal Integration, Vertical Integration, Lifecycle Integration), By Application (Automotive and Transportation, Food and Beverages, Chemical, Oil and Gas, Pulp and Paper, Pharmaceutical, Machine Building, Water and Wastewater Management) Others and Regional Forecast, 2021-2028

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MajorWireless Integrated Drive System Studied In Report: 

  • Siemens AG
  • Schindler Electric
  • Rockwell Automation, Inc.
  • ABB Ltd.
  • Emerson Electric Co.
  • Bosch Rexroth AG
  • Yaskawa Electric Co.
  • Mitsubishi Electric Co
  • TQ Group GmbH

Global Wireless Integrated Drive System Market Highlights:

The growing inclination towards cost-effective and energy-efficient production processes is likely to spur growth opportunities for the wireless integrated drive system market size in the forthcoming years, mentioned in a report by Fortune Business Insights, titled “Wireless Integrated Drive System Market Size, Share & Industry Analysis, By Type (Horizontal Integration, Vertical Integration, Lifecycle Integration), By Application (Automotive and Transportation, Food and Beverages, Chemical, Oil and Gas, Pulp and Paper, Pharmaceutical, Machine Building, Water and Wastewater Management) Others and Regional Forecast, 2019-2026” the rapid advancement in manufacturing facilities is predicted to bolster healthy growth of the market during the forecast period.

The COVID-19 pandemic has had a seismic effect on several economies across the globe. To curb the pandemic spread, the governments of several countries have ordered complete lockdown of industrial and human activities. This is expected to have a significant impact on the market in 2020. However, proactive steps by the industry leaders to revive the automotive industry will bode well for the growth of the market in the near future.

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Regional Analysis:

Geographically, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia-pacific is predicted to dominate the market during the forecast period due to the increasing demand for automation and digitalization to attain higher production output. The growing investment by industries in advanced manufacturing technology is expected to enable healthy growth of the market during the forecast period. Europe is expected to witness high growth in the foreseeable future owing to the presence of eminent players in this region. Moreover, the rising R&D investment by companies in the development of advanced industrial automation is expected to boost growth in the region. The stringent government regulations for the effective use of energy is also predicted to augur well for the market in Europe.

The increasing demand for automation and energy-efficient systems in industries has led to a reduction in efforts and production costs. This factor is expected to spur sales opportunities for the global market in the forthcoming years. The increasing emphasis on deploying hi-tech software systems is likely to accelerate the growth of the market. The rising demand for high-quality products and integrated automation is expected to favor the healthy growth of the market. The surge in automobile production is predicted to contribute positively to the market. The rising awareness regarding the advantages of wireless integrated drive systems such as high efficiency and accuracy in the production process is predicted to bode well for the market. Furthermore, the increasing digitalization and automation in the industrial sector is expected to support the growth of the market. For instance, in June 2019, The Siemens AG expanded the SIDRIVE IQ with Veros Machine learning analytics. SIDRIVE IQ will play a major role in monitoring, analyzing, and optimizing drive systems digitally. Moreover, stringent laws implemented by the government for energy use is predicted to fuel demand for the market during the forecast period. Besides, the increasing innovation and advancement in wireless integrated drive systems by major players is expected to aid the expansion of the market. However, high maintenance and installation costs is likely to restrict the growth of the market during the forecast period. For instance, the parts of automation systems are expensive and require timely maintenance.

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