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Integrated Drive Systems Market Trends

  • Report ID: GMI9326
  • Published Date: May 2024
  • Report Format: PDF

Integrated Drive Systems Market Trends

As industries move toward smarter manufacturing processes, the integration of automation and data exchange is becoming crucial. Integrated drive systems are at the heart of this transformation, providing critical components that facilitate seamless communication and automation across various manufacturing systems. This includes integration with IoT devices, real-time data analytics, and cloud computing, thereby enabling predictive maintenance and efficient operation management.
 

The integration of wireless technology and IoT capabilities into drive systems is becoming more prevalent. This allows for remote monitoring and control of systems, enhancing flexibility in manufacturing processes and enabling access to real-time operational data. These capabilities are essential for predictive maintenance, which can foresee equipment failures and schedule maintenance to avoid unplanned downtime. Moreover, with the cost of downtime being significantly high in many industries, there is a marked shift toward predictive & condition-based maintenance strategies. Integrated drive systems equipped with sensors and diagnostic tools can monitor system health, predict potential failures, and suggest maintenance activities before faults occur.
 

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size of integrated drive systems was reached USD 39.5 billion in 2023 and is expected to register over 7% CAGR from 2024 to 2032, owing to the growing adoption of integrated drive systems in industrial applications worldwide.

Integrated drive systems industry from the software segment is expected to register 8.5% CAGR from 2024 to 2032, due to a growing need for advanced control and monitoring capabilities to optimize system performance, improve efficiency, and reduce downtime.

North America integrated drive systems industry held over 30% share in 2023 and is expected to register a commendable CAGR from 2024 to 2032, due to a strong presence of industries such as automotive, aerospace, manufacturing, and food processing, in the region.

ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation, Inc., Mitsubishi Electric Corporation, Bosch Rexroth AG, and Yaskawa Electric Corporation, are some of the major integrated drive systems companies worldwide.

Integrated Drive Systems Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 11
  • Tables & Figures: 297
  • Countries covered: 21
  • Pages: 250
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