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Wireless Integrated Drive System Market Size [2021-2028] | Industry Share, Growth Factors, Revenue, Competitive Landscape & Forecast - Fortune Business Insights

Key Players Covered in the Wireless Integrated Drive System Market Research Report Are Siemens AG, Schindler Electric, Rockwell Automation, Inc., ABB Ltd., Emerson Electric Co., Bosch Rexroth AG, Yaskawa Electric Co., Mitsubishi Electric Co., TQ Group GmbH and other key market players.

/EIN News/ -- Pune, India, Dec. 21, 2021 (GLOBE NEWSWIRE) -- The global wireless integrated drive system market size is anticipated to showcase substantial growth in the forthcoming years due to increasing preference for automation. This information is published by Fortune Business Insights in its report titled, "Wireless Integrated Drive System Market, 2021-2028".

Rapid industrialization of several regions is augmenting substantial growth of automation and efficient production processes. Industrialists are highly biased toward lowering the production cost to gain high profit margins. Moreover, the growing industrial sector is experiencing a high volume of production, which requires automation to increase accuracy and efficiency in the manufacturing process. 


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Driving Factor

Rising Volume of Production Across Industrial Sector to Surge Demand

The increasing demand for various goods across several industries is propelling the demand for automation and high-efficiency production. The rising purchasing power of consumer is also generating a high demand for several products, which require substantial automation to produce and satisfy consumer needs. In addition, various government regulations require the industries to adhere to certain standards that are easily achieved by automation in the production process rather than producing by manpower.

In addition, automation increases profit margins for industrialists and thus, it is highly preferred. All these factors are significant contributors to the wireless integrated drive system market growth.


COVID-19 Impact-

Declining Sales Owing to Lockdown Induced Recession

The recurring lockdown imposed across various major nations resulted in logistic issues, storage issues, and production issues in wireless integrated drive system sector. Moreover, it also led to scarcity of skilled labor across production units as massive migration took place during this timeline. For instance, by March 2020, the U.S. steel production fell 12.7% and the market experienced an explicit reduction in steel imports in January and February 2020. Therefore, the pandemic has compelled original equipment manufacturers (OEM) to reduce their profit ratios to sustain in the global market.


To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/wireless-integrated-drive-system-market-102206  


Segments-

By type, the market is segmented into horizontal integration, vertical integration, and lifecycle integration. On the basis of application, it is divided into automotive & transportation, food & beverages, chemical, oil & gas, pulp & paper, pharmaceutical, machine building, and waste & wastewater management. Based on geography, it is studied across North America, Europe, Asia Pacific, and the rest of the world.


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Regional Insights-

Increasing Demand for Efficient Production Process in Asia Pacific to Aid Growth

Asia Pacific is anticipated to lead the wireless integrated drive system market share in the foreseeable future. This is attributed to the increasing demand for accurate and faster motors to acquire high production output. Moreover, high investment in industries experienced by this region is anticipated to drive sales.

Europe is anticipated to generate substantial profit in the forthcoming years. This is due to substantial investment in research and development for industrial automation in the region. Moreover, stringent government norms require industries to efficiently use energy, which is facilitating the market growth.

Competitive Landscape-

Market Leaders Investing Primarily in R&D to Gain a Competitive Edge

The competitive landscape of the market is rapidly developing to facilitate the needs of several industries. This allows the space for innovations and customization of the product according to the requirements of the client industry. The prominent players of the market are investing intensively in research and development to boost their market position and gain a foothold along with top companies. In addition, the new entrants of the market are collaborating for advancements in technology to stabilize their business and gain substantial consumer base.


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List of Key Players Present in the Market:

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


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