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, 2024-2032

The rising demand for automated and efficiency systems from the industries for rapid growth and to reduce the production cost is expected to fuel the market over the forecast period. The industries' inclination towards lowering the production process cost with the requirement of the software system with an energy-efficient production process is expected to foster the growth of the global wireless integrated drive system market. The increased demand for high-quality products with high volume is expected to propel the need for integrated automation. With a rising demand for the automobile, the automotive industries showing rapid change for the increased automobile production with the advancement in the manufacturing technology.  The wireless integrated drive system provides high efficiency and accuracy within the production process, and it is beneficial for industrial automation. The stringent government regulations for the proficient use of the energy is expected also to foster the demand for the wireless integrated drive system. The technological advancement in the wireless integrated drive system is expected also to drive the market over the forecast period.

The maintenance and system installation costs are expected to hamper the growth of the wireless integrated drive system market over the forecast period. The automation system has scheduled quality checking timely, which increases the cost of the maintenance, and the pars of the automation system are expensive; these factors is expected to hamper the growth of the market.

Key Players Covered in the Global Wireless Integrated Drive System Market:

The major players that are present in the Global Wireless Integrated Drive System Market include Seimens AG, Schindler Electric, Rockwell Automation, Inc., ABB Ltd., Emerson Electric Co., Bosch Rexroth AG, Yaskawa Electric Co., Mitsubishi Electric Co., TQ Group GmbH, among others.

The global wireless integrated drive system market has been segmented into type, application, and region. By type, the market has been segmented into horizontal integration, vertical integration, and lifecycle integration. The horizontal integration type segment is expected to dominate the market over the forecast period owing to its capability to boost the plant capacity by 98%. The vertical integration type segment also cuts the engineering time by 30% of the plant. With the lifecycle integration type segment, the maintenance cost of the plant is reduced by 15%. By application, further, the market has been segmented into automotive & transportation, food & beverages, chemical, oil & gas, pulp & paper, pharmaceutical, machine building, and waste & wastewater management. The waste & wastewater management segment is expected to show dominance over the forecast period owing to an increasing need for wastewater treatment because of the decline of water scarcity and reduction of groundwater level. The automotive & transportation segment is expected to also show lucrative growth over the forecast period. The increasing demand for the automobile is expected to make the company adopt the advanced production process; therefore, this is expected to expand the market size of a wireless integrated drive system.

Regional Analysis:

Geographically, the market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia-pacific is anticipated to dominate the market over the forecast period amid increasing demand for accurate and faster motors and to attain higher production output. The massive investment by the industries from this region into manufacturing technology is expected to also fuel the growth of the market over the forecast period. Europe is expected to also show profitable growth over the forecast period owing to established players present in this region with high investment into the R & D for the advancement of the industrial automation. The stringent government norms for the effective use of the energy from this region are expected to propel the demand for the wireless integrated drive system.

Segmentation

Key Industry Developments:

• June 2019: The Seimens AG expanded the SIDRIVE IQ with Veros Machine learning analytics. This will help to monitor and and provide new performance of the motors.