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Electric Drives: European Repairs and Refabrication Market Fuelled by Advanced Services at Reasonable Prices, Says Frost & Sullivan

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Electric Drives: European Repairs and Refabrication Market Fuelled by Advanced Services at Reasonable Prices, Says Frost & Sullivan PR Newswire LONDON, Aug. 8, 2012 - Increasing awareness on the benefits of drives servicing and newer methods attract end users in process industries LONDON, Aug. 8, 2012 /PRNewswire/ -- The demand for high efficiency - along with the need to reduce energy consumption - is driving growth in the repairs and refabrication market for electric drives in Europe. However, growth will be slow in the short term owing to economic instability, decreased end user confidence and the ongoing debt crisis. New analysis from Frost & Sullivan (http://www.motors.frost.com), Repairs and Refabrication Market for Electric Drives, finds that repairs and refabrication of electric drives is likely to account for about 1/3 of the revenues generated by sales of electric drives to various end users across Europe. The market accounted for about €599.5 million in 2011, increasing by 5.7% in 2011 after experiencing fall in demand in 2010. Revenues are estimated to reach €940.3 million in 2018. The shift from traditional servicing methods to predictive and preventive maintenance techniques allows service providers to take measures to avert malfunction or minimize its effect and downtime. These technologies are progressively being made available at a reasonable price, thus attracting end users.
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Electric Drives: European Repairs and Refabrication Market Fuelled by Advanced Services at Reasonable Prices, Says Frost & Sullivan
PR Newswire LONDON, Aug. 8, 2012
- Increasing awareness on the benefits of drives servicing and newer methods attract end users in process industries LONDON,Aug. 8, 2012/PRNewswire/ -- The demand for high efficiency - along with the need to reduce energy consumption - is driving growth in the repairs and refabrication market for electric drives inEurope. However, growth will be slow in the short term owing to economic instability, decreased end user confidence and the ongoing debt crisis. New analysis from Frost & Sullivan (http://www.motors.frost.com),Repairs and Refabrication Market for Electric Drives, finds that repairs and refabrication of electric drives is likely to account for about 1/3 of the revenues generated by sales of electric drives to various end users acrossEurope. The market accounted for about €599.5 million in 2011, increasing by 5.7% in 2011 after experiencing fall in demand in 2010. Revenues are estimated to reach €940.3 million in 2018. The shift from traditional servicing methods to predictive and preventive maintenance techniques allows service providers to take measures to avert malfunction or minimize its effect and downtime. These technologies are progressively being made available at a reasonable price, thus attracting end users. "The implementation of more complex manufacturing processes, together with the increasing focus on improving plant profitability and reducing downtime, are expected to continue steering the European drives services market," says Frost & Sullivan Research Analyst Ramasubramanian Natarajan. "The energy saving potential of electric drives increases with regular corrective and predictive maintenance and ensures reduced down time and increased profitability." Repairs and maintenance needs accounted for about 40% of the total servicing demands in 2011. Customised servicing packages and rising customer awareness of the potential benefits of regular servicing, combined with further technological advancements in repair and refabrication procedures and more competitive price levels, should all contribute to increase the demand for drives services in the future. However, it is likely that the demand for value-added services - such as technical consulting and total drives management - will gain importance over the long term. On the other hand, the fragmented nature of the drives' repairs and refabrication industry reins in the pace of growth. Neither manufacturers nor private service providers of drives hold a considerable customer base or have effective supply chain management. The looming shortage of skilled labour willing to work for field/site related applications could also reduce the ability to