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Motors and Drives Services Market size is set to grow by USD 2.35 billion from 2024-2028, Increasing demand for servo motors and brushless motors boost the market, Technavio

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NEW YORK, June 26, 2024 /PRNewswire/ — The global motors and drives services market size is estimated to grow by USD 2.35 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 2.24%  during the forecast period. Increasing demand for servo motors and brushless motors is driving market growth, with a trend towards technological advances in electric drives. However, intense competition among vendors  poses a challenge. Key market players include ABB Ltd., Danfoss AS, Delta Electronics Inc., Fuji Electric Co. Ltd., Integrated Power Services LLC, Lenze SE, Mitsubishi Electric Corp., Nidec Corp., OMRON Corp., Regal Rexnord Corp., Rockwell Automation Inc., SEW EURODRIVE GmbH and Co KG, Siemens AG, Toledo Engineering Co. Inc., Toshiba Corp., WEG Equipamentos Eletricos S.A., Wolong Electric Group Co. Ltd., Yaskawa Electric Corp., and Yokogawa Electric Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Motors And Drives Services Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 2.24%

Market growth 2024-2028

USD 2355.9 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

2.17

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 44%

Key countries

China, US, Germany, Japan, and UK

Key companies profiled

ABB Ltd., Danfoss AS, Delta Electronics Inc., Fuji Electric Co. Ltd., Integrated Power Services LLC, Lenze SE, Mitsubishi Electric Corp., Nidec Corp., OMRON Corp., Regal Rexnord Corp., Rockwell Automation Inc., SEW EURODRIVE GmbH and Co KG, Siemens AG, Toledo Engineering Co. Inc., Toshiba Corp., WEG Equipamentos Eletricos S.A., Wolong Electric Group Co. Ltd., Yaskawa Electric Corp., and Yokogawa Electric Corp.

Market Driver

The global motors and drives services market is witnessing growth due to the increasing demand for energy-efficient solutions. Traditional AC drives utilize additional equipment like active front-end rectifiers and multi-purpose transformers to mitigate harmonics, leading to increased wiring, space, and cost requirements. To address this challenge, vendors are adopting matrix design in AC drives, eliminating the need for a DC bus and bypassing harmonic production. Regenerative capabilities in electric drives, such as Yaskawa Electric Corp.’s R1000 Regenerative Unit and ABB Ltd.’s ACS880, enable the diversion of regenerated power back to the power source, optimizing energy utilization and reducing penalty charges. The focus on energy efficiency and regenerative capabilities is expected to fuel market growth during the forecast period. 

The Motors and Drives Services market is experiencing significant growth, with a focus on upgrades and modernization. Performances and efficiencies are key trends, as businesses seek to improve productivity and reduce downtime. Producers of motors and drives are investing in research and development to create more efficient and durable products. Consumers are looking for condition monitoring and predictive maintenance solutions to prevent equipment failure. The use of automation and digitalization is increasing, with the implementation of IoT technologies and data analytics. Additionally, the demand for sustainable and energy-efficient solutions is driving innovation in the market. Overall, the Motors and Drives Services market is evolving to meet the changing needs of businesses and industries. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The global motors and drives services market is fragmented due to numerous vendors offering maintenance and retrofitting services. Price is a significant factor for buyers, who prefer cost-effective options that meet regulatory standards. China’s market consists of affordable small vendors, attracting investments due to low labor, land, and raw material costs. End-users seek cost-effective machines and solutions. Price-sensitive customers challenge OEMs, prompting them to partner with economical service providers. To tackle costs, global vendors are considering mergers and acquisitions for market expansion in APAC. However, this expansion may negatively impact local small- and medium-scale vendors, potentially hindering market growth.The Motors and Drives Services market faces several challenges. Consumption of motors and drives is essential in various industries such as manufacturing, automotive, and energy. However, the increasing use of renewable energy sources and energy efficiency regulations pose challenges to the market. Additionally, the high cost of advanced technologies like permanent magnet motors and variable frequency drives can be a barrier to entry for some businesses. Furthermore, the global supply chain disruptions due to the pandemic have affected the market’s growth. Lastly, the need for customized solutions and the short product lifecycle add to the complexity of the market. Companies must address these challenges to remain competitive and meet the evolving demands of their customers.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This motors and drives services market report extensively covers market segmentation by  

Product 1.1 Motors1.2 DrivesEnd-user 2.1 Process industry2.2 Discrete industryGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Motors-  The motors and drives services market is driven by the integral role motors play in discrete and process industries, particularly in energy-intensive sectors like pulp and paper. With frequent servicing needs in harsh conditions, maintenance and repair dominate the market. Predictive strategies are preferred for cost-effectiveness. ABB Ltd. Offers intelligent motor solutions to enhance performance, uptime, and efficiency, contributing to market growth.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Motors and Drives Services Market encompasses a wide range of offerings, including feedback control systems for encoders and potentiometers, skilled workforce expertise in rotary systems segment, gearboxes, pulleys, and DC motors for precise control in industrial automation. Reliable performance is ensured through the adoption of automated systems, preventive maintenance, troubleshooting, and retrofitting for motor-driven systems. Shunt motors and separately excited motors are integral solutions for various industries. Performance upgrades and efficiency enhancements are crucial aspects of this market, driving the need for digitalization and reliability in motor systems. Labor shortages in emerging countries are being addressed through the adoption of robotics and digital technologies, further expanding the market landscape.

Market Research Overview

The Retifting Performance Management Automation Diganalytics sector encompasses the provision of services related to motors and drives. This market is characterized by the implementation of advanced technologies such as electronics, sensors, and software to optimize motor and drive performance. Efficientcy and reliability are key factors driving the growth of this market. The use of predictive maintenance techniques enables early detection and resolution of potential issues, reducing downtime and maintenance costs. Consumption of motors and drives is widespread across industries such as manufacturing, oil and gas, and power generation. The market is expected to grow significantly due to the increasing demand for energy efficiency and the integration of renewable energy sources into power grids. The implementation of Industry 4.0 and the Internet of Things (IoT) is also expected to drive market growth by enabling real-time monitoring and predictive maintenance of motors and drives. The use of condition-based monitoring systems and the adoption of cloud-based solutions are further trends in this market. The market for motors and drives services is a dynamic and evolving landscape, with ongoing advancements in technology and industry trends shaping its future.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductMotorsDrivesEnd-userProcess IndustryDiscrete IndustryGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Where’s the Best Deal on the Block? Realtor.com® Launches Dynamic Map Layers to Help Homebuyers Find It and So Much More

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Homebuyers can now visualize hyperlocal insights and broader neighborhood trends to find their perfect home

SANTA CLARA, Calif., Sept. 24, 2024 /PRNewswire/ — Today, Realtor.com® announced the launch of dynamic map layers, a set of new map-based search features that allow users to answer classic home-buying questions like “Is this house the best deal on the street?” and “Where can I find the newest homes in a neighborhood?” or “Where are houses selling for a lower price per sqft.?” Now, users can explore multiple ZIP codes and neighborhoods with one quick glance and use this information to find the home they want.

Dynamic map layers deliver a unique zoom and pan experience that shows real-time visualizations of property data and neighborhood insights all in one map. When applied, each layer illustrates search parameters through color shading that represents aggregated data including market trends for a specific area. The shading dynamically adjusts to the property level as the user zooms in, and gets broader as they zoom out, adapting to highlight different data at each zoom level. Users can apply different map layers and access unique Realtor.com® econometric data, like market hotness, to find the best home options based on what they’re looking for.

“Do you remember when you bought your first smartphone and how it completely changed how you use a phone? Dynamic map layers are going to change how people search for homes online,” said Mausam Bhatt, Chief Product and Technology Officer, Realtor.com®. “They are an entirely new pathway to home discovery that allows buyers to answer their most pressing questions with a look at a map. They present data in an interactive way that is easy to use, easy to understand, and easy to make the most informed decisions with – so users can confidently choose the place they call home.”

Seventy-one percent of real estate website/app users think that more visual or map-based features could help them learn more about properties and compare homes more easily, according to a recent survey conducted by Realtor.com®. Ninety percent stated they would value being able to search for “home size” and “home value” via a map on a real estate search sites.

Whether it’s someone with a limited budget searching for the best buy in a specific area; a buyer who wants to understand the market competition of a home in order to make the best offer; or, a buyer who is comparing multiple neighborhoods so they can decide where to invest, Realtor.com® users can dive deeper and explore homes with the following layer options:

Home Estimate – the home’s current estimated value, powered by RealEstimatesmEstimate/ sqft. – the home’s current estimate total value divided by its total square footage, powered by RealEstimatesmLot Size – the property’s parcel size as measured in acresLot Slope – the property parcel’s average lot slopeHome Size – the size of the home measured in sqft.Year Built – the year the home was builtMarket Hotness – an index from 1-100 (very cool to very hot) indicating how quickly homes sell and the level of buyer demandSold Price vs. List Price – the sold price shown as a percentage of the original list price (based on properties sold in the last year)Sold Price/ sqft. – the home’s most recent sale price divided by its total square footageDays on Market – the time it takes properties to sell (based on properties sold in the last year)Neighborhood – display neighborhood boundaries and access details on the number of homes on the market, the median number of days homes spend on the market and the median list price within a neighborhood

Dynamic map layers offer unparalleled data visualization with dynamic zoom and pan functionality. By using these layers, users can get an equally holistic and granular view of a home’s characteristics and a neighborhood’s attributes.

About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media Contact
Asees Singh press@realtor.com

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SOURCE realtor.com

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Socket Mobile Announces CaptureSDK Support for iOS 18

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FREMONT, Calif., Sept. 24, 2024 /PRNewswire/ — Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions designed to enhance workplace productivity, is excited to announce that CaptureSDK and its entire line of barcode scanners and NFC reader/writers have been thoroughly tested and have achieved full compatibility with iOS 18.

iOS 18 compatibility across the entire Socket Mobile product line ensures that Apple users can maximize the utility of both their Socket Mobile data readers and their Bluetooth-paired Apple iPhones or iPads. CaptureSDK’s support for iOS 18 means that business applications continue to run smoothly on Apple’s latest platform, offering stability, efficiency, and access to the newest features. Users can seamlessly integrate the latest Apple advancements into their workflow and expect optimal performance from both devices.

“Socket Mobile has a strong track record of maintaining compatibility with Apple’s latest advancements and is devoted to supporting our app developer partners. We strive to provide ultimate device compatibility and best-in-class development tools,” said Dave Holmes, Chief Business Officer at Socket Mobile. “With iOS 18 support added to CaptureSDK, all users of our data capture devices can stay current with Apple’s latest technology while discovering new ways to leverage the power and versatility of our barcode scanners and NFC reader/writers.

“To ensure compatibility and to take full advantage of the features offered by our barcode scanners and NFC reader/writers, app development partners only need to upgrade their apps to the latest version of CaptureSDK whenever new updates are released. Our world-class support team is always available to ensure that their data capture solutions continue to work seamlessly. Combined with the quality of our products and dedicated support, this makes Socket Mobile’s CaptureSDK, along with our scanners and readers, an excellent choice for Apple device users.”

CaptureSDK has been integrated into thousands of applications and gives app providers reliable and consistent data capture performance, enabling their apps to efficiently capture data in the physical world. With CaptureSDK, app providers can maximize the value of their solution and increase their customer’s overall productivity and satisfaction. With CaptureSDK-enabled apps, end-users can interchange any of Socket Mobile’s data capture devices, resulting in the freedom to choose the best reader for each customer’s requirements at any given time. With iOS 18 compatibility, Socket’s CaptureSDK delivers a new level of control and adaptability for iOS app developers.

iOS compatibility will always be a focus for Socket Mobile as Apple continues to roll out new updates for its customers.

Learn More About CaptureSDK

Media Contact: David Holmes, David.holmes@socketmobile.com

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SOURCE Socket Mobile, Inc.

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JinkoSolar Unveils its First Climate White Paper at 2024 New York Climate Week

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SHANGRAO, China, Sept. 24, 2024 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (the “Company,” or “JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its principle operating subsidiary Jinko Solar Co., Ltd.’s participation in the 2024 New York Climate Week, where we officially launch the English version of our first Climate White Paper*. This comprehensive report outlines our commitment to sustainability, innovative strategies to reduce carbon emissions, and actionable steps for creating a greener, more resilient future.

As one of the leading voices in the fight against climate change, JinkoSolar has long been dedicated to aligning its operations with global climate goals. The new White Paper not only highlights the progress we’ve made, but also identifies new opportunities in both the PV and BESS sectors to collaborate across industries to accelerate decarbonization and enhance sustainability efforts.

Meanwhile, Jinko Solar Co., Ltd. as a member of the Board of Directors of the Global Solar Council, is honored to be part of the Finance Roundtable and, together with the Global Solar Council, co-hosting the discussion for lowering solar PV cost. This roundtable brings together development and commercial banks, industry experts, policymakers, and business leaders in shaping the future of climate action. Our active participation underscores our firm belief that addressing the climate crisis requires bold and decisive action together with financial players.

JinkoSolar looks forward to continuing its leadership in the bankability and sustainability space and to driving meaningful change in the global effort to combat climate change.

*Note: Disclosed information in the report covers our principal operating subsidiary Jinko Solar Co., Ltd. and its subsidiaries. The report is available on the Company’s website at https://www.jinkosolar.com/en/site/responsibility.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to utility-scale, commercial and residential customers in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions. 

JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2024.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: pr@jinkosolar.com

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SOURCE JinkoSolar Holding Co., Ltd.

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