Press release
Textile Mill Electric Drives Market is Estimated to be US$ 1.89 Billion by 2034 with a CAGR of 3.9% | Fact.MR
Textile Mill Electric Drives Market
Governments worldwide are implementing energy efficiency policies in industries, particularly textiles. For example, the EU's ErP Directive 2019/1781 enforces strict energy efficiency standards for electric motors and drives. As more nations focus on reducing energy consumption and emissions, textile mills are increasingly adopting electric drives to cut operational costs.
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Recurrent collaborations and jointly conceived solutions which prove to be beneficial for the whole supply chain of the textile industry are likely to play an important role in the gradual recovery of the global economy. Political instability, fluctuations in oil prices, and global crisis are risks threatening the textile industry worldwide.
Thus, the Make in India policy, moving of production facilities to ASEAN nations and revival of the American market are few of the factors, which further fuel the global textile industry as well as influence the growth of the textile mill electric drives market in the forecast period.
Textile mills operate a number of processes, including spinning, weaving, and ginning. Spinning is carried out to create continuous yams of appropriate strength; weaving is the activity of creating a uniform layer prior to the yarn being woven; and the separation of seeds from cotton is referred to as ginning. Increasing demand for special kinds of drives to improve productivity and performance in the aforementioned processes of the textile mills will increase growth in the textile mill electric drives market.
Textile Mill Electric Drives Market: Market Dynamics:
Low cost and ease of maintenance of textile mill electric drives are some of the key factors anticipated to propel the global textile mill electric drives market throughout the forecast period. In addition, reduced machine stop time, high quality, and productivity are likely to further support the growth of the global textile mill electric drives market.
Additionally, the application of textile mill electric drives to cone crushers contributes towards offering exceptional crushing capacity in primary, secondary, and tertiary crushing, consequently having a direct effect on the efficiency and productivity of the mill. This is further anticipated to propel the market for textile mill electric drives worldwide through the forecast period.
But the application of traditional drives, low end-user awareness, and comparatively high initial expense hinder the growth of the global textile mill electric drives market throughout the forecast period.
Regional Outlook
North America is expected to install electric drives across their textile mills due to increasing demand from end-users for high-quality and prompt-time delivery. North America is highly concentrated on energy-saving products, as well as low-maintenance units to drive their productivity.
China, being the largest producer and exporter of raw textiles and garments, is likely to install electric drives to address the global demand to meet the increasing awareness among customers and thereby will see huge growth in the textile mill electric drives market throughout the forecast period.
Substantial investment in the textile sector and adoption of energy-efficient products to boost production in nations, including Sri Lanka, Pakistan, and Latin American nations, further increase the global textile mill electric drives market over the forecast period.
Europe is approximated to hold about one-fifth of the textile industry across the world and as there is increasing knowledge regarding the advantage of electric drives; the continent is approximated to utilize such electric drives throughout their textile mills. These facts are approximated to boost the growth of the global textile mill electric drives market throughout the forecasting period.
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Key Market Participants:
Some of the key market participants in the global textile mill electric drives market are:
ABB
Siemens
Schneider Electric
Rieter
Stäubli
Rockwell Automation
Danfoss
Nidec Corporation
Mitsubishi Electric
Emerson Electric Co.
GE Industrial Solutions
Segmentation of Textile Mill Electric Drive Market Research
By Type :
Simple Drives
Four Quadrants Servo Drives
By Motor Type :
Loom Motors
Card Motors
Spinning Motors
By Application :
Spinning
Weaving
Finishing
Ginning
Others
By Region :
North America
Western Europe
Eastern Europe
Latin America
East Asia
South Asia & Pacific
Middle East & Africa
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