While the Europe, Middle East and Africa Region experienced 2007 growth similar to the previous year, increasing by about 15% over 2006 levels, the markets in the Americas and Asia Pacific grew faster in 2007 than they did the year before. The market for motor drives in the Americas seemed unfazed by the recent economic woes affecting the U.S. and surged ahead, increasing more than 15% vs. 2006 levels. A continued focus on energy conservation due to record high energy costs combined with an emphasis by major American companies to cut operational costs has made motor drives the darlings of the boardroom, according to IMS Research motor drives analyst Alex Chausovsky. “Motor drives continue to provide decision makers with an effective way to manage their long term energy costs, as well as significantly bringing down the total cost of ownership for a majority of the motors used by industry,” says Chausovsky.
The Asia Pacific drives market performed even better in 2007 than its European and American counterparts, growing by more than 25% vs. 2006 levels. India and China continue to exhibit an insatiable hunger for raw materials, and their increasing spending power is driving the demand for construction, as well as processed foods and beverages, all of which are industry segments that rely heavily on motor drives. The region’s expanding economies increase the need to manage energy resources.