Industrial Modernization Bolsters the Electric Variable Speed Drives Market in the Andean Region, Finds Frost & Sullivan

Industrial Modernization Bolsters the Electric Variable Speed Drives Market in the Andean Region, Finds Frost & Sullivan PR Newswire BUENOS AIRES, Argentina, Nov. 5, 2012 - Product prices and after-sales services are key purchase factors BUENOS AIRES, Argentina, Nov. 5, 2012 /PRNewswire/ -- Industrial plants are investing heavily in automation equipment to become more efficient and competitive, presenting the Andean electric variable speed drives market with huge potential and a high growth rate. Mounting concern for energy efficiency in new and existing buildings further prompts adoption of electric variable speed drives. New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Andean Region Electric Variable Speed Drives Market, finds that the market earned revenues of over $48.2 million in 2011 and estimates this to reach $101.2 million in 2016. The metal and mining, as well as oil and gas industries, which support the Andean economy, are expected to grow at an annual rate of 13-15 percent until 2016. This creates a positive atmosphere for investments in the electric variable speed drives market. "The alternating current (AC) drives segment is expected to increase its dominance and continue to replace direct current (DC) drives," said Frost & Sullivan Research Analyst Alejandro Diaz Lopez.