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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..

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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. 

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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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Chemours Announces Dates for Third Quarter 2026 Earnings Release and Webcast Conference Call

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WILMINGTON, Del., Oct. 21, 2026 /PRNewswire/ — The Chemours Company (“Chemours” or “the Company”) (NYSE: CC) today announced that the Company expects to issue its third quarter 2026 financial results after market on Monday, November 2, 2026.

The Company expects to hold its conference call to discuss its third quarter 2026 financial results at 8:00 a.m. Eastern Standard Time on Tuesday, November 3, 2026. The call is open to the public and can be accessed via the webcast information below. The webcast and materials can be accessed by visiting the “Events and Presentations” section of the Investor Relations section of Chemours’ website at investors.chemours.com.

Conference Call: Please visit investors.chemours.com for a link to the live webcast and to view the accompanying slides.

Replay: A webcast replay will be available at investors.chemours.com.

About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in providing industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and advanced electronics, general industrial, and oil and gas. Through our three businesses – Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials – we deliver application expertise and chemistry-based innovations that solve customers’ biggest challenges. Our flagship products are sold under prominent brands such as Opteon™, Freon™, Ti-Pure™, Nafion™, Teflon™, Viton™, and Krytox™. Headquartered in Wilmington, Delaware and listed on the NYSE under the symbol CC, Chemours has approximately 5,700 employees and 28 manufacturing sites and serves approximately 2,400 customers in approximately 110 countries. For more information, visit chemours.com or follow us on LinkedIn. 

CONTACTS:

INVESTORS
Brandon Ontjes
Vice President, Head of Strategy & Investor Relations
+1.302.773.3300 
investor@chemours.com 

NEWS MEDIA
Cassie Olszewski
Media Relations & Reputation Leader
+1.302.219.7140
media@chemours.com  

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SOURCE The Chemours Company

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AGEDB Announces Preliminary Technical Evaluation of Graph Database and AI Data Platform Opportunities

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VANCOUVER, BC, Oct. 21, 2026 /CNW/ — AGEDB Technology Ltd. (TSXV: AGET) (“AGEDB” or the “Company”) announces that it is evaluating opportunities to re-engage in its historical graph database business area through preliminary architectural design and technical assessment of potential AI data platform applications, following its entry, on September 16, 2026, into a memorandum of understanding (the “MOU”) with a Korea-listed company exploring opportunities to enter the AI sector (the “Korean Company”).

The Company previously disclosed that it had discontinued its graph database management system operations during the year ended April 30, 2025 and was seeking new business opportunities. The Company is now assessing potential opportunities to leverage its existing Apache AGE-related technology and experience. These preliminary evaluations should not be interpreted as a resumption of full-scale development or commercial operations.

Under the MOU, AGEDB and the Korean Company contemplate evaluating an integrated package combining locally installed PostgreSQL and Apache AGE relationship-analysis database technology with an AI agent. The MOU also contemplates a separate “Personal AI Operating System” evaluation track, referred to as “AGE Brain,” for potential use in user-controlled computing environments. The proposed applications remain conceptual and subject to further technical and commercial assessment.

The contemplated preliminary work includes architectural design and technical evaluation of approaches to connecting relational data with graph-based relationships and supporting AI-assisted information retrieval and analysis. The parties may consider proof-of-concept testing and pilot activities, but no timeline or commitment to undertake such activities has been established under the MOU.

The MOU has a one-year term. Except for provisions expressly identified as binding, it is non-binding and does not require either party to complete development, launch or commercialize a product, make an investment, commit personnel, pay development fees, or enter into a definitive commercial agreement. Specific project scope, deliverables, schedules, responsibilities, costs and any commercialization terms remain subject to further discussions and, where applicable, separate written agreements. Each party will bear its own evaluation costs unless otherwise agreed in writing.

The Company’s evaluation remains preliminary. No product launch, commercial revenue or definitive commercialization arrangement has been agreed, and there can be no assurance that the parties will proceed with development, that the proposed platform will be completed or commercialized, or that the Company will obtain the resources required to advance the opportunity.

AGEDB may also explore potential collaborations with AI development companies in Korea and other markets, subject to available resources and further assessment.

AGEDB Technology Ltd.

On behalf of the board of directors,

“Jungsoo Kim”
CEO

About AGEDB Technology Ltd.

AGEDB Technology Ltd. is a technology company listed on the TSX Venture Exchange under the symbol “AGET.” The Company is focused on developing and pursuing opportunities in data intelligence, graph database technology and applied artificial intelligence.

Forward-Looking Information

This news release contains forward-looking information, including statements regarding the Company’s development activities, the proposed AI data platform, potential proof-of-concept and pilot activities, and possible future collaborations and commercialization. Forward-looking information is based on management’s current expectations and assumptions and is subject to risks and uncertainties that could cause actual results to differ materially. The memorandum of understanding is generally non-binding, and there can be no assurance that the parties will proceed with or complete any development, pilot, product launch or commercial arrangement, or that AGEDB will enter into additional collaborations. Readers are cautioned not to place undue reliance on forward-looking information. AGEDB undertakes no obligation to update such information except as required by applicable securities laws.

SOURCE AGEDB Technology Ltd.

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Bose Corporation Acquires Skullcandy, Expanding Its Consumer Audio Portfolio to Reach New Audiences

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Acquisition follows a successful partnership between the two companies and advances Bose’s evolution into a multi-brand products and technology company

FRAMINGHAM, Mass. and PARK CITY, Utah, Oct. 21, 2026 /PRNewswire/ — Bose Corporation, a global leader in audio innovation and research, announced today it has acquired Skullcandy, a lifestyle audio brand known for its bold products that bring together sound, style and performance. Bose and Skullcandy have each spent decades finding new ways to bring people closer to the music they love. Together, they’ll combine Bose’s audio expertise, technology and global reach with Skullcandy’s design, understanding of its consumers and authentic community connections to create new products and experiences and accelerate growth.

The acquisition follows a multi-year partnership that has already brought Sound by Bose technology to Skullcandy earbuds and headphones. The companies have seen firsthand how their strengths can come together to create products consumers love while staying true to what makes Skullcandy special, providing a foundation to accelerate further collaboration and innovation.

With a strong position at the intersection of audio, lifestyle and culture, Skullcandy will remain a separate brand within Bose’s Premium Consumer Audio business. Skullcandy’s deep roots in boardsports, including longstanding relationships with passionate supporters of the culture and its athletes, and authentic connections across music, gaming, fitness and other communities present new ways for Bose to meaningfully connect with consumers where it has less presence today.

“For more than 60 years, Bose has been committed to delivering incredible audio experiences however and wherever people choose to listen. As we work to reach even more people, we’re expanding how we do that, not only through Bose products, but through technology partnerships and a growing portfolio of brands,” said Lila Snyder, Chief Executive Officer of Bose Corporation. “As a privately held company, we have the freedom to make bold, long-term investments in opportunities we believe in, and Skullcandy is a great example of that. They have an established, thriving brand, and together we see tremendous opportunity to create new products and experiences and reach more consumers around the world.”

“We believe this is a win for Skullcandy and our fans,” said Brian Garofalow, Chief Executive Officer of Skullcandy. “Skullcandy was born on a chairlift in Park City, Utah, over 20 years ago, and we’ve always believed great music should be part of the experiences people love. Joining Bose gives us the opportunity to make those experiences even better by bringing more of their audio expertise and technology to our products, and it opens up even more ways to take Skullcandy further.”

Bose plans to invest in Skullcandy’s continued growth, providing greater access to technology, resources, global distribution and commercial relationships while giving the brand the freedom to continue evolving in ways that are authentic to its identity and consumers. Skullcandy will continue to be based in Park City, Utah.

Bose acquired Skullcandy from a fund managed by Mill Road Capital Management LLC, a Connecticut-based private investment firm. Jones Day acted as Bose’s legal counsel. Additional information, including financial and other terms of the transaction, will remain confidential.

About Bose Corporation
Bose Corporation is a global leader in audio innovation, driven by a singular belief: sound has the power to transform the way people connect with the world. For more than 60 years, Bose has combined pioneering research, engineering excellence, and a deep understanding of human perception to create products and technologies that deliver extraordinary experiences. Through its portfolio of iconic brands, including Bose, McIntosh, Sonus faber, and Skullcandy, the company offers premium and luxury audio solutions for the home, on the go, and in the car. Bose also collaborates with leading companies across industries, extending its audio expertise and technologies into new products, platforms, and applications beyond its own brands. 

Guided by a relentless spirit of innovation and a passion for what sound makes possible, Bose continues to advance the science and art of sound while expanding its impact on everyday life. From music and entertainment to communication, wellness, and emerging applications, Bose is creating new ways for people around the world to feel more connected, inspired, and engaged through the power of sound.

About Skullcandy
Founded in 2003 on a chairlift in Park City, Utah, Skullcandy is the original lifestyle audio brand. With deep roots in action sports culture, Skullcandy creates headphones, earbuds, and speakers that deliver powerful sound, bold style, and immersive experiences. Designed to move with you—from the mountains to the streets—Skullcandy gear is built to perform and made to stand out. Learn more at www.Skullcandy.com.

Contact

Joanne Berthaume
Joanne_berthaume@bose.com

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SOURCE Bose Corporation

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