The report predicts the global Motor Control Centers Market to grow at a healthy CAGR Of 5.47% over the forecast period from 2023 – 2033.
The motor control centers market is projected to grow at a CAGR of 5.47%, from 2023 to 2033
The motor control centers market is projected to reach USD 6.22 billion by 2033, at a CAGR of 5.47%, from 2023 to 2033. The growing demand for industrial automation in developed regions, increased use of electric motors in key industries, and increased industrial plant uptime has boosted the demand for motor control centers. In addition, the booming power sector and augmented power generation capacities globally would further aid the growth of this market. The stagnancy in the oil & gas industry and the decrease in mining activities in Asia-Pacific, Latin America, and Africa would act as a restraint for the motor control centers market.
The low voltage segment is expected to dominate the motor control centers market from 2023 to 2033
The low voltage motor control centers market is the largest market of the voltage segment due to the widespread installation of low voltage motors across the globe. Motor control centers are extensively used by industries to control the speed, frequency, voltage, and torque, of motors, among other functions. Moreover, this segment is expected to grow at the highest CAGR from 2023 to 2033. Low voltage motor control centers are mainly used in industries such as chemicals and petrochemicals, paper and pulp, cement, and food and beverage. The low voltage motor control centers segment is expected to grow significantly during the forecast period.
The intelligent motor control centers segment is expected to grow at the highest CAGR from 2023 to 2033
The intelligent motor control centers segment is estimated to be the fastest growing motor control centers market, by type, from 2023 to 2033. This growth is attributed to the increasing levels of industrial automation in regions such as Asia-Pacific and the Middle East & Africa. Although the initial costs of intelligent motor control centers are high, they provide advantages such as reduced installation time. The other benefits of intelligent motor control centers include increased reliability, lesser wiring, reduced maintenance time, greater speed and precision in defect identification, remote monitoring and control, and greater compactness compared to conventional motor control centers. All these factors are expected to drive the motor control centers market during the forecast period.
Asia-Pacific: The largest market for motor control centers
The market in Asia-Pacific is currently the largest for motor control centers, followed by the North American and European markets. The market in Asia-Pacific is driven by rapid industrialization, increasing electricity demand, and power generation capacity additions in the region. It is projected to grow at the fastest rate, with the Chinese market dominating the regional market. With rising industrial automation and demand for power infrastructure, the need for high-efficiency motors has increased considerably. The increasing demand for motors is leading to the growing demand for motor control centers as well. Apart from the Chinese and Indian markets, the motor control centers markets in countries such as Japan, Malaysia, Australia, and South Korea are also growing at healthy rates.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 50%, Tier 2- 33%, Tier 3- 17%
- By Designation: C-Level- 17%, D-Level- 33%, Others- 50%
- By Region: Asia-Pacific- 50%, Europe- 17%, North America- 16%, Rest of the World- 17%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = >USD 10 billion, Tier 2 = from USD 1 billion to USD 10 billion, and Tier 3 = The leading players in the motor control centers market include ABB, Ltd. (Switzerland), Schneider Electric SE (France), Eaton Corporation, PLC (Ireland), Siemens AG (Germany), Rockwell Automation, Inc. (U.S.), and General Electric Company (U.S.).
Research Coverage:
The report defines, describes, and forecasts the global motor control centers market by type, voltage, component, standard, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.
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Why Buy this Report?
- The report identifies and addresses key markets for motor control centers, which would help suppliers review the growth in the demand for the product.
- The report helps solutions providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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