New York, July 02, 2021 (GLOBE NEWSWIRE) -- Motor control centers Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Motor control centers Market Research Report, Type, Voltage, Component, End User and Region - Forecast till 2027” Motor Control Centers Market is projected to be worth USD 8.31 Billion by 2027, registering a CAGR of 6.93% during the forecast period (2021 - 2027), The market was valued at USD 4.89 billion in 2020.
Motor Control Centers Market Analysis/Motor Control Centers Market Outlook
Impact of COVID-19 on Motor Control Centers Market
The COVID-19 pandemic has profoundly affected both the manufacturing and service sectors. Following government-imposed lockdowns all over to curb the spread of the deadly virus, there has been a slowdown in the worldwide economy. This in turn has impacted the motor control centers market due to shutting down of non-essential manufacturing as well as other commercial sectors. The MCCs used by commercial and industrial end-users has taken the highest hit in 2020.
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Key Players
Eminent players profiled in the global motor control centers industry report include-
- General Electric (U.S.)
- Siemens AG (Germany)
- ABB
- Ltd. (Switzerland)
- Schneider Electric SE (France)
- Rockwell Automation (U.S.)
- Mitsubishi Electric Corporation (Japan)
- Hyosung Corporation (South Korea)
- Larsen & Toubro Limited (India)
- Technical Control Systems Ltd. (U.K)
- WEG S.A. (Brazil)
Key players have incorporated several strategies to stay at the forefront such as acquisitions, mergers, collaborations, partnerships, and more. For instance in June 2021, a Scottish engineering group has acquired a Leeds-based automation and control manufacturer. TCS (Technical Control Systems), a manufacturer and designer of motor control centers, low voltage switchgear, and control panels and relay protection panels has been bought by RSE. This deal also comprises the continuation of the joint venture TAP of TCS that offers system integration to consumers like Southern Water, Yorkshire Water, and Thames Water.
Browse In-depth Market Research Report (111 pages) on Motor Control Centers
https://www.marketresearchfuture.com/reports/motor-control-centers-market-4105
Enhancing Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global motor control centers market share.
Motor Control Centers Market Drivers/Motor Control Centers Market Trends
Need for Uninterrupted Electric Supply to Boost Market Growth
The need for constant uninterrupted electric supply is predicted to boost the motor centers market revenue in the forecast period owing to rapid industrialization and rise in population. The burgeoning need for reliable electric supply and subsequent investments in transmission and distribution network, developing safe electrical infrastructure, and grid expansion are adding market growth.
Motor Control Centers Market Opportunities
Introduction of Intelligent MCCs to offer Robust Opportunities
The introduction of intelligent motor control centers (MCCs) is predicted to offer robust opportunities to the market over the forecast period as they offer real-time monitoring facility, help in conducting advanced diagnostics of the electronic systems, and enable predictive maintenance. The introduction of intelligent motor control centers or iMCCs with remote capabilities as well as advanced features like predictive maintenance and loss detection are new developments that are made to cater the industrial needs.
Restraints
High Initial Investments to act as Market Restraints
The high initial investments needed in MCCs may act as a market restraint over the forecast period.
Challenges
Decreasing Crude Oil Prices to act as Market Challenge
The decreasing crude oil prices resulting in reduced investments especially in the oil and gas sector is likely to act as a market challenge over the forecast period.
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Market Segmentation
- By Type
By type, the conventional motor control centers segment will lead the market over the forecast period for growing demand for industrial automation in developed regions coupled with the benefits offered by them like enhanced reliability and operability, smooth and quick maintenance, easy expansion and modification, and high levels of safety.
- By Voltage
By voltage, the low voltage segment will dominate the market over the forecast period as they are highly preferred owing to their widespread adoption in different industries across the world.
- By Component
By component, the busbars segment will spearhead the market over the forecast period. Busbars are the key current carrying constituents of motor control centers. The growth in the consistency, proficiency, and flexibility of busbars has led to the burgeoning need for busbars, thus adding to the growth of the segment.
- By End User
By end user, the industrial end user segment will have the lions share in the market over the forecast period. The rise in industrial development across the world resulting in the wide application of small & medium voltage motor control centers in industries for safe operations is adding to the growth of the segment.
Regional Takeaway
APAC Region to Head Motor Control Centers Market
The Asia Pacific region is predicted to head the motor control centers market over the forecast period. The rapid urbanization, industrialization, fast economic growth, growing electrical infrastructure in China and India, growing electricity demand, growing manufacturing and processing industry, and increasing power generation capacity are adding to the global motor control centers market growth in the region. Besides, growing industrial automation, growth of different industries like oil and gas, power, and chemicals, and fast growing economy are also adding market growth. India and China have the utmost market share.
Segmentation of Market covered in the research:
Information Report by Type (Conventional Motor Control Centers and Intelligent Motor Control Centers), by Voltage (Low voltage and Medium voltage), by Component (Busbars, Circuit Breakers & Fuses, Overload Relays, Variable Speed Drives, Soft Starters and Others), by End User (Industrial, Commercial and Utilities) and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
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