Pune, India, May 31, 2023 (GLOBE NEWSWIRE) -- The global motor control center market size was valued at USD 5.53 billion in 2022. The market is projected to grow from USD 5.84 billion in 2023 to USD 9.39 billion by 2030, exhibiting a CAGR of 7.0% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Motor Control Center Market, 2023–2030."
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One or more closed sections are put together by a motor control center with a common power bus that houses the motor control unit. Variable frequency drives and programachinerymmable controllers may be found in this, which also serves as the facility's entrance for electrical energy. This is a sizable enclosure that is used to house typical motor control . They are employed in numerous commercial and industrial settings. To shield the engine control center from corrosion and dust, the Motor Control Center (MCC) is housed in a separate climate control room. MCC may also be situated close to the machines it regulates on the factory floor.
Motor Control Center Market Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 7.0% |
| 2030 Value Projection | USD 9.39 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 5.53 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 240 |
| Segments covered | By Voltage, Type, Component, End-User, and Region |
| Growth Drivers | Increasing Demand for Industrial Automation and Mechanization is Stimulating MCC Demand |
| Increasing Demand for Intelligent Motor Control Centers is Revitalizing the Growth of the Market |
COVID-19 Impact:
COVID-19 has Significantly Affected the Global Market
As investments fell across numerous sectors globally in 2020, COVID-19 hindered the market's year-over-year growth. The COVID-19 outbreak led to shifts in consumer demand and behavior, shopping habits, supply chain reorientation, existing market force dynamics, and significant governmental actions. The oil and gas sector is one of the major contributors to the market. Refineries are badly impacted by falling oil prices as a result of overproduction and falling demand, which further stalls their investments in cutting-edge machinery. Even the automotive sector has been severely impacted, with symptoms including ban on Chinese part exports, widespread production shutdowns in Europe, and the closure of American assembly factories.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/motor-control-centers-market-101193
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Market drivers:
Industrial Automation and Mechanization are Surging the Product Demand
The necessity for automation and mechanization of many industrial processes has developed as a result of industrial progress. Numerous motors are needed to automate different industrial operations; hence, MCC is necessary to regulate every motor. Control components that can be plugged in and out can be plugged into the MCC. This implies that the device does not require wiring. The MCC is made up of busbars and other control devices that can be used to regulate motor motion and arrange the components in the integrated panel. These factors are anticipated to increase the global market share during the projected period.
As capital expenditures have shrunk as a result of the recent decline in crude oil prices, there is now less demand for industrial equipment and may stifle the motor control center market growth.
Regional Insights:
Asia Pacific Dominates the Market due to the Presence of Strong Economies
Asia Pacific holds the highest motor control center market share. It is anticipated to continue growing at a steady rate. Strong economic growth and government initiatives to hasten the industrialization of the region can be credited with the expansion of the market in Asia Pacific.
North America's expanding oil and gas industry uses electrical switchgear and components to power process industries and utilities. Steel, minerals, and mining industries use these centers to improve operational efficiency and add significant value.
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Competitive Landscape:
Key Participants Want to Develop New Products and Expand their Product Capabilities
A few large and small & medium-sized companies compete in the market. Major companies have made new product development their primary tactic. ABB and Siemens, among other important participants in the international market, collaborate extensively. Mitsubishi Electric, Rockwell Automation, Schneider Electric, Fuji Electric Co. Ltd., Powell, WEG, Eaton, and Ingeteam S.A. are further significant participants.
Industry Development:
February 2021 - ABB Ltd. unveiled its new offering, the ReliaGear low-voltage motor control. This new MCC will replace E9000 series of MCCs.
List of Key Players Profiled in the Smart Electric Meter Market Report
- ABB (Switzerland)
- Mitsubishi Electric (Japan)
- Siemens (Germany)
- Schneider Electric (France)
- WEG (U.S.)
- Fuji Electric Co., Ltd. (Japan)
- Powell (U.S.)
- Rockwell Automation (U.S.)
- Eaton (Ireland)
- Marine Electricals (India)
- Ingeteam S.A. (Spain)
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Motor Control Center Market
5. Global Motor Control Center Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
5.1. Key Findings
5.2. Market Analysis, Insights, and Forecast – By Voltage
5.2.1. Low Voltage
5.2.2. Medium Voltage
5.3. Market Analysis, Insights, and Forecast – By Type
5.3.1. Conventional Motor
5.3.2. Smart Motor
5.4. Market Analysis, Insights, and Forecast – By Component
5.4.1. Busbar
5.4.2. Circuit Breaker & Fuses
5.4.3. Relay
5.4.4. Variable Speed Drives
5.4.5. Others
5.5. Market Analysis, Insights, and Forecast – By End-User
5.5.1. Oil & Gas
5.5.2. Iron & Steel
5.5.3. Minerals & Mining
5.5.4. Food & Beverage
5.5.5. Automotive
5.5.6. Commercial
5.5.7. Others
5.6. Market Analysis, Insights, and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Latin America
5.6.5. Middle East & Africa
6. Competitive Analysis
6.1. Company Market Share Analysis, 2022
6.2. Company Profile
6.2.1.1.Business Overview
6.2.1.2.Product and Service Offerings
6.2.1.3.Recent Developments
6.2.1.4.Financials (Based on Availability)
Continued…
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