Pune, India, Aug. 11, 2021 (GLOBE NEWSWIRE) -- The global motor control centers market is likely to gain traction from the rising initiatives taken by regulatory bodies and government of several countries to promote energy-saving standards in a wide range of industries, as well as manufacturing plants. This information is given by Fortune Business Insights™ in a recent report, titled, “Motor Control Centers Market Size, Share & Industry Analysis, By Type (Conventional Motor and Smart Motor) By Voltage (Low Voltage and Medium Voltage), By Component (Busbar, Circuit Breaker & Fuses, Relay, Variable Speed Drives, and Others), By End User (Oil & Gas, Iron & Steel, Minerals & Mining, Food & Beverage, Automotive, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the motor control centers market size was USD 5.62 billion in 2019 and is projected to reach USD 8.16 billion by 2027, exhibiting a CAGR of 5.2% during the forecast period.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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
Fortune Business Insights™ lists out all the companies operating in the global market. They are as follows:
- ABB
- Mitsubishi Electric
- Siemens
- Schneider Electric
- WEG
- Powell
- Rockwell Automation
- Eaton
- Marine Electricals
- Ingeteam S.A.
- Allis Electric Co Ltd
- Myers Power Products, Inc.
- Wescosa
- Electrical A Modern Factory Company
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 5.2 % |
| 2027 Value Projection | USD 8.16 Billion |
| Base Year | 2019 |
| Market Size in 2029 | USD 5.62 Billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 160 |
| Segments covered | Type; Voltage; Component; End User; Regional. |
| Growth Drivers | Increasing Adoption of Automation from Developing Economies to Fuel Market Growth. Focus of Industries on Higher Reliability and Reducing Plant Downtime to Fuel Demand. |
| Pitfalls & Challenges | Stagnant Investment from Oil & Gas Industry to Restraint Growth of the Market |
This Report Answers the Following Questions:
- How will the market be affected by changing consumer demand for motor control centersowing to Covid-19 pandemic?
- What are the recent trends, opportunities and challenges in the market?
- What are the crucial growth drivers and hindrances that are revolving around the market?
- Which strategies are being adopted by prominent companies to increase sales of motor control centers?
Drivers & Restraints-
Rising Adoption of Automation in Various Industries to Aid Growth
Several industries worldwide are adopting automation as it provides numerous advantages. These include extended product lifecycle, quality production, reduced wastage, decreasing human errors, efficient manufacturing, and low operating costs. It also helps in refining operational efficiency. Apart from that, increasing investments in the adoption of automation, rising benefits of this sensor technology, and surging industrial base in the developing economies would contribute to the motor control center market growth during the forthcoming period.
Impact of Covid-19 Pandemic on the Market:
- The outbreak of Covid-19 pandemic is set to affect the investment scenario of the oil & gas sector negatively.
- The industrial sector is persistently striving to cope up with the sudden changes in supply, demand, and consumer needs.
- There is also continuity risk associated with the wide range of businesses as they are being crippled by the outbreak.
- There are chances of security risks that may affect the demand for motor control centers.
- Problems, such as lack of real-time decision-making, reduction in workforce productivity, and rapid changes in volume would affect the growth of the market.
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Segment-
Increasing Application of Motor Control Center to Drive Growth of BusbarSegment
Based on component, the market is segregated into relay, variable speed drives, circuit breaker & fuses, busbar, and others. Out of these, the busbar segment held 30.8% motor control center market share in 2019. It is presently dominating the market owing to the application of motor control centers in a wide range of electrical components, such as incoming busbar, earthingbusbar, and main busbar.
Regional Analysis-
Increasing Investments in Industrialization to Favor Growth in Asia Pacific
In terms of region, the market is divided into the Middle East and Africa, Europe, Latin America, Asia Pacific, and North America. Amongst these, Asia Pacific procured USD 1.78 billion revenue in 2019. This growth is attributable to the expansion of manufacturing & processing industry, as well as a rise in the investments in industrialization. The Indian government, for instance, implemented the ‘Make in India’ program in 2017 to encourage organizations to manufacture their products in the country. It would surge the demand for motor control centers in the near future.
Europe is expected to lead the market backed by the surging investments in power utilities and expansion of the industrial infrastructure. The Middle East and Africa would exhibit steady growth as these countries mainly depend on the oil & gas sector. The companies operating in this sector require a reliable source of power. Hence, motor control centers are experiencing high demand in this region.
Competitive Landscape-
Key Companies Invest in Opening New Manufacturing Units to Intensify Competition
The market houses reputed domestic and regional enterprises, such as Vidhyut Control, IDS-Technology GmbH, alfanar, and TES. These companies are adoptingthe strategies of novel product launches, opening of new motor control centers manufacturing facilities, and are gainingnew orders. Below are a couple of the latest key industry developments:
- October 2018: ABB opened its latest gas-insulated switchgear (GIS) manufacturing facilityin Jakarta. It is the fourth manufacturing unit of the company and is under theUSD 30 million investment plan. The other units manufacture medium- and low-voltage switchgear, as well as high-voltage air-insulated switchgear.
- July 2014: The GPS Group received an order from Imtech Waterto deliver it the control system hardware. It is meant for the Hoddesdon AD plant that is still under construction for Tamar Energy, a provider of sustainable organic waste management solutions. The new plant will be able to process more than 66,000 tonnes of food waste per year. It will also generate 3 MWe of electricity.
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