New York, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The global motor control centers market size is slated to expand at 9.40% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 18.31 billion by the end of 2035, up from a revenue of USD 6.23 billion in the year 2023. The manufacturing industry is constantly evolving and improving, with a growing focus on energy efficiency. As a result, there has been an increasing demand for energy-efficient motor control centers in recent years.
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These motor control centers are designed to optimize energy usage, reduce waste, and ultimately save companies money on their energy bills. In fact, studies have shown that implementing energy-efficient motor control centers can result in significant cost savings over time and maintain voltage levels. For instance, when motors operate below 95% of their intended voltage it is common for them to experience a loss of efficiency ranging from 2 to 4 points. Additionally, the service temperatures can rise by, up to 20°F, which significantly reduces the lifespan of the insulation material.
Motor Control Centers Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Automotive segment to garner the highest growth
- Market in North America to grow at a significant rate
Rising Industrialization and Automation across the Globe to Boost Market Growth
The rapid pace of industrialization and automation across the globe has led to an increased demand for motor control centers in the manufacturing industry. With the rise of smart factories and Industry 4.0, the need for efficient and reliable motor control centers has become more important than ever before. The estimated value of the smart factories technology in 2019 was around USD 150 billion. It is predicted that by 2023 the presence of smart factories will contribute significantly to a boost, in the global economy reaching approximately USD 1.3 trillion. Moreover, in Asia-Pacific region, the increasing adoption of automation in industries such as automotive, food & beverage, and pharmaceuticals has led to a surge in demand for motor control centers. Similarly, in Europe, the growing trend of energy-efficient manufacturing has driven the need for advanced motor control centers that can help reduce energy consumption and improve productivity.
Motor Control Centers Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid industrialization to Drive the Growth in the Asia Pacific Region
The motor control centers market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. Rapid industrialization in the region has resulted in increased demand for motor control centers, as they require sophisticated systems for efficient operation of manufacturing plants. As the region's population grows, so does the need for more energy to power homes and businesses. From 2000 to 2019 Asia contributed to around 42% of the increase, in energy consumption as reported by the International Energy Agency. At the same time, economic development is leading to greater use of electricity, which puts an even greater strain on the region's energy infrastructure. As a result, companies are investing in motor control centers that can help optimize energy consumption and reduce energy costs.
Increasing Adoption Of Renewable Energy Sources to Drive the Growth in the North America Region
The North America motor control centers market is estimated to garner the largest revenue by the end of 2035. The region's aging infrastructure has been in need of modernization and upgrade for some time now, and with the growing demand for better electrical systems, motor control centers are becoming increasingly necessary. Furthermore, with the increasing adoption of renewable energy sources, the need for reliable and safe motors control centers is expected to further increase. Additionally, the region is also focusing on improving energy efficiency in various industries. For instance, the U.S. Department of Energy has implemented guidelines to enhance the energy efficiency of motors and motor driven devices leading to a rise in the usage of motor control centers that can optimize energy usage.
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Motor Control Centers Segmentation by End User
- Automotive
- Oil & Gas
- Others
The automotive segment in the motor control centers market is anticipated to hold the largest revenue by the end of 2035. As the automotive industry moves towards electric vehicles, the demand for energy-efficient motor control centers is expected to increase. The International Energy Agency predicts a rise in the number of electric vehicles on the streets. It is estimated that by 2030 the figure will soar from 11 million, in 2020 to 145 million. Additionally, the focus on safety will lead to the need for motor control centers which can help ensure safe operation of motor-driven equipment. Automation in the automotive manufacturing process requires motor control centers that can accurately adjust the speed and direction of electric motors, ensuring that the production process is reliable and energy efficient. Additionally, motor control centers can help to reduce production errors, which can lead to cost savings in the long run.
Motor Control Centers Segmentation by Type
- Conventional Motor Control Center
- Intelligent Motor Control Center
Motor control centers market from theintelligent motor control center segment is anticipated to hold the largest revenue by 2035. iMCCs offer a variety of features that are not available in traditional MCCs, including the ability to monitor, detect, and protect against faults in motors and control circuits. Additionally, iMCCs are more energy-efficient and provide improved reliability compared to traditional MCCs. This makes them an increasingly popular choice for industrial and commercial applications. Companies are increasingly embracing automation technologies, which leads to a higher demand for iMCCs to enhance efficiency and minimizing downtime. Moreover, in January 24, 2022 Qorvo, a company specializing in advanced RF solutions for global connectivity unveiled a motor control reference design. This design incorporates the PAC5556 intelligent motor controller along with Qorvos latest silicon carbide (SiC) FETs into a System on a Chip (SoC) prototype. The purpose of this prototype is to power applications, with capacities reaching up to 3000w.
A few of the well-known market leaders in the global motor control centers market that are profiled by Research Nester are Siemens AG, ABB Group, Eaton Corporation plc, Schneider Electric SE, General Electric Company, Rockwell Automation Inc., Fuji Electric Co., Ltd., Mitsubishi Electric Corporation, Larsen & Toubro Limited, WEG SA., and other key market players.
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Recent Developments in the Market
- ABB and Intel have joined forces to introduce a cutting-edge distribution management system (DMS) that utilizes artificial intelligence. This system aims to optimize the reliability and efficiency of power grids by handling real time data from numerous smart grid devices.
- Siemens has made an announcement regarding its selection as the provider of key power supply and distribution technology for the upcoming terminal at Clark International Airport, in the Philippines. The project entails designing and installing an energy distribution system, which includes transformers, switchgear and motor control centers.
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