DUBLIN--(BUSINESS WIRE)--The "Motor Repair and Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The market is projected to reach a value of US$ 34.67 Billion by 2023, expanding at a CAGR of 3.4% during 2018-2023.
Electric motors find applications in diverse industries ranging from food and beverage to mining where they are installed in compressors, machine tools, industrial fans, etc. Since they have a huge impact on a business' profitability and productivity, it is vital to ensure that these motors perform well. Consequently, it is important to perform regular preventive maintenance (PM) checks on electric motors. The general procedure includes visual inspection, maintenance check on the commutator and brush, motor winding test, and bearing inspection. Moreover, repairing electric motors is cost-effective than replacing the entire machine, thereby being an optimum alternative. The global motor repair and maintenance market reached a value of US$ 28.35 Billion in 2017.
Preventive maintenance of motors lessens the risk factor, saves energy, improves equipment life and reduces downtime. Regular use of electric motors in various end-use industries, such as HVAC, mining, food and beverage, etc., is impelling the growth of the repair and maintenance market worldwide. Apart from this, the utilisation of electric motors has grown significantly in various sectors due to increasing automation. Advancements in the automation industry are changing the nature of repair and maintenance of motors, including the type of specialist equipment and skills required. Due to the employment of intricate machinery, the demand for motor repair and maintenance services is anticipated to rise in the coming years.
- ABB Group
- Siemens Ag
- WEG SA
- Regal Beloit
- TECO E&M/TECO-Westinghouse
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
5 Global Motor Repair and Maintenance Market
6 Market Breakup by Type
7 Market Breakup by Service
8 Market Breakup by End Use Industry
9 Market Breakup by Region
10 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/research/cc8h2n/global_motor?w=4