DUBLIN--(BUSINESS WIRE)--The "Motor Control Centers Market by Type (Intelligent and Conventional), Voltage (Low and Medium), End-User (Industrial and Commercial), Standard (IEC and NEMA), Component, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global motor control center market is projected to reach USD 6.8 billion by 2024 from an estimated market size of USD 5.3 billion in 2019, at a CAGR of 5% during the forecast period.
The growing demand for industrial automation in developed regions, increased use of electric motors in key industries, and increased industrial plant uptime have boosted the demand for motor control centers. Moreover, the booming power sector and augmented power generation capacities globally would further aid the growth of this market. The stagnancy in the oil & gas industry and the decrease in mining activities in Asia Pacific, Latin America, and Africa would act as restraints for the growth of the motor control centers market.
The global motor control centers market is dominated by a few major players that have a wide global and regional presence. The leading players in the motor control centers market are ABB Ltd. (Switzerland), Schneider Electric SE (France), Eaton Corporation, PLC (Ireland), Siemens AG (Germany), Rockwell Automation, Inc. (US), and WEG (Brazil).
The low voltage segment is expected to dominate the motor control centers market in 2019
The low voltage segment dominated the motor control centers market in 2018 owing to the extensive adoption of low voltage motors in various industries across the globe. Low voltage motor control centers are mainly installed in the chemical & petrochemical, pulp & paper, food & beverage, automobile, oil & gas, and cement industries. They are mostly used in industries to control the voltage, speed, torque, and frequency of motors, among other functions. Therefore, they are in high demand, considering the increasing industrialization and urbanization.
The intelligent motor control centers segment is expected to grow at the highest CAGR from 2019 to 2024
The intelligent segment is estimated to be the fastest-growing motor control center market, by type, from 2019 to 2024. This growth is attributed to the increasing levels of industrial automation in regions such as Asia Pacific and the Middle East & Africa. Although the initial costs of intelligent motor control centers are high, they provide advantages such as reduced installation time.
The other benefits of intelligent motor control centers include increased reliability, lesser wiring, reduced maintenance time, greater speed and precision in defect identification, remote monitoring, and control, and greater compactness compared to conventional motor control centers. All these factors are expected to drive the intelligent motor control centers market during the forecast period.
Asia Pacific is expected to lead in the global motor control centers market in terms of market size and growth rate
Asia Pacific is currently the largest motor control centers market, followed by North America and Europe. The Asia Pacific market is driven by rapid industrialization, increasing electricity demand, and power generation capacity additions in the region. It is projected to grow at the fastest rate, with China dominating the regional market.
With rising industrial automation and increasing power demand and power infrastructure, the need for high-efficiency motors has increased considerably. The increasing demand for motors is consequently leading to the growing demand for motor control centers. Apart from the Chinese and Indian markets, the motor control centers markets in countries such as Japan, Malaysia, Australia, and South Korea are also growing at healthy rates.
Market Dynamics
Drivers
- Growing Demand for Automation in Developed Nations
- Increased Demand for Motor Control Centers in Large Manufacturing Plants and Other Industries
- Supportive Government Regulations Promoting Energy Savings Across Industries
- Industries Aiming at High Reliability and Reducing Plant Downtime
Restraints
- Decreasing Crude Oil Prices Leading to Reduced Investments in the Oil & Gas Industry
Opportunities
- Replacement of Old & Aging Infrastructure
- Rising Demand for Smart and Integrated Motor Control and Protection Devices
Challenges
- Heavy Initial Investments and Higher Cost Compared to Its Counterparts
- Motor Control Centers' Maintenance Complexities
Companies Profiled
- ABB
- Rittal
- TES
- Technical Control Systems
- Lsis
- WEG
- Tesco Controls
- Rockwell Automation
- Eaton
- Mitsubishi Electric
- Siemens
- Schneider Electric
- Larsen & Toubro
- Fuji Electric
- Vidhyut Control
For more information about this report visit https://www.researchandmarkets.com/r/ljxwy
