Motor Control Centers Market Ongoing Trends and Recent Developments | Key Players like ABB, Ltd., Schneider Electric SE, Siemens AG, Eaton Corporation, PLC, Rockwell Automation, Inc.

According to the new market research report "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" The global motor control centers market is expected to grow from an estimated value of USD 5.3 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 5.0%, from 2019 to 2024. The global market is set to witness significant growth owing to the growing demand for industrial automation in developed regions and regulations promoting energy saving across major industries.

Browse 167 market data Tables and 38 Figures spread through 208 Pages and in-depth TOC on "Motor Control Centers Market - Global Forecast to 2024"

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/motor-control-centers-market-227058918.html

The low voltage segment is expected to hold the largest share of the motor control centers market, by voltage, during the forecast period

The low voltage segment includes up to 1 kV motor control centers. This segment is expected to hold the major share in 2019 owing to the widespread adoption of low voltage motors in various industries globally. Low voltage motor control centers are mainly used in the chemical & petrochemical, cement & manufacturing, food & beverage, oil & gas, and metals & mining. Asia Pacific is the largest low voltage motor control centers market because of rapid industrialization and urbanization in countries such as China and India. All these factors are expected to boost the low voltage motor control centers market.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=227058918

Busbars are an alternative to traditional cabling and the largest motor control centers market, by component, during the forecast period

The busbars segment held the largest share of the motor control centers market in 2018. A busbar is the most important component of a motor control center as it acts as a common voltage point for all electrical equipment connected to the motor control center. The increase in the flexibility, efficiency, and reliability of busbars, and the elimination of the need for additional wires have led to the rising demand for busbars in the motor control centers market. Busbars are mainly used in utilities and industrial applications to deliver power to buildings and electrical loads, respectively.

The industrial segment is expected to be the fastest growing end-user of the motor control centers market

The industrial end-users of the motor control centers market is segmented into oil & gas, metals & mining, utilities, chemical & petrochemical, cement & manufacturing, and food & beverage industries. The industrial segment is expected to be the fastest growing motor control centers market from 2019 to 2024 owing to the inclination toward motorized automation worldwide. Moreover, increasing demand for electric motors in the aforementioned industries is also expected to drive the industrial segment of the motor control centers market.

Asia Pacific is expected to dominate the global motor control centers market

Asia Pacific is expected to dominate the global motor control centers market owing to the increasing industrialization and electricity demand in the region. China is expected to dominate the Asia Pacific motor control centers market. The motor control centers’ markets in countries such as China, India, and Japan are expected to grow at high rates. Increasing power generation capacity additions and industrialization projects in these countries are the main reasons spurring the growth of the motor control centers market.

Request Sample Copy @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=227058918

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the motor control centers market. These include ABB, Ltd. (Switzerland), Schneider Electric SE (France), Siemens AG (Germany), Eaton Corporation, PLC (Ireland), and Rockwell Automation, Inc. (US). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their respective market share.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

About MarketsandMarkets™:
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets

This release was published on openPR.