Motor Control Centers Market Size to Reach $6.3 billion by 2025 | ABB, Schneider Electric, Siemens, Eaton, Rockwell Automation
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COVID-19 Impact on the Global Motor Control Centers Market
The COVID-19 outbreak is profoundly affecting both the service and manufacturing sectors alike. With more and more countries resorting to nationwide lockdowns to prevent a further spike in the spread of the disease, the global economy has slowed down. In this context, the motor control centers market is expected to be affected in the short term owing to the shutting down of non-essential manufacturing sectors and other commercial sectors. The motor control centers used by the industrial and commercial end-users are expected to take the maximum hit in 2020. According to the World Bank, it is too early to gauge the depth and duration of this pandemic in the global economy; however, it is certain that the outbreak will have a short-term impact on all sections of the market.
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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 2020 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.
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 2019. 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.
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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 2020 to 2025 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.
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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 (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton (Ireland), and Rockwell Automation (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.
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