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Motor Control Centers Market Valued USD 4,500 million in 2020 and will grow at 5.2% CAGR till 2028 | Size, Analysis, Growth & Global Forecast
Motor Control Centers Market
The Motor Control Centers Market was calculated around USD 4,500 million in 2020 and is expected to grow at a CAGR of 5.2% over the forecast period (2021-2028).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/motor-control-centers-market-analysis-industry-research/
The factors driving the growth of Motor Control Centers Market includes growing adoption of intelligent motor control centers, rise in the number of electric motors around the world and rapid growth in Chemical and Petrochemical industries. According to the report published by Statista, the Global Electric Motor Market was estimated around USD 106.3 billion in 2020 and is expected tor reach USD 207.3 billion by the end of 2030, which will accelerate the Motor Control Centers Market size in the approaching years. Moreover, advancements in microprocessor technology, growing emphasis on enhancing the operational efficiency and reducing plant downtime and growing adoption of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT), are some of the additional factors supplementing the market growth. In addition, the Government regulations to reduce the energy consumption, increasing investments by leading players on research and development, rapid urbanization, rising disposable incomes and growing population growth rates, are further contributing to the market growth.
However, the growth of Motor Control Centers Market is hindered attributed to fall in the prices of crude oil.
The leading players operating in the Motor Control Centers Market are Rockwell Automation, Eaton, Marine Electricals, ABB, Mitsubishi Electric, Siemens, Ingeteam S.A., Schneider Electric, WEG and Powell, among others.
Based on Type, the Conventional segment is predicted to grow at a significant CAGR during the forecast period
Conventional motors provide high level of safety and enhances operational efficiency, are some of the factors responsible for the segment's growth.
Based on Component, the Circuit breakers & Fuses segment is projected to capture the largest market share over the forecast period
As per the Motor Control Centers Market Analysis, rapid growth in the switchgear and transformer sector, is propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period
Rise in the power generation capability, growing demand for electricity, growing adoption of advanced technologies in end-use industries, increasing disposable income, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Development
In 2019, Schneider Electric introduced its ArcBlok Technology in the Square D Brand Model 6 Motor Control Centre (MCC).
Market Segmentation
Segmentation by Type
Intelligent
Conventional
Segmentation by End User
Industrial
Commercial
Segmentation by Standard
IEC
NEMA
Others
Segmentation by Component
Busbars
Circuit breakers & Fuses
Overload relays
Variable speed drivers
Soft starters
Others
Segmentation by Voltage
Low Voltage
Medium Voltage
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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