Global Motor Repair and Maintenance Market to Reach US$ 36.38 Billion by 2024: IMARC Group

Global Motor Repair and Maintenance Market to Reach US$ 36.38 Billion by 2024: IMARC Group

“Global Motor Repair and Maintenance Market Propelled by Its Cost-Effectiveness: IMARC Group”
The global motor repair and maintenance market has witnessed steady growth in the past few years. This can be accredited to the cost-effectiveness of repair and maintenance services and their rising demand in the field of industrial automation.

According to the recent report by IMARC Group, titled “Motor Repair and Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global motor repair and maintenance market reached a value of US$ 29.37 Billion in 2018. Motor repair and maintenance refers to the procedure of maintenance check which often includes visual inspection, motor winding test and bearing inspection of an electric motor. Electric motors find extensive applicability across diverse industries where they are installed in compressors, industrial fans, etc. They form an essential component of a business since its productivity and profitability depend upon their efficient performance. Over the past few years, various end users have started opting for effective repair and maintenance service packages which aim at averting critical breakdowns, thereby reducing downtime and preventing severe damage to the motor.

Market Trends:

Cost-effectiveness is a key benefit that is offered by preventive maintenance (PM) checks, which is driving the market growth. It is always a more convenient option to repair a motor and undertake preventive measures to avoid further damage than replacing the entire machine. Regular maintenance also reduces the risk factor and improves the lifespan of machinery. Additionally, owing to technological advancements, there has been a significant rise in the employment of electric motors for automating various applications across industries such as HVAC, mining, and food and beverages. Along with this, the utilization of intricate machinery is expected to significantly raise the demand for specialty motor repair and maintenance services. Owing to the aforementioned factors, the global motor repair and maintenance market size is expected to reach US$ 36.38 Billion by 2024, expanding at a CAGR of 3.64% during 2019-2024. 

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Market Summary:

Market Breakup by Type

1. General Repair
2. Overhaul

Based on the type, the market has been divided as general repair and overhaul. Amongst these, the general repair segment accounts for the majority of the total market share. It is further categorized into bearing, stator, rotor and others.

Market Breakup by Service

1. On-site Service
2. Off-site Service

On the basis of the service, off-site service represents the biggest segment, followed by on-site service.

Market Breakup by End Use Industry

1. Utilities (water, electricity and gas)
2. HVAC
3. Food and Beverage
4. Mining
5. Others

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Based on the end use, the market has been classified into utilities (water, electricity and gas), HVAC, food and beverage, mining and others. Currently, utilities represent the dominant market segment.

Market Breakup by Region

1. North America
2. Europe
3. Asia Pacific
4. Rest of the World

On the basis of geography, the market has been segregated into North America, Europe, Asia Pacific and Rest of the World. Asia Pacific currently holds the leading position in the market.

Competitive Landscape

The competitive landscape of the market has also been analyzed with some of the key players operating in the market being ABB Group, Siemens AG, WEG SA, Regal Beloit and TECO E&M/TECO-Westinghouse.

Browse similar reports by IMARC Group

Global Electric Motor Market Report and Forecast: https://www.imarcgroup.com/electric-motor-market

Global Induction Motor Market Report and Forecast: https://www.imarcgroup.com/induction-motor-market

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