The motor control centers market witnesses increasing traction across the globe. The market growth attributes to the rising need for reliable electric supply and maximum safety in transmission & distribution networks. Besides, increasing investments into the replacement of matured electric grid structures with modern upgraded ones drive the growth of the market.
Moreover, subsequent investments in transmission & distribution networks, grid expansion, and developing safe electrical infrastructure escalate the market demand. According to Market Research Future (MRFR), the global Motor Control Centers Market is poised to grow at around 5.95% CAGR during the review period (2018-2023). Industrial usages of control centers currently hold a large market share in terms of volume.
The spurring rise in the industrial sector across the globe and rising small and medium voltage motor control centers in industries for safe operations boost the market size. Additionally, rising installations of intelligent motor control centers in various utilities and industrial sectors, mainly due to compact design and low manufacturing cost, act as a key tailwind for the market growth.
Furthermore, the growing demand for intelligent motor control units from some of the burgeoning end-user verticals positively impacts the market growth. Governments worldwide are also promoting distributed energy systems to keep the market competitive and fulfill the energy demand. The augmenting demand for power and reduced carbon footprints, alongside the governmental support for motor control center installation, enhance the market growth.
On the other hand, fluctuating material costs and new product development over conventional motor control centers are major factors projected to restrict the market growth. Nevertheless, continually rising electricity demand worldwide and the growth in grid infrastructure would support the market growth throughout the forecast period. Also, the increased transition in energy systems with an increased focus on advanced power generation methods would accelerate market growth.
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Motor Control Centers Market – Competitive Analysis
Highly competitive, the motor control centers market appears fragmented, with several well-established players forming a competitive landscape. To gain a substantial competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/technology launch.
They make heavy investments for product development and geographical expansion initiatives. The market is estimated to witness relentless innovations and new products, eventually intensifying competition among synchronous motor manufacturers.
Players leading the global motor control centers market include Siemens AG (Germany), General Electric (US), ABB, Ltd. (Switzerland), Rockwell Automation (US), Schneider Electric SE (France), Mitsubishi Electric Corporation (Japan), Larsen & Toubro Limited (India), Hyosung Corporation (South Korea), WEG SA (Brazil), and Technical Control Systems Ltd. (UK), among others.
Global Motor Control Centers Market – Segments
The report is segmented into five dynamics;
By Type : Conventional and Intelligent Motor Control Centers.
By Voltage : Low and Medium Voltage.
By Component : Circuit Breakers & Fuses, Busbars, Overload Relays, Soft Starters, Variable Speed Drives, and others.
By End User : Industrial, Commercial, and Utilities.
By Regions : Americas, Asia Pacific, Europe, and the Rest-of-the-World.
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Motor Control Centers Market – Regional Analysis
The Asia Pacific region dominates the global Motor Control Centers market. The largest market share attributes to the augmenting demand and increased sales of motor control centers. Besides, the rapid industrialization, urbanization, and fast economic growth in countries such as India and China, drive the control center market in the region.
Moreover, the vast production and widening adoption of intelligent motor control systems boost regional market growth. Increasing uptake of intelligent motor control centers in industrial sectors across the region substantiates market growth. The APAC control centers market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global motor control centers market. The market growth is driven by increasing government initiatives to control the rising clean and efficient energy systems concerns. Additionally, the cold weather conditions in Europe drive market growth, creating a substantial demand for heating solutions from residential and commercial buildings.
Motor control centers market in the UK, Germany, France, and Italy increase the region’s market size. Also, huge spending on busbar systems in the defense industry to get long-term solutions for high-end, demanding devices fosters the market’s growth. The European intelligent motor control market is expected to create a substantial revenue pocket during the forecast period.
Table of Content:
Chapter 1: Motor Control Centers Market Overview
Chapter 2: Global Economic Impact on Industry
Chapter 3: Motor Control Centers Market Competition by Manufacturers
Chapter 4: Global Production, Revenue (Value) by Region
Chapter 5: Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6: Global Production, Revenue (Value), Price Trend by Type
Chapter 7: Global Market Analysis by Application
Chapter 8: Manufacturing Cost Analysis
Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Motor Control Centers Market Effect Factors Analysis
Chapter 12: Global Motor Control Centers Market Forecast
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