September 12, 2019 - 5:21 AM EDT
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Global Motor Control Centers Market to Reach $6.8 Billion by 2024, Growing from Approx $5.3 Billion in 2019

Dublin, Sept. 12, 2019 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.

The global motor control center market is projected to reach USD 6.8 billion by 2024 from an estimated market size of USD 5.3 billion in 2019, at a CAGR of 5% during the forecast period.

The report defines, describes, and forecasts the global motor control centers market by type, voltage, component, standard, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.

It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the motor control centers market.

Market Insights

The growing demand for industrial automation in developed regions, increased use of electric motors in key industries, and increased industrial plant uptime have boosted the demand for motor control centers. Moreover, the booming power sector and augmented power generation capacities globally would further aid the growth of this market. The stagnancy in the oil & gas industry and the decrease in mining activities in Asia Pacific, Latin America, and Africa would act as restraints for the growth of the motor control centers market.

The global motor control centers market is dominated by a few major players that have a wide global and regional presence. The leading players in the motor control centers market are ABB Ltd. (Switzerland), Schneider Electric SE (France), Eaton Corporation, PLC (Ireland), Siemens AG (Germany), Rockwell Automation, Inc. (US), and WEG (Brazil).

The low voltage segment is expected to dominate the motor control centers market in 2019

The low voltage segment dominated the motor control centers market in 2018 owing to the extensive adoption of low voltage motors in various industries across the globe. Low voltage motor control centers are mainly installed in the chemical & petrochemical, pulp & paper, food & beverage, automobile, oil & gas, and cement industries. They are mostly used in industries to control the voltage, speed, torque, and frequency of motors, among other functions. Therefore, they are in high demand, considering the increasing industrialization and urbanization.

The intelligent motor control centers segment is expected to grow at the highest CAGR from 2019 to 2024

The intelligent segment is estimated to be the fastest-growing motor control center market, by type, from 2019 to 2024. This growth is attributed to the increasing levels of industrial automation in regions such as Asia Pacific and the Middle East & Africa. Although the initial costs of intelligent motor control centers are high, they provide advantages such as reduced installation time.

The other benefits of intelligent motor control centers include increased reliability, lesser wiring, reduced maintenance time, greater speed and precision in defect identification, remote monitoring, and control, and greater compactness compared to conventional motor control centers. All these factors are expected to drive the intelligent motor control centers market during the forecast period.

Asia Pacific is expected to lead in the global motor control centers market in terms of market size and growth rate

Asia Pacific is currently the largest motor control centers market, followed by North America and Europe. The Asia Pacific market is driven by rapid industrialization, increasing electricity demand, and power generation capacity additions in the region. It is projected to grow at the fastest rate, with China dominating the regional market.

With rising industrial automation and increasing power demand and power infrastructure, the need for high-efficiency motors has increased considerably. The increasing demand for motors is consequently leading to the growing demand for motor control centers. Apart from the Chinese and Indian markets, the motor control centers markets in countries such as Japan, Malaysia, Australia, and South Korea are also growing at healthy rates.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Motor Control Centers Market
4.2 Market, By Type
4.3 Market, By Voltage
4.4 Market, By End-User
4.5 Market, By Standard
4.6 Market, By Component
4.7 Market, By Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Automation in Developed Nations
5.2.1.2 Increased Demand for Motor Control Centers in Large Manufacturing Plants and Other Industries
5.2.1.3 Supportive Government Regulations Promoting Energy Savings Across Industries
5.2.1.4 Industries Aiming at High Reliability and Reducing Plant Downtime
5.2.2 Restraints
5.2.2.1 Decreasing Crude Oil Prices Leading to Reduced Investments in the Oil & Gas Industry
5.2.3 Opportunities
5.2.3.1 Replacement of Old & Aging Infrastructure
5.2.3.2 Rising Demand for Smart and Integrated Motor Control and Protection Devices
5.2.4 Challenges
5.2.4.1 Heavy Initial Investments and Higher Cost Compared to Its Counterparts
5.2.4.2 Motor Control Centers' Maintenance Complexities

6 Motor Control Centers Market, By Type
6.1 Introduction
6.1.1 By Low Voltage
6.1.2 By Medium Voltage
6.2 Intelligent
6.2.1 Increase in Automation in Developed Regions is Expected to Increase the Demand for Intelligent Motor Control Centers
6.3 Conventional
6.3.1 Conventional Motor Control Centers Held A Higher Market Share in 2018

7 Motor Control Centers Market, By Voltage
7.1 Introduction
7.2 Low Voltage
7.2.1 Increasing Low Voltage Motors for Industrial Usage are Enhancing the Need for Low Voltage Motor Control Centers
7.3 Medium Voltage
7.3.1 Inception of Large Water Treatment Plants and Utilities Globally is Likely to Increase Demand for Medium Voltage Motor Control Centers

8 Motor Control Centers Market, By End-User
8.1 Introduction
8.1.1 By Low Voltage
8.1.2 By Medium Voltage
8.2 Industrial
8.2.1 Increasing Need for Efficient Electrical Equipment is Likely to Drive the Motor Control Centers Market in Developing Regions
8.3 Commercial
8.3.1 Increasing Number of Commercial Buildings Globally are Expected to Drive the Motor Control Centers Market

9 Motor Control Centers Market, By Standard
9.1 Introduction
9.2 IEC
9.2.1 Demand for Increased Overall Efficiency is Expected to Drive the IEC Standard Motor Control Centers Market
9.3 Nema
9.3.1 Increasing Industrialization in Developing Nations is Expected to Benefit Nema Standards' Share in Motor Control Centers
9.4 Others
9.4.1 Rising Regional Regulations in Developed Regions Would Help Other Standards to Grow During the Forecast Period

10 Motor Control Centers Market, By Component
10.1 Introduction
10.1.1 By Low Voltage
10.1.2 By Medium Voltage
10.2 Busbars
10.2.1 Need for Simpler Design Layout of Motor Control Centers is Expected to Drive the Segment During the Forecast Period
10.3 Circuit Breakers & Fuses
10.3.1 Circuit Breaker De-Energizes Equipment for Safety and Protection of Motor Control Centers and Connected Apparatus
10.4 Overload Relays
10.4.1 Relays are Sensing Devices That Operate the Circuit Breaker for Safety and Protection of the Connected Motors
10.5 Variable Speed Drives
10.5.1 Need for Variable Speed Output is Expected to Increase the Requirement for Variable Speed Drives in Motor Control Centers
10.6 Soft Starters
10.6.1 Soft Starters Limit Current for Safely Starting A Motor
10.7 Others
10.7.1 Supporting Components are an Integral Part of Motor Control Centers

11 Motor Control Centers Market, By Region
11.1 Introduction
11.2 Asia Pacific
11.2.1 By End-User
11.2.1.1 By Low Voltage
11.2.1.2 By Medium Voltage
11.2.2 By Voltage
11.2.3 By Type
11.2.3.1 By Low Voltage
11.2.3.2 By Medium Voltage
11.2.4 By Component
11.2.4.1 By Low Voltage
11.2.4.2 By Medium Voltage
11.2.5 By Country
11.2.5.1 China
11.2.5.1.1 Strong Economic Growth and Supportive Government Policies for the Growing Industrialization are Expected to Drive the Chinese Motor Control Centers Market
11.2.5.2 India
11.2.5.2.1 Increased Manufacturing and Industrialization Along With Need for Enhanced Efficiency of the Manufacturing Plants are Driving the Motor Control Centers Market During the Forecast Period
11.2.5.3 Australia
11.2.5.3.1 Australian Mining Activities and Petroleum Investments are Expected to Drive the Australian Motor Control Centers Market During the Forecast Period
11.2.5.4 Japan
11.2.5.4.1 Growing Industrial Production and Investments Toward Enhanced Manufacturing Practices are Expected to Drive the Japanese Motor Control Centers Market
11.2.5.5 Taiwan
11.2.5.5.1 Growing Manufacturing and Commercial Activities are Driving the Need for Motor Control Centers in the Country
11.2.5.6 South Korea
11.2.5.6.1 Improved Shipbuilding and Manufacturing Industries Would Require A Sizable Quantity of Motor Control Centers
11.2.5.7 Rest of Asia Pacific
11.2.5.7.1 Government Plans to Reduce Carbon Emissions Will Help the Motor Control Centers to Grow in the Region
11.3 North America
11.3.1 By End-User
11.3.1.1 By Low Voltage
11.3.1.2 By Medium Voltage
11.3.2 By Voltage
11.3.3 By Type
11.3.3.1 By Low Voltage
11.3.3.2 By Medium Voltage
11.3.4 By Component
11.3.4.1 By Low Voltage
11.3.4.2 By Medium Voltage
11.3.5 By Country
11.3.5.1 US
11.3.5.1.1 Increased Investments in the Field of Automation in Manufacturing Plants and Oil & Gas Exploration are Expected to Drive the US Motor Control Centers Market
11.3.5.2 Canada
11.3.5.2.1 High Growth in the Construction and Oil & Gas Industries are Expected to Drive the Canadian Motor Control Centers Market
11.3.5.3 Mexico
11.3.5.3.1 Rising Investments in the Petroleum Industry Along With Increased Industrialization are Driving the Motor Control Centers Market During the Forecasted Period
11.3.5.4 Cuba
11.3.5.4.1 Investments in the Mining Operations Would Help in the Growth of the Cuban Motor Control Centers Market
11.4 Europe
11.4.1 By End-User
11.4.1.1 By Low Voltage
11.4.1.2 By Medium Voltage
11.4.2 By Voltage
11.4.3 By Type
11.4.3.1 By Low Voltage
11.4.3.2 By Medium Voltage
11.4.4 By Component
11.4.4.1 By Low Voltage
11.4.4.2 By Medium Voltage
11.4.5 By Country
11.4.5.1 Germany
11.4.5.1.1 Increasing Automation and Construction in the Region Would Lead to an Increased Demand for Motor Control Centers
11.4.5.2 UK
11.4.5.2.1 The Need for Processing Wastewater for Sustainability is Expected to Help the Motor Control Centers Market Grow
11.4.5.3 France
11.4.5.3.1 Refurbishment and Addition of Electricity T&D are Expected to Help in the Growth of the Motor Control Centers Market
11.4.5.4 Italy
11.4.5.4.1 Ongoing Investments in the Chemical Industry Would Lead to A Higher Demand for Motor Control Centers in the Country
11.4.5.5 Spain
11.4.5.5.1 Increased Automation in the Chemical and Pharmaceutical Industries Indicate Growing Need for Motor Control Centers
11.4.5.6 Rest of Europe
11.4.5.6.1 Aimed Reduction in Carbon Emissions are Expected to Drive the Motor Control Centers Market
11.5 South America
11.5.1 By End-User
11.5.1.1 By Low Voltage
11.5.1.2 By Medium Voltage
11.5.2 By Voltage
11.5.3 By Type
11.5.3.1 By Low Voltage
11.5.3.2 By Medium Voltage
11.5.4 By Component
11.5.4.1 By Low Voltage
11.5.4.2 By Medium Voltage
11.5.5 By Country
11.5.5.1 Brazil
11.5.5.1.1 Augmented Investments in the Utilities and Oil & Gas Sector are Expected to Drive the Motor Control Centers Market in the Country
11.5.5.2 Argentina
11.5.5.2.1 Enhancement of Power Generation Sector of the Country is Expected to Increase Its Need for Motor Control Centers
11.5.5.3 Venezuela
11.5.5.3.1 Petrochemical Industry Along With Utilities are Expected to Drive the Motor Control Centers Market in the Country
11.5.5.4 Chile
11.5.5.4.1 Upcoming Investments in Mining Sector Would Increase the Demand for Motor Control Centers in the Country
11.5.5.5 Rest of South America
11.5.5.5.1 The Mining Industry, Developing Utilities and Investments in the Oil & Gas Industry are Expected to Drive the Motor Control Centers Market in the Region
11.6 Middle East & Africa
11.6.1 By End-User
11.6.1.1 By Low Voltage
11.6.1.2 By Medium Voltage
11.6.2 By Voltage
11.6.3 By Type
11.6.3.1 By Low Voltage
11.6.3.2 By Medium Voltage
11.6.4 By Component
11.6.4.1 By Low Voltage
11.6.4.2 By Medium Voltage
11.6.5 By Country
11.6.5.1 Saudi Arabia
11.6.5.1.1 Oil & Gas Exploration and Production Along With Growing Number of Wastewater Plants are Likely to Drive the Motor Control Centers Market in the Country
11.6.5.2 UAE
11.6.5.2.1 Augmented Operations in the Petroleum Industry Along With the Construction Industry are Helping the Motor Control Centers to Grow During the Forecasted Period
11.6.5.3 Turkey
11.6.5.3.1 Increased Mining and Export Industries Will Help the Motor Control Centers to Grow in the Country
11.6.5.4 Algeria
11.6.5.4.1 Growth of Algeria's Petroleum Industry Cis Expected to Increase the Demand for Motor Control Centers in the Future
11.6.5.5 Kuwait
11.6.5.5.1 Planned Growth of the Oil Exploration and Export Industries are Driving the Motor Control Centers During the Forecast Period
11.6.5.6 Qatar
11.6.5.6.1 Major Construction Projects are Expected to Drive the Motor Control Centers Market
11.6.5.7 South Africa
11.6.5.7.1 Growing Mining and Manufacturing Industries Would Drive the Market for Motor Control Centers in the South African Market
11.6.5.8 Rest of Middle East & Africa
11.6.5.8.1 Huge Investments in the Oil & Gas Sector are Expected to Drive the Motor Control Centers in the Region

12 Competitive Landscape
12.1 Overview
12.2 Competitive Leadership Mapping, 2018
12.2.1 Visionary Leaders
12.2.2 Innovators
12.2.3 Dynamic Differentiators
12.2.4 Emerging
12.3 Market Share, 2018
12.4 Competitive Scenario
12.4.1 Contracts & Agreements
12.4.2 New Product Launches
12.4.3 Mergers & Acquisitions
12.4.4 Investments & Expansions
12.4.5 Others

13 Company Profiles
13.1 ABB
13.2 Rittal
13.3 TES
13.4 Technical Control Systems
13.5 Lsis
13.6 WEG
13.7 Tesco Controls
13.8 Rockwell Automation
13.9 Eaton
13.10 Mitsubishi Electric
13.11 Siemens
13.12 Schneider Electric
13.13 Larsen & Toubro
13.14 Fuji Electric
13.15 Vidhyut Control

For more information about this report visit https://www.researchandmarkets.com/r/26wbt5

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Source: GlobeNewswire PR (September 12, 2019 - 5:21 AM EDT)

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