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.
Global Motor Control Centers Market Systems - 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.
Major Players:
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.
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 size. 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.
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.
Industry/ Innovation/Related News:
November 30, 2020 ---- Spike Electric Controls (the US), a leading global electrical gear manufacturer, announced signing a PEM contract with a European multinational energy and automation company Schneider Electric for Quick Ship Custom Motor Control Centers Replacement MCC Buckets.
Spike Electric manufactures custom quick ship highly complex and integrated systems for distribution and control assemblies. Schneider Electric provides energy and digital automation solutions for efficiency and sustainability. Spike Electric is now an Authorized Schneider Electric Power Equipment Manufacturer (PEM) Partner for Quick Ship Custom Motor Control Centers Replacement MCC Buckets.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/motor-control-centers-market-4105
About Market Research Future:
Market Research Future® (Part of WantStats Research And Media Pvt. Ltd.) has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Our Research Analysts are eager to share their knowledge and assist you in refining market research parameters, choosing right market studies, and evaluating both the market scope and the research methodologies of varied segments.
Contact Us:
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune - 411028
Maharashtra, India
+1 646 845 9312
Email: [email protected]
