New York, July 02, 2021 (GLOBE NEWSWIRE) — Motor Control Center Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Motor Control Centers Market Research Report, Type, Voltage, Component, End User and Region – Forecast to 2027 » The Motor Control Center Market is expected to be worth USD 8.31 Billion by 2027, registering a CAGR of 6.93% during the forecast period (2021-2027). The market was valued at USD 4.89 billion in 2020.
Motor Control Center Market Analysis / Motor Control Center Market Outlook
Impact of COVID-19 on the Motor Control Center Market
The COVID-19 pandemic has deeply affected the manufacturing and service sectors. Following government-imposed shutdowns everywhere to curb the spread of the deadly virus, there has been a downturn in the global economy. This in turn has impacted the motor control center market due to shutdown of non-core manufacturing as well as other business sectors. MCCs used by commercial and industrial end users were the hardest hit in 2020.
Get a Free Sample PDF Brochure https://www.marketresearchfuture.com/sample_request/4105
Prominent players profiled in the global Motor Control Center industry report include-
- General Electric (USA)
- Siemens AG (Germany)
- ltd. (Swiss)
- Schneider Electric SE (France)
- Rockwell Automation (USA)
- Mitsubishi Electric Corporation (Japan)
- Hyosung Corporation (South Korea)
- Larsen & Toubro Limited (India)
- Engineering Control Systems Ltd. (UK)
- WEG SA (Brazil)
The key players have integrated several strategies to stay ahead such as acquisitions, mergers, collaborations, partnerships, etc. For example, in June 2021, a Scottish engineering group acquired a Leeds-based automation and control manufacturer. TCS (Technical Control Systems), manufacturer and designer of motor control centers, low voltage switchgear, control panels and relay protection panels, has been acquired by RSE. This agreement also includes the continuation of TCS’ TAP joint venture which offers system integration to consumers such as Southern Water, Yorkshire Water and Thames Water.
Browse the In-Depth Market Research Report (111 Pages) on Motor Control Centers
Improve features that drive market growth
According to the latest MRFR report, there are many factors propelling the global motor control center market share.
Motor Control Center Market Drivers / Motor Control Center Market Trends
Need for uninterrupted power supply to drive market growth
The need for constant and uninterrupted power supply is expected to increase the automotive center market revenue over the forecast period due to rapid industrialization and increase in population. Growing need for reliable power supply and subsequent investments in transmission and distribution network, development of safe power infrastructure and network expansion are adding to the growth of the market.
Motor Control Center Market Opportunities
Introduction of smart MCCs to provide robust opportunities
The introduction of intelligent motor control centers (MCCs) is expected to provide strong opportunities for the market over the forecast period as they offer real-time monitoring function, help in performing advanced diagnostics of electronic systems and enable predictive maintenance. The introduction of intelligent motor control centers or iMCCs with remote capabilities along with advanced features such as predictive maintenance and loss detection are new developments designed to meet industrial needs.
High initial investments to act as market restraints
The high initial investments required in MCCs might act as a market constraint during the forecast period.
Crude oil prices drop to meet market challenge
Falling crude oil prices resulting in reduced investments, especially in the oil and gas sector, are expected to pose a challenge for the market during the forecast period.
Share your queries https://www.marketresearchfuture.com/enquiry/4105
By type, the conventional motor control center segment will lead the market during the forecast period for growing demand for industrial automation in the developed regions coupled with the advantages they offer such as reliable and easy to operate. improved operability, smooth and fast maintenance, easy expansion and modification, and high levels of security.
By voltage, low voltage segment will dominate the market over the forecast period as it is highly preferred owing to its widespread adoption in different industries across the globe.
By component, the busbar segment will spearhead the market during the forecast period. Busbars are the main current-carrying components of motor control centers. The growth in consistency, proficiency and flexibility of busbars has led to an increasing need for busbars, thus adding to the growth of the segment.
By end-user, the industrial end-user segment will take the lion’s share of the market during the forecast period. Increasing industrial development across the globe resulting in wide application of low and medium voltage motor control centers in industries for safe operations is adding to the growth of the segment.
APAC region leads motor control center market
Asia-Pacific region is expected to lead the motor control center market over the forecast period. Rapid urbanization, industrialization, rapid economic growth, growth of electricity infrastructure in China and India, growing demand for electricity, growth of manufacturing and processing industry and increase in capacity of power generation add to the growth of the global motor control center market in the region. Additionally, increasing industrial automation, growth of different industries like oil and gas, power and chemicals, and fast-growing economy are also contributing to the growth of the market. India and China have the largest market share.
Market Segmentation Covered by Research:
Information report by type (conventional motor control centers and intelligent motor control centers), by voltage (low voltage and medium voltage), by component (bus bars, circuit breakers and fuses, overload relays, variable speed drives, soft starters and others), by End User (Industrial, Commercial and Utilities) and by region (North America, Europe, Asia-Pacific and Rest of the World)
To buy: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=4105
About Market Research Future:
Market Research Future (MRFR) is a global market research company that prides itself on its services, offering comprehensive and accurate analysis with respect to various markets and consumers around the world. Market Research Future has the distinct objective of providing clients with top quality research and granular research. Our market research by products, services, technologies, applications, end users and market players for global, regional and country market segments enables our clients to see more, know more and do more , which helps answer your most important questions. questions.
Follow us: LinkedIn | Twitter