Market Scenario
As per a
detailed analysis by Market Research Future (MRFR), the global motor control
centers market is predicted to garner 5.95% CAGR during the forecast period
(2018-2023). The industrial usage of
motor control centers currently holds a large share of total volume of motor
control centers and is expected to dominate the market during forecast
period. A detailed
analysis report of COVID-19 impact on Motor Control Centers Market is provided with the
report.
The need for continuous uninterrupted electric supply is
growing because of the worldwide rise in population and rapid
industrialization. The increasing need of reliable electric supply and
subsequent investment in transmission & distribution network, grid
expansion, and developing safe electrical infrastructure is expected to drive
the growth of the global motor control centers market. The surging
demand for reliable electric supply is encouraging the growth of the market.
A motor
control center (MMC) can be defined as a centralized system in which all the
combination starters are assembled and are connected through a common source
power bus. They are mainly used to control the distribution of power to the electrical
motors. The MMC panels comprise program controllers, variable frequency drives,
and meeting devices. It is made of a
steel structure and contains the combination wire-ways, motor control units bus
bars, and internal wiring.
Market
Potential and Pitfalls
The motor
control centers market has witnessed a tectonic surge in the past few years due
to the surging demand for reliable electric supply along with subsequent
investment in distribution and transmission network, developing safe electrical
infrastructure, and grid expansion.
Motor
control centers are highly accepted across the globe in several commercial and
industrial sector due to its properties like controlling the motors in phase
from a central position. It also offers flexibility while adhering to the
complex distribution of electrical system. It comes with a compact design with
low manufacturing cost which makes it permeable to be installed in industrial
and utilities sector. Such factors are considered to encourage the motor
control centers market growth in the foreseeable future. The growth in grid
infrastructure across the world coupled with the constant need for electricity
are some of the major factors triggering the demand for motor control centers
across the globe. The improvement in safety for MCCs is another major factor
likely to stimulate the market growth in the coming years. The requirement for
cost-effective solution to reduce equipment damage and downtime is considered
to fuel the market growth. The booming industrial automation coupled with the
constant upgradation in the power infrastructure are likely to boost the market
in the long run.
On the
contrary, the fluctuations in the material cost along with the development of
new product over conventional motor control centers are some of the major
concerns likely to restrict the growth of the market during the review period.
Segmental
Analysis
The global motor control centers market
has been segmented on the basis of type, voltage, component, and end-user.
By mode of
type, the global motor control centers market has been segmented into
intelligent motor control centers and conventional motor control centers.
The voltage
segment comprises medium voltage and low voltage.
Based on
component, the motor control centers market comprises circuit breakers &
fuses, busbars, variable speed drives, overload relays, soft starters, and
others.
The
end-users segment constitutes of commercial, industrial, and utilities.
Regional
Insights
Geographically,
the motor control centers market span across regions namely, Europe, North
America, Asia Pacific, and the Rest-of-the-World (RoW).
Considering
the global scenario, Asia Pacific is considered to lead the market across the
globe. The growth has been ascribed to the steady industrialization, rapid
economic growth in economies like China and India, and booming urbanization.
The high demand for electricity in this region is contributing to the growth of
the market. The Chinese market is anticipated to dominate the market in this
region. The surging power generation capacity additions coupled with the
industrialization projects in India, Japan, and China are likely to spur the
growth of the regional market.
Competitive
Dashboard
The
prominent players operating in the global motor control centers market
comprises Siemens AG (Germany), General Electric (U.S.), Schneider Electric SE
(France), ABB, Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan),
Rockwell Automation (U.S.), Larsen & Toubro Limited (India), Hyosung
Corporation (South Korea), WEG S.A. (Brazil), and Technical Control Systems
Ltd. (U.K).
Browse
Full Report at: https://www.marketresearchfuture.com/reports/motor-control-centers-market-4105
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
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