Motor Control Centers Market: Market Segments: By Type (Conventional MCC, and Intelligent MCC); By Voltage (Low Voltage MCC and Medium Voltage MCC); By Component (Busbars, Overload relays, Variable speed drives, Soft starters and Others); By End User (Oil & Gas, Chemical & Petrochemicals, Utilities, Food & Beverage, Mining and Others); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Set of either one or more parts enclosed and has a common power bus is a motor control center. The main goal of the MCC is to monitor the distribution of electrical power to electric motors. In order to maximize efficiency and reduce running costs, these centers play an important role. In addition, motor control centers can integrate production and business networks with field equipment efficiently. Widely accepted today in manufacturing units, they provide paramount security coupled with intelligent monitoring as well as motor control relay diagnostic capabilities.
Motor Control Centers Market is expected to project a notable CAGR of 6.2% in 2030.
Motor Control Centers Market to surpass USD 6.9 Billion by 2030 from USD 4.3 Billion in 2019 in terms of value growing at a CAGR of 6.2% throughout the forecast period, i.e., 2020-30. In emerging economies such as China, India and Brazil, the expansion of the manufacturing sector is expected to remain a key driving force for promoting market growth in smart motor control centers.
Motor Control Centers Market: Segments
Intelligent MCC segment to grow with the highest CAGR during 2020-30
Motor Control Centers Market is segmented by Type as Conventional MCC and Intelligent MCC. The conventional motor control centers segment is estimated to lead the market with a share of over XX.X% in 2019. The key factors driving demand for conventional motor control centers during the forecast period are the increasing demand for industrial automation in developed regions and the benefits provided by conventional motor control centers, such as high level of protection, easy expansion and adjustment, fast and smooth maintenance, and improved reliability and operability.
Motor Control Centers Market: Market Dynamics
Increasing Level of Industrial Automation
High levels of automation in manufacturing plants have resulted from technical changes. All manufacturing plants compete to meet standards of quality and safety, achieve maximum productivity, and sustain reasonable prices for goods. This has resulted in industries automating their processes, such as motor control centers, via intelligent motor control equipment. This has further resulted in a growing demand in developing regions for motor control centers.
Decreasing crude oil prices
One of the leading end-user markets of motor control centres is the oil & gas industry. The recent decrease in the price of crude oil has led to a dramatic drop in capital expenditures, decreasing demand for industrial equipment. Instead of purchasing new and more effective goods, this has left the oil & gas companies focused more on improving operational performance with the same devices.
Motor Control Centers Market: Key Players
• ABB Ltd.
• Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
• Eaton Corporation
• Larsen & Toubro Limited
• LSIS Co. Ltd.
• Mitsubishi Motors Corporation
• Rockwell Automation, Inc.
• Schneider Electric SE
• Siemens AG
• TES Group
• Tesco Controls, Inc.
Motor Control Centers Market: Regions
Motor Control Centers Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Motor Control Centers Market in North America led the market with a lion share of more than XX.X% in 2019 in light of growing implementation of automation control systems in the United States and Canada’s manufacturing sectors. Rising spending on utilities is projected to have a negative effect on the demand in developed markets, including Germany and France. A positive outlook for manufacturing sectors in China and India is expected to play a crucial role in advancing the growth of the market for smart motor control centers in view of regulatory support to encourage domestic investment. Saudi Arabia’s changing preference from the upstream sector to the automotive and chemical sectors of the governments of Middle East countries is expected to increase demand in the manufacturing sector. As a consequence, the factors listed above are expected to open up new opportunities for the Middle East motor control market over the next eight years.
Motor Control Centers Market report also contains analysis on:
Motor Control Centers Market Segments:
• Conventional MCC
• Intelligent MCC
• Low Voltage MCC
• Medium Voltage MCC
• Overload relays
• Variable speed drives
• Soft starters
• Oil & Gas
• Chemical & Petrochemicals
• Food & Beverage
• Motor Control Centers Market Dynamics
• Motor Control Centers Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
FAQs on Motor Control Centers Market
· Which segment is anticipated to hold the largest market share?
· At what CAGR is the market anticipated to grow between 2020 and 2030?
· Who are the key players in the Motor Control Centers Market?
· What could be the challenging factors in the growth of Motor Control Centers Market?
· What are the growth drivers for the Motor Control Centers Market?