What is the global market size of Motor Control Centers Market?

Global Motor Control Centers Market size was valued at USD 5.53 billion in 2021 and is poised to grow from USD 5.84 billion in 2022 to USD 9.39 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).

Motor Control Centers Market Size, Share, Growth Analysis, By Voltage Range(Low Voltage Motor Control Centers, Medium Voltage Motor Control Centers), By Component(Busbars, Circuit Breakers, Overload Relays, Variable Frequency Drives (VFDs)), By End-user(Oil & Gas, Manufacturing, Power Generation, Automotive), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25A2190 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 96 | Figures: 76

Motor Control Centers Market Dynamics

Drivers

Increasing Trend Towards Industrial Automation Across

A growing trend in all areas of industry toward industrial automation has led to a sharp upsurge demand for efficient motor control mechanisms. Motor Control Centers are central controls for monitoring and managing electrical motors which can be used to optimize industrial procedures. Second, the energy efficiency and sustainability issues that have surfaced in recent years have led industries to adopt new technologies for motors.

Restraints

High Initial Investment Required for the Installation

Insufficient R & D Another market bottleneck is the relatively high initial costs needed to install cutting-edge motor controls, including Intelligent Motor Control Centers (iMCC) and Variable Frequency drive systems. Because of the high upfront costs involved, smaller firms are hesitant to adopt these advanced solutions. In addition, regional economic uncertainties and limits on capital outlays are likely to slow overall market growth.

Motor Control Centers Market Report Snapshots

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FAQs

Motor Control Centers Market size was valued at USD 5.84 billion in 2022 and is poised to grow from USD 6.25 billion in 2023 to USD 10.74 billion by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).

SkyQuest note the market environment in Motor Control Centers is very competitive and subject to change. There are several key industry members active with each trying to gain a share of the pie as well as technological leadership status. The big players generally only concern themselves with R & D efforts to promote more mature motor control products, such as improved intelligent Motor Control Centers (iMCC). 'ABB Ltd.', 'Eaton Corporation', 'Siemens AG', 'Schneider Electric', 'Rockwell Automation, Inc.', 'LSIS Co., Ltd.', 'Mitsubishi Electric Corporation', 'Fuji Electric', 'WEG', 'Gemco Controls Limited', 'General Electric', 'Sun-Tech Engineers', 'Vidyut Control India Private Limited', 'Rolla Limited', 'Technical Control System Limited', 'Tesco Controls, Inc.', 'Hitachi', 'Phoenix Contact', 'Eaton Cleveland Controls', 'Danfoss'

A growing trend in all areas of industry toward industrial automation has led to a sharp upsurge demand for efficient motor control mechanisms. Motor Control Centers are central controls for monitoring and managing electrical motors which can be used to optimize industrial procedures. Second, the energy efficiency and sustainability issues that have surfaced in recent years have led industries to adopt new technologies for motors.

Rising Integration of Smart and Connected technologies in Motor Control Centers: The growing trend towards smart and connected Motor Control Centers. iMCCs are becoming increasingly popular, not only featuring remote monitoring and predictive maintenance but also real-time diagnostics. This trend of smartness is in keeping with the Industry 4.0 concept, allowing businesses to improve operational efficiency and reduce downtime based on real data analysis.

The Asia-Pacific region has been a center of fast industrialization. India and China are good examples. The growth of the manufacturing and industrial sectors in these countries is a major factor creating demand for motor control centers. Undergoing infrastructure construction, such as energy systems, transportation mechanisms and manufacturing plants in the region also cause a rise in demand for motor control centers.

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Motor Control Centers Market Dynamics

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