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Motor Control Centers Market Analysis 2020 Global Size, Share, COVID – 19 Outbreak, Growth Analysis and Segmentation by 2023

07.29.2020 · Posted in Writing and Speaking

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 Analysis 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  

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