The global motor control centers market is expected to grow from an estimated size of USD 5.3 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 5.0% during the forecast period. The growing demand for industrial automation in developed regions and the increased use of electric motors are some of the factors driving the growth of the motor control centers market.
Market Ecosystem:
The global motor control centers market is dominated by both global and regional players. The leading players in the motor control centers market are ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Rockwell Automation (US), Schneider Electric (France), Fuji Electric (Japan), WEG (Brazil), and Mitsubishi Electric (Japan).
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=227058918
Asia Pacific is estimated to be the largest motor control centers market during the forecast period. Increasing electricity demand and growing demand for industrial automation, coupled with numerous industrialization projects in the region, are driving the growth of the Asia Pacific motor control centers market.
The motor control centers market, by type, is segmented into conventional motor control centers and intelligent motor control centers. The conventional motor control centers segment accounted for the major share of the market in 2018. This growth can be attributed to the increasing levels of industrial automation in regions such as Asia Pacific and the Middle East & Africa. The use of intelligent motor control centers in process industries has resulted in the higher demand of intelligent motor control centers. Moreover, intelligent motor control centers offer more reliability, reduced wiring, greater speed and precision in defect identification, and are more compact compared to the conventional motor control centers. All these factors offer lucrative business opportunities in the intelligent motor control centers segment.
Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=227058918
The motor control centers market, by voltage, is segmented into low voltage and medium voltage. The low voltage segment is expected to be the largest and fastest growing motor control centers market. Low voltage motor control centers are mainly used in industries such as chemical & petrochemical, cement & manufacturing, pulp & paper, food & beverage, and oil & gas to control the voltage, speed, torque, and frequency of motors, among other functions. The increasing use of motor control centers is these industries is likely to drive the low voltage motor control centers market.
The motor control centers market, on the basis of standard, has been categorized into International Electrotechnical Commission (IEC), National Electrical Manufacturers Association (NEMA), and others (Underwriters Laboratories (UL), Institute of Electrical and Electronics Engineers (IEEE), and the National Fire Protection Association (NFPA)). The IEC standard motor control centers have comparatively gained wider acceptance than the NEMA standard motor control centers across the globe owing to the major use of IEC standards in regions such as Asia Pacific, Europe, and the Middle East & Africa.
Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=227058918
The circuit breakers & fuses segment is expected to be the fastest growing motor control centers market, by component, during the forecast period. The growth of the segment is influenced by the power T&D industry. The major applications of circuit breakers & fuses include construction activities, electronics and electrical equipment, and transportation equipment. With the growing concern for safety in electronic, electrical, and automotive equipment, the need for advanced fuses & circuit breakers in motor control centers is quite high. This is expected to create new revenue pockets for the motor control centers market during the forecast period.
