Motor Control Centers Market to Witness Significant Growth Owing to Rising Usage in Various Industrial Verticals Till 2022 | Million Insights
FELTON, California, December 12, 2018 /PRNewswire/ --
Global Motor Control Centers Market is expected to grow at a significant CAGR of 5.78% in the upcoming period as the scope and its applications are rising enormously across the globe. Motor control centers (MCC) are centralized systems that establish the controls for the industrial electric motors mainly related to factory machinery. These centers range in size from smaller portable cabinets to larger systems that are attached to the floor. They also vary from low to high voltages based on the motors to be controlled.
The factors that are playing a major role in the growth of market are growing demand for motor control centers from major manufacturers, rising industrial automation in developed regions, and growing power generation capacity across the globe. However, fluctuation in material costs may restrain overall market growth in the years to come. Motor control centers market is segmented based on type, voltage, component, standard, end-user, and region.
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Intelligent motor control centers and conventional motor control centers are the types that could be explored in motor control centers in the forecast period. Medium and low voltage are the voltage types that could be explored in motor control centers in the forecast period.
Several components of motor control centers such as soft starters, bus bars, variable speed drives, circuit breakers and fuses, overload relays, and others could be explored in the forecast period. The bus bars sector accounted for the significant market share of motor control centers and is estimated to lead the overall market in the years to come. Based on standard NEMA, IEC, and others could classify motor control centers in the forecast period. The IEC sector accounted for the substantial market share of motor control centers and is estimated to lead the overall market in the years to come.
The market may be categorized based on end users like a commercial, industrial, and others that could be explored in the forecast period. The industrial sector comprises food & beverage, oil & gas, cement & manufacturing, mining & metals, chemicals and petrochemicals, utilities, and others. The oil & gas sector accounted for the substantial market share of motor control centers and is estimated to continue its dominance in the years to come. The reason behind the growth of sector could be the rising use of motor control centers for drilling and other processes. In addition, the utility sector is estimated to grow at the highest CAGR in the years to come.
Globally, Asia Pacific accounted for the substantial market share of motor control centers and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be growing urbanization & industrialization and rising power generation capacity. Also, the sector is estimated to grow at highest CAGR in the forecast period. The developing countries like India and China are the major consumers of motor control centers in this region.
North America and Europe are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. However, Europe is estimated to grow at the highest CAGR in the forecast period. The key players of motor control centers market are Siemens, ABB, Schneider Electric, Eaton, Rockwell Automation, and General Electric. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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Market Segment:
- The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA
- Key Vendors
- ABB
- Eaton
- General Electric
- Rockwell Automation
- Schneider Electric
- Siemens
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