PUNE, India, July 4, 2017 /PRNewswire/ --
According to the new market research report "Motor Management Market by Product & Service (Hardware and Software & Solution Services), Type (Synchronous Motor and Asynchronous Motor), Control, Voltage Range, Application, Industry, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the Motor Management Market is expected to be worth USD 4.03 Billion by 2023, growing at a CAGR of 5.35% between 2017 and 2023. The major factors propelling the market growth are the rising demand for smart, multifunctional, integrated motor control and protection devices, as well as the need for reducing unplanned industrial downtime.
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Browse 72 Market Data Tables and 72 Figures spread through 167 Pages and in-depth TOC on "Motor Management Market - Global Forecast to 2023"
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"Motor Management market for the Oil & Gas industry likely to hold the largest market size between 2017 and 2023."
The Motor Management market for the oil & gas industry is expected to hold the largest market size between 2017 and 2023. Motor Managements are used for upstream, midstream, and downstream applications in the oil and gas industry. In the upstream sector, they are used for pumping wells and for progressive cavity pump systems, surface pumping systems (SPS), electrical submersible pumping systems (ESP), rod pump control systems, and horizontal pumping systems (HPS). They are used for transportation and storage purposes in midstream applications and for refining crude oil in the downstream application.
Motor Managements help in analyzing well condition, remote pump controlling, improving production efficiency, and ensuring reliable operations. Though the current trend of low oil prices has impacted developments in the oil & gas industry, it remains the second-largest end-user industry for Motor Management. It is one of the leading industries for upgrading and automating processes since process failure can prove costly, especially in offshore environments. All these factors are likely to drive the motor management market for the oil & gas industry.
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"Motor management in pumps application expected to hold the largest market size between 2017 and 2023."
The motor management market for the pumps application is expected to hold the largest market size between 2017 and 2023. Chilled water pumps, cooling tower pumps, utility pumps, process pumps, and offloading pumps are among the types of pumps used in industries such as oil & gas, water supply & wastewater treatment, metals & mining, chemicals, and cement. Along with pumps, cooling tower fans; induced draft fans; forced draft fans; debarking fans; and compressors for refrigeration and air filtering process are also used on a large scale in these industries.
"Asia Pacific expected to dominate the motor management market between 2017 and 2023"
Asia Pacific held the largest share of the motor management market among all the regions under study in 2016, and the trend is expected to continue between 2017 and 2023 There has been a tremendous rise in industrialization and urbanization in India and China over the past decade, driving the demand for activities in mining, food & beverages, chemicals, and water and wastewater treatment industries. Furthermore, there has been a rise in industrial automation despite the availability of cheap labor because of the high need for energy efficiency and the growing demand for automation. Moreover, the Southeast Asian countries in the region are planning to reduce their carbon emissions by 2020. Thus, the increasing energy efficiency investments and carbon emission targets are the key factors driving the motor management market in the region.
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Major players in the motor management market are General Electric (US), Texas Instruments (US), Siemens AG (Germany), Schneider Electric SE (France), ABB Ltd. (Switzerland), Analog Devices, Inc., (US), Eaton Corporation Plc (Ireland), Mitsubishi Electric Corporation (Japan), Rockwell Automation (US), and Hitachi, Ltd (Japan).
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