Motor Control Centers Market by Type (Intelligent and Conventional), Voltage (Low and Medium), End-User (Industrial and Commercial), Standard (IEC and NEMA), Component, and Region - Global Forecast to 2022", The motor control centers market is expected to grow from an estimated value of USD 4.77 Billion in 2017 to USD 6.22 Billion by 2022, at a CAGR of 5.47%, from 2017 to 2022. The global market is set to witness a significant growth due to the growing demand for industrial automation in developed regions and regulations promoting energy saving across major industries.
The low voltage segment is expected to hold the largest share of the motor control centers market, by voltage, during the forecast period
The low voltage segment includes motor control centers of up to 1 kV. The segment is expected to hold the major share due to the widespread adoption of low voltage motors in various industries globally. Low voltage motor control centers are mainly used in the chemicals and petrochemicals, paper and pulp, cement, food and beverage, automobile, oil and gas, cement, and textile industries. The market in Asia-Pacific is the largest for low voltage motor control centers because of rapid industrialization and urbanization in countries such as China and India. All these factors are expected to boost the low voltage motor control centers market.
The busbars segment is the largest motor control centers market, by component
The busbars segment held the largest share of the motor control centers market in 2016. A busbar is the most important component of a motor control center as it acts as a common voltage point for all electrical equipment connected to the MCC. The increase in the flexibility, efficiency, and reliability of busbars and the elimination of the need for additional wires have led to the rising demand for busbars in the motor control centers market. Busbars are mainly used in utilities to deliver power to buildings and in industrial applications to deliver power to electrical loads.
The industrial segment is expected to be the fastest growing end-user segment of the motor control centers market
The industrial end-users of the motor control centers market have been segmented into the oil & gas, mining and metals, utilities, chemicals and petrochemicals, cement and manufacturing, and food and beverage industries. The industrial segment is expected to be the fastest growing motor control centers market from 2017 to 2022 due to the inclination towards motorized automation worldwide. Moreover, increasing demand for electric motors in the above mentioned industries is also expected to drive the industrial segment of the motor control centers market.
Asia-Pacific: The fastest growing market for motor control centers
In this report, the motor control centers market has been analyzed with respect to five regions, namely, Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. The market in Asia-Pacific is expected to dominate the global motor control centers market due to the increasing industrialization and electricity demand in the region. The Chinese market is expected to dominate the motor control centers market in Asia-Pacific. The motor control centers markets in countries such as China, India, and Japan are expected to grow at high rates. Increasing power generation capacity additions and industrialization projects in these countries are the main reasons spurring the growth of the motor control centers market.
Source: ASDReports - Market Research
Date: Jul 5, 2017