The report " Low Voltage Motor Control Centers Market Global Forecast to 2022", The low voltage motor control centers market is expected to grow from an estimated value of USD 3.07 Billion in 2017 to USD 4.03 Billion by 2022, at a CAGR of 5.62% from 2017 to 2022. The global market is set to witness a significant growth due to the rising industrial automation and increased use of low voltage electric motors across key industries.
The conventional motor control centers segment is expected to hold the major share in the low voltage motor control centers market during the forecast period. The major advantages of conventional motor control centers include a high level of safety, easy expansion and modification, quick and smooth maintenance, and enhanced reliability and operability. Moreover, in a conventional MCC, each unit is compartmentalized, which allows for more mounting space for components and restrains potential faults in the individual unit. These advantages have resulted in a higher market share for conventional motor control centers in the low voltage motor control centers market.
The busbars segment is expected to be the largest market, by component, from 2017 to 2022. A busbar is an aluminum or copper conductor supported by insulators that interconnect the loads and the sources of power within an electric power system. Also, busbar is an alternative to traditional cabling and provides numerous advantages to the installer and client, including savings on space, time, and cost. All these factors are expected to drive the low voltage motor control centers market in busbars segment.
The industrial segment is expected to be the fastest growing low voltage motor control centers market from 2017 to 2022 due to the inclination toward motorized automation worldwide. The industrial end-users have been segmented into oil & gas, mining and metals, utilities, chemicals and petrochemicals, cement and manufacturing, food and beverage, and others (water & wastewater, paper & pulp, and pharmaceutical). The increasing demand for low voltage electric motors in the above mentioned industries is also expected to drive the low voltage motor control centers market in industrial segment.
In this report, the low voltage 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 low voltage motor control centers market due to the increasing industrialization and increasing electricity demand in the region. The Chinese market is expected to dominate the low voltage motor control centers market in Asia-Pacific. The low voltage motor control centers market is expected to grow at a high rate in countries such as China, India, and Japan. Increasing power generation capacity additions and industrialization projects in these countries are the main reasons spurring the growth of the low voltage motor control centers market.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the low voltage motor control centers market. These include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton (Ireland), Rockwell Automation (U.S.), and General Electric (U.S.), among others. The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their market shares.
Source: ASDReports - Market Research
Date: Oct 17, 2017