The Global Motor Control Centers Market is projected to grow at a CAGR of 5.47%, from 2017 to 2022, to reach a market size of USD 6.22 Billion by 2022. This growth is attributed to increasing industrial automation in developed regions and increasing power generation capacity additions globally. The increased use of electric motors in key industries and increased industrial plant uptime is expected to boost the demand for motor control centers.
Browse 82 market data tables and 73 figures spread through 182 pages and in-depth TOC on "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"
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The busbars segment of the Motor Control Centers Market, by component, accounted for the largest market size in 2016. Busbars are the major current carrying components of motor control centers. 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. The busbars market in Asia-Pacific is expected to grow at the highest CAGR.
The report segments the motor control centers market, by end-user, into industrial and commercial. The industrial segment includes the oil & gas, water and wastewater, power generation, mining, and others subsegments, the last of which includes the cement, chemicals and petrochemicals, and paper and pulp industries. The oil & gas segment accounted for the largest market share in 2016 as motor control centers are extensively used for drilling and various others production processes in the oil & gas sector.
The leading players in the Motor Control Centers Market include ABB, Ltd. (Switzerland), Schneider Electric SE (France), Eaton Corporation, PLC (Ireland), Siemens AG (Germany), Rockwell Automation, Inc. (U.S.), and General Electric Company (U.S.). New product developments was the most commonly adopted strategy by top players in the market from 2013 to 2017. It was followed by contracts & agreements, expansions, and mergers & acquisitions.
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The oil & gas industry is one of the leading end-user industries for Motor Control Centers. The recent downturn in crude oil prices has resulted in a steep fall in capital budgets, which has reduced the demand for industrial equipment. The stagnancy in the oil & gas industry is expected to act as a restraint for the motor control centers market. Motors and motor control centers are required for mining applications such as drills, hoists, mills, crushers, and conveyors, among others. Thus, the downturn in the mining industry is also expected to impact the growth of motor control centers market.
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