Motor control market to see annual growth of over 5% in next five years
Chicago, IL – Upgrading of infrastructure with increasing investments in power sector is expected to drive the global motor control centre market to US$5.46 billion by 2020, at a compound annual growth rate of 5.1% from 2015 to 2020.
This research is outlined in a report, Motor Control Centers Market, from MarketsandMarkets. It forecasts revenue of the global motor control centre market, which includes all types of MCCs, with respect to main regions such as North America, South America, Asia-Pacific, Europe, and the Middle East and Africa.
Asia-Pacific dominated the motor control centre market in 2014, closely followed by North America. The increasing demand of motors from various industries and the need for infrastructure construction in China, India, Indonesia and Malaysia are the key factors for the increase demand of MCC in Asia Pacific.
Conventional MCCs led the overall motor control centre market with a share of around 63% in 2014, owing to increasing levels of industrial automation mainly from developing economies such as, China, India, Brazil, Germany and France.
Intelligent motor control centres play an important role in the motors market, therefore they are expected to grow at a slightly higher CAGR of 5.2% from 2015 to 2020. Intelligent MCCs are gaining revenue especially in oil and gas, mining, wastewater and chemical industries, as they are helpful in minimizing maintenance costs, reducing downtime and ensuring operator safety.
Due to the rising demand of MCCs from various industries like oil and gas, mining, petrochemicals, and pulp and paper, the market for low-voltage motor control centres is expected to increase in the upcoming years. This growth is majorly driven by Asia-Pacific as it houses two of the fastest growing economies, China and India, which have rapid industrialization and urbanization.
The industrial segment is the main driver of the global motor control centre market, with an estimated value of $3.74 billion in 2015. The value is expected to reach $4.97 billion by 2020.
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