A new research report on the global motor management market has been recently offered by Report Ocean. The study is based on in-depth assessment of this market, taking it past performance, current status, and future prospects in consideration.
The report is titled “Global Motor Management Market Size, by Product and service (Hardware and software and solution), by Type (Asynchronous Motors and Synchronous Motors), by Control (Automatic controls, semi-automatic controls and manual controls), by Voltage range (Low Voltage, Medium voltage and high voltage), by Application (Pumps, Compressors, Material Handling, and Other Applications), by Industry (Metal and Mining Industry, Oil and gas industry, Power generation industry, Water supply and water treatment industry, Food and beverage industry and others) and Regional Forecasts 2020-2027.”
The worldwide motor management market is majorly driven by the augmenting demand for smart, integrated, multifunctional motor control and protection devices across the world. The increasing need for decrease in unplanned industrial downtime is also aiding the growth of this market significantly. According to this study, the worldwide motor management market was valued approximately USD$3.4 bn in 2019. The market is anticipated to expand at an impressive CAGR of more than 5.35% over the forecast period of 2020-2027.
Motor management solutions find a widespread application in a number of industries such as the oil and gas, metals and mining, power generation, chemicals, cement, food and beverages, agriculture, and the water supply and wastewater treatment industries. Thanks to the ongoing industrial revolution, many of these industries are undergoing expansion, resulting in high demand for motor management systems. This, in turn, is expected to boost this market in the forthcoming years. However, the dearth of awareness regarding motor management and control devices among general consumers may act as an obstruction in the otherwise upward growth trajectory of this market in the near future
Rising Trend of Replacing Existent Systems with Modern Devices Puts North America Ahead of Others
The regional analysis of global motor management market is also presented in this research report. According to the study, the market reports its presence mainly across Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America has been established as the dominating regional market for motor management across the world. The increasing inclination of end users towards replacing the existing control systems with technologically advanced motor management devices in order to enhance plant efficacy and reduce the downtime for maintenance is driving the North America motor management market. Over the forecast period, this regional market is expected to continue to lead while Asia Pacific likely to report the highest growth rate, thanks to the presence of key market players in this region.
Impact of Covid 19 on Global Motor Management Market
The industrial sector has been severely hit by the Coronavirus pandemic and so are its related markets, including the market for motor management. With the lockdown being imposed in several countries, many manufacturing and industrial operations were forced to shut down, reflecting badly on the global motor management market. However, with the gradual commencement of operations, the market is expected to get back to normal shorty.
- Industrial expansions are fueling the demand for motor management solutions.
- North America has been established as the dominating regional market for motor management across the world.
The global motor management market is segmented into:
By Product and Service
- Software and solution services
- Asynchronous Motors
- Synchronous Motors
- Automatic Controls
- Semi-automatic controls
- Manual controls
By Voltage Range
- Low Voltage (60 to 240 Volt AC)
- Medium Voltage (250 to 395 Volt AC)
- High Voltage (396 to 485 Volt AC)
- Material Handling
- Other Applications
- Metal and Mining Industry
- Oil and gas industry
- Power generation industry
- Water supply and water treatment industry
- Food and beverage industry
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- ABB Ltd
- Analog Devices Inc.
- Eaton Corporation
- General Electric (GE)
- Hitachi Ltd.
- Mitsubishi Electric Corporation
- Rockwell Automation
- Schneider Electric SE
- Siemens AG
- Texas Instruments Inc.
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