Motor Control Centers Market Worth 5.83 Billion USD by 2021
PUNE, India, July 18, 2016 /PRNewswire/ --
The report "Motor Control Centers Market by Type (Intelligent and Conventional), Voltage (Low and Medium), & End-User (Industrial and Commercial), Component, Standard (IEC and NEMA), and by Region - Trends & Forecasts to 2021" Published by MarketsandMarkets, Motor Control Centers Market is expected to grow from an estimated USD 4.51 Billion in 2016 to USD 5.83 Billion by 2021, at a CAGR of 5.3% from 2016 to 2021. The global market is witnessing significant growth on account of an increase in the demand for industrial automation and up gradation of power infrastructure in developed region. Growing acceptance of motorized automation across various industries has also driven the demand for motor control centers across the globe.
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Browse 85 market data Tables and 54 Figures spread through 137 Pages and in-depth TOC on "Motor Control Centers Market - Trends & Forecasts to 2021"
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Conventional motor control centers is expected to hold the largest market share of the Motor Control Centers Market during forecast period, by type
The conventional segment led the overall motor control center market in 2015, owing to increasing levels of industrial automation mainly from developing economies such as, China, India, Brazil, Germany, and France. Meanwhile, the intelligent segment is expected to have a high growth rate during the forecast period. This growth is attributed to demand from oil & gas, wastewater, and chemical industries.
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Industrial segment is expected to account for the largest share of the Motor Control Centers Market, by end-user
The industrial segment is the largest end-user for motor control centers, due to large-scale application in various industries. The industrial segment has been further sub segmented into oil & gas, chemicals & petrochemicals, mining & metals, cement, utilities, food & beverage, among others. The oil & gas and mining & metals segments are the largest end-users in the industrial segment. However, these segments are expected to have a slow growth rate during the forecast period, owing to oil price slump and a dwindling European economy.
Asia-Pacific: The dominant market for motor control centers
In this report, the Motor Control Centers Market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. Asia-Pacific is expected to dominate the global Motor Control Centers Market, given rapid industrialization and energy efficiency regulations in the region. Asia-Pacific is closely followed by North America.
To provide an in-depth understanding of the competitive landscape, the report includes profile of some of the leading players in the Motor Control Centers Market. These players are ABB Ltd. (Switzerland), Siemens AG (Germany), Eaton Corporation (Ireland), Schneider Electric (France), Fuji Electric (Japan), Rockwell Corporation (U.S.), General Electric (U.S.), Mitsubishi Electric Corporation (Japan), and WEG SA (Brazil), among others. Dominant players are trying to penetrate developing economies and adopting various strategies to grab the market share.
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