Northbrook, IL -- (SBWIRE) -- 09/10/2019 -- According to the new market research report "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 2024" published by MarketsandMarkets™, The global Motor Control Centers Market is expected to grow from an estimated value of USD 5.3 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 5.0%, from 2019 to 2024. The global market is set to witness significant growth owing to the growing demand for industrial automation in developed regions and regulations promoting energy saving across major industries.
The low voltage segment is expected to hold the largest share of the Motor Control Centers Market, by voltage, during the forecast period
The low voltage segment includes up to 1 kV motor control centers. This segment is expected to hold the major share in 2019 owing to the widespread adoption of low voltage motors in various industries globally. Low voltage motor control centers are mainly used in the chemical & petrochemical, cement & manufacturing, food & beverage, oil & gas, and metals & mining. Asia Pacific is the largest low voltage Motor Control Centers Market because of rapid industrialization and urbanization in countries such as China and India. All these factors are expected to boost the low voltage Motor Control Centers Market.
Busbars are an alternative to traditional cabling and the largest Motor Control Centers Market, by component, during the forecast period
The busbars segment held the largest share of the Motor Control Centers Market in 2018. A busbar is the most important component of a motor control center as it acts as a common voltage point for all electrical equipment connected to the motor control center. 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. Busbars are mainly used in utilities and industrial applications to deliver power to buildings and electrical loads, respectively.
Browse and in-depth TOC on "Motor Control Centers Market"
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The industrial segment is expected to be the fastest growing end-user of the Motor Control Centers Market
The industrial end-users of the Motor Control Centers Market is segmented into oil & gas, metals & mining, utilities, chemical & petrochemical, cement & manufacturing, and food & beverage industries. The industrial segment is expected to be the fastest growing Motor Control Centers Market from 2019 to 2024 owing to the inclination toward motorized automation worldwide. Moreover, increasing demand for electric motors in the aforementioned industries is also expected to drive the industrial segment of the Motor Control Centers Market.
Asia Pacific is expected to dominate the global Motor Control Centers Market
Asia Pacific is expected to dominate the global Motor Control Centers Market owing to the increasing industrialization and electricity demand in the region. China is expected to dominate the Asia Pacific Motor Control Centers Market. The motor control centers' markets in countries such as China, India, and Japan are expected to grow at high rates. Increasing power generation capacity additions and industrialization projects in these countries are the main reasons spurring the growth of the Motor Control Centers Market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Motor Control Centers Market. These include ABB, Ltd. (Switzerland), Schneider Electric SE (France), Siemens AG (Germany), Eaton Corporation, PLC (Ireland), and Rockwell Automation, Inc. (US). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their respective market share.
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