PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250791
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250791
According to Stratistics MRC, the Global Intelligent Motor Control Center Market is accounted for $657.8 billion in 2022 and is expected to reach $1015.3 billion by 2028 growing at a CAGR of 7.5% during the forecast period. An electric motor's operation is controlled by a motor control centre, or MCC. It consists of a grouping of one or even more enclosing sections connected by a common power bus that houses motor control units. It has the electrical service entryway for the building as well as drives with variable frequencies, switches, valves, programmable controllers, and metres. These facilities are essential for boosting output, streamlining processes, and lowering overhead. They are widely used in manufacturing facilities to offer superior protection that is coupled with smart monitoring and fault protection.
According to the World Investment Report 2018, Asia Pacific held an investment worth USD 476 billion of inflow from foreign direct investment in the year 2017, which was primarily focused by China and Singapore.
Growing demand for automation in developed nations
High degrees of automation are a result of technological advancements in production plants. To maintain competitive product price, fulfil effectiveness and security standards, and achieve maximum productivity, all manufacturing facilities compete. Due to this, various companies have begun automating their processes using motor control centres and other intelligent motor control technology. In developed regions, this has also led to a rise in need for motor control centres. Automation is increasingly receiving more attention in developed regions like North America and Europe in order to reduce labour costs and increase the productivity of manufacturing facilities.
Low crude oil prices & investments in oil &gas sector
One of the top end-use sectors for motor control centres is the oil and gas sector. The recent decline in crude oil prices has caused a sharp reduction in capital budgets, which has decreased the need for industrial machinery. When the sector gets through the current oil price scenario, businesses are working to streamline operations by increasing operational efficiency and using fewer resources. The rise in oil supply from the US and OPEC nations like Saudi Arabia and the removal of sanctions against Iran are both responsible for the drop in crude oil prices. This has led to a decrease in investments from the oil and gas sector, which is anticipated to constrain the market for intelligent motor control centres.
Demand for smart motor control & protection devices
It is anticipated that using such intelligent motor control centres will require less human intervention and result in improved productivity and decreased downtime. Oil and gas, water and wastewater, metal processing, cement, and the food and beverage industries all have essential processes that use several motors and necessitate precise control while in operation. Intelligent motor control centres offer stronger protection and improved communication capabilities in addition to accurate motor control. Finding efficient means to improve process integration across industrial systems is the current market trend. The market for motor control centres is thus anticipated to increase as a result of the continued pursuit of such integration.
High cost of raw materials
Although being a relatively straightforward task, installing motor control centres needs a significant upfront investment. The utilities and end customers find it challenging to install them as a result. Moreover, utilities confront high costs as a result of significant aggregate technical and commercial (AT&C) losses that burden them with additional financial losses, particularly in developing nations like India, China, and Sri Lanka. Due to the considerable investment needed compared to a single panel operation, small and medium-sized companies also avoid constructing motor control centres. As a result, the market for motor control centres frequently faces difficulties due to significant initial investments and greater costs than those of its competitors.
The COVID 19 has caused a significant shock to the global economy because the sickness has spread to various nations and has made travel difficult. Perhaps, it has had an equal impact on the manufacturing and service industries. The Intelligent Motor Control Center industry is currently experiencing negative effects since non-essential industrial sectors and other commercial industries have temporarily shut down. The impact, though, is only anticipated to last a short while. In the approaching years, demand for Intelligent Motor Control Centers is anticipated to increase as developing nations increasingly express interest in industrial development. As a result, there has been a significant problem of unpredictability in the development of the Intelligent Motor Control Center sector. This has been caused by a fast decrease in the prices of the oil and gas industry. Business continuity hazards, volume variations in production, workforce declines, real-time decision-making issues, and security problems are just a few of the new negative effects brought on by COVID 19. These elements are more likely to have an impact on business and industrial processes, which will have an impact on the Intelligent Motor Control Center Industry.
The Low Voltage IMCC segment is expected to be the largest during the forecast period
The Low Voltage IMCC segment is estimated to have a lucrative growth. Low Voltage IMCCs are a specific kind of Motor Control Centers (MCCs) intended to manage and keep an eye on the performance of low voltage motors. For safe and effective motor control in a variety of industries, such as oil & gas, electricity production, mining & metals, automobiles, pulp & paper, and others, low voltage MCCs are built. Low Voltage IMCCs can be configured, sized, and equipped with a wide range of functions to suit the unique requirements of each application.
The automotive segment is expected to have the highest CAGR during the forecast period
The automotive segment is anticipated to witness the fastest CAGR growth during the forecast period. The need for autonomous cars is anticipated to increase in key industries like oil & gas, power production, mining & metals, automotive, and others due to the growing necessity for them. The demand for intelligent motor control centres is mostly being driven by the rise in accidents brought on by human mistake.
Asia Pacific is projected to hold the largest market share during the forecast period. Together with fast expanding automation penetration in the industrial segment, the region boasts booming power generating and wastewater treatment industries. The use of smart gadgets is highly desired since they save costs and increase operational effectiveness. The use of IMCs is also growing as a result of the deployment of smart motors. As a result, during the projection period, the marketplace for intelligent motor control center grows in the Asia Pacific area.
North America is projected to have the highest CAGR over the forecast period. As end-user technology advances, there is a growing demand for and implementation of smart devices in this region. Because of its widespread use of cutting-edge technology, North America's end-user industries are more likely to deploy IMCs. As a result, it stimulates the continent's economic expansion during the course of the forecast.
Some of the key players profiled in the Intelligent Motor Control Center Market include, Rockwell Automation, Inc. , Fuji Electric Co., Ltd. , Mitsubishi Electric Corporation, Danaher, Eaton Corporation, ABB , Siemens AG, Schneider Electric, Larson & Turbo Limited, Honeywell International, Technical Control Systems and Hyosung.
In November 2022, Rockwell Automation announced the acquisition of CUBIC, a company specializing in modular systems for constructing electrical panels. The acquisition is expected to strengthen Rockwell's leading intelligent motor control technologies portfolio.
In June 2019, Schneider Electric introduced motor control centers with an arc flash isolation design that helps to prevent arc flash by extinguishing, generating, and controlling arc energy.
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