“Motor Management Market expected to exhibit significant growth potential between 2017 and 2023.”
The Motor Management Market is expected to reach USD 4.03 billion by 2023, at a CAGR of 5.35% between 2017 and 2023. The major factors propelling the market growth are the rising demand for smart, multifunctional, integrated motor control and protection devices, as well as the need for reducing unplanned industrial downtime.
“Motor management software & solution services market likely to grow at the highest rate between 2017 and 2023”
Based on product and service, the Motor Management market for software & solution services is expected to grow at the highest CAGR between 2017 and 2023. Motor management software & solution services include sensing and fault detection; overload protection; voltage and current regulator; and start, stop, and control of an electric motor. The major drivers of the market for the motor management in software & solution services include the increasing industrial automation and the growing demand for electric motors from various industries, increasing number of manufacturing processes, hassle-free installation, and enhanced overall effectiveness of the equipment.
“Motor management for asynchronous motors held the larger market size in 2016”
Motor management for asynchronous motors held a larger market size than asynchronous motors in 2016. The asynchronous nature of the motor derives from the difference between the rotational speed of the armature field and rotor. The speed of an asynchronous motor reduces with the increase in the load, which is affected by the applied change in the voltage. Asynchronous motors are widely used in centrifugal fans, blowers, pumps, compressors, conveyors, and various other applications due to their high speed. Motor management devices such as circuit breakers, soft relays, and switches are used to control the power factors and voltage loads. This drives the market for motor management for asynchronous motors.
“Motor Management Market in North America likely to grow at the highest rate between 2017 and 2023”
The industrial infrastructure installed in North American industries is a couple of decades old, and companies in the region are currently focusing on upgrading the aging infrastructure. The replacement of existing control systems with a modern version of motor management would increase the plant efficiency and reduce the plant downtime for maintenance. Moreover, North America aims to reduce its emissions by 30% from 2005 to 2030 as part of a clean power plan proposed by the Environmental Protection Agency (EPA). The steady growth in industries such as food & beverages, construction, power generation, and also some mining projects in the region are key drivers for the Motor Management Market.
Breakdown of the profiles of the primary participants in the report are as follows:
• By Company Type: Tier 1 – 65%, Tier 2 – 14%, and Tier 3 – 21%
• By Designation: C-Level Executives – 31%, Directors – 44%, and Others – 25%
• By Region: North America – 45%, Europe – 31%, APAC – 20%, and RoW – 4%
Key players in the market include General Electric (US), Texas Instruments (US), Siemens AG (Germany), Schneider Electric SE (France), ABB Ltd. (Switzerland), Analog Devices, Inc., (US), Eaton Corporation Plc (Ireland), Mitsubishi Electric Corporation (Japan), Rockwell Automation (US), and Hitachi, Ltd (Japan).
The research report on the global Motor Management Market covers segments such as type, product & service, voltage range, control, application, industry, and region. The market has been segmented on the basis of types into synchronous motor and asynchronous motor. Based on product & services, the motor management market has been classified into hardware and software & solution services. The report covers three voltage ranges of motor management and control device—low, medium, and high voltage. The Motor Management Market has been segmented on the basis of controls into automatic, semi-automatic, and manual. Based on applications, the Motor Management Market has been segmented into pumps, compressors, material handling, and others. The end-user industries of motor management include oil & gas, metals & mining, power generation, chemicals, cement, food & beverages, agriculture, water supply and wastewater treatment. The report covers four major geographic regions, namely North America, Europe, Asia Pacific, and Rest of the World (RoW).
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market—by type, product & service, voltage range, control, application, industry, and region—has been conducted to provide an overview of the Motor Management Market.
Value chain analysis has been provided in the report to depict the hardware manufacturers, software providers, and system integrators involved in the Motor Management Market.
The major drivers, opportunities, and challenges for the Motor Management Market have been detailed in this report.
The detailed competitive landscape includes key players, in-depth analysis, and competitive leadership mapping of the key players by determining their product offerings and business strategies.