The Motor control centers MCC controls numerous motors that are linked to the power bus. The basic determinations of MCC are to control the dissemination of power to electrical motors. The MCC panels encompass variable frequency drives, program controllers, and metering devices.
According to the report analysis, ‘Global Motor Control Centers Market to reach USD 7.77 billion by 2027’ states thatthe worldwide outbreak of COVID-19 unpleasantly affected the market of motor control centers owing to the successive slow down in supply of indispensable raw materials and devices utilized in motor control centers. The indispensable role of motor control centers in controlling and circulation of power along with growing power generation around the globe is the factors propelling the growth of market over the review years.
For instance: as per the Indian Brand Equity foundation, India registers for the sixth position in investment on clean energy at USD 90 billion, and investment in renewable plants across India is predicted to USD 250 billion till 2023-2030. Similarly, as per International Energy Association, electric power sector registered for nearly 96% of total U.S. utility-scale electricity generation, and energy production during 2019 was 102.11 quadrillion British thermal units and projected to augment to 114.35 quadrillion British thermal units till 2030. Moreover, growing demand for smart and integrated motor control and protective devices is generating a lucrative opportunity for the market growth. However, deducting the crude oil prices leading to the deduction in investment of oil & gas industry is the aspect limiting the market growth.
Although, worldwide Motor Control Centers Market is valued about USD 5.3 billion during 2019 and is projected to increase with a healthy growth rate of more than 4.89% over the forecast period of 2020-2027.The regional analysis of worldwide Motor Control Centers market is measured for the foremost regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. The North America is the leading/significant region around the world in terms of market share due to the existence of stringent government regulation across the region. Whereas, the Asia-Pacific is also projected to exhibit greatest growth rate / CAGR over the review period of 2020-2027. Aspects such as growing power generation and investment in power generation would build lucrative growth prospects for the Motor Control Centers market around Asia-Pacific region.
In addition, the technological improvements have resulted in great levels of automation in manufacturing amenities. All the manufacturing plants are contending to meet effectiveness and safety standards, attain optimal productivity, and continue competitive product pricing. This has led to industries automating their functions through intelligent motor control equipment, likewise motor control centers. This has further occasioned in an augmented requirement for motor control centers across the developed regions. Developed regions, such as North America and Europe, are presently emphasizing more on automation to deduct the labor cost, and simultaneously improve the effectiveness of their manufacturing plants.
Not only has this, the motor control centers market is propelled by the increasing adoption of intelligent motor control centers that suggest diagnostic capabilities, loss detection, and extrapolative maintenance features. Therefore, in the near years, it is predicted that the market of motor centers will increase around the globe more effectively over the inflowing years.
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Ankur Gupta, Head Marketing & Communications