Pune, India, Feb. 23, 2022 (GLOBE NEWSWIRE) -- The global Intelligent Motor Controller Market size is projected to reach USD 866.0 million by 2028 and exhibit a CAGR of 5.5% during the forecast period. The increasing adoption of industrial automation and increasing demand for augmented motor efficiency are expected to bolster the market growth. Fortune Business InsightsTM has presented this information in its report titled, “Intelligent Motor Controller Market, 2021-2028”. The market size stood at USD 569.3 million in 2020 and USD 597.5 million in 2021. Additionally, the escalating demand for multifunctional and smart devices to improve efficiency is boosting the intelligent motor controller adoption and is likely to be a key factor favoring the market growth.
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Prominent Players Present in the Intelligent Motor Controller Market are:
- General Electric (U.S.)
- Mitsubishi Electric (Japan)
- Siemens AG (Germany)
- ABB (Switzerland)
- Larsen & Toubro (India)
- Schneider Electric (France)
- Lsis Co. Ltd. (South Korea)
- Rockwell Automation (India)
- NXP Semiconductors (Netherlands)
- Fairford Electronics (U.S.)
- Roboteq Inc. (U.S.)
- Nanotec Electronic GmbH & Co. (Germany)
COVID-19 Impact-
The swift spread of the coronavirus pandemic has devastated several industries, including automotive, power generation, oil & gas, manufacturing, mining, and others, which has subsequently affected the market growth of intelligent motor controllers. The implementation of curfews across nations has negatively impacted the market growth. The delays in projects, closures of manufacturing facilities, low available workforce, and disruptions in supply chain networks have aggravated the situation. Nonetheless, the market is gaining traction and is likely to expand in the forthcoming years.
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Segmentation-
On the basis of motor type, the market is categorized into DC, AC, and others. On the basis of voltage, the market is bifurcated into medium and low. On the basis of application, the market is fragmented into compressors, fans, pumps, and others. On the basis of end-user, the market is segmented into waste & wastewater, power generation, oil & gas, and others. Geographically, the market is classified into Latin America, Europe, Middle East & Africa, Asia Pacific, and North America.
Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 5.5% |
| 2028 Value Projection | USD 866.0 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 569.3 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 180 |
| Segments covered | By Motor type, Voltage, Application, End-User, Region |
| Growth Drivers | Rising Demand for Improved Motor Efficiency to Augment Growth in the Market |
| Rising Demand for Smart and Multifunctional Devices to Propel Growth | |
| Pitfalls & Challenges | High Cost of Components of Intelligent Motor Controller May Hinder the Market Growth |
Report Coverage-
- It offers an in-depth market assessment.
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It assesses the COVID-19 pandemic’s impact on the market.
Drivers & Restraints-
Increasing Motor Installations Across Various Industries to Promote Market Growth
Motor adoption rate is high globally, and various industries such as power generation, food & beverage, manufacturing, and others benefit from a high number of motor installations. These industries emphasize the development of efficient motors to augment their savings and cost reduction. This is a key factor driving the global intelligent motor controller market growth.
Moreover, the rising demand for smart devices to improve efficiency is boosting intelligent motor controller adoption and is likely to be a key factor favoring the market growth.
Lastly, the high adoption of modern technologies such as the Internet of Things (IoT) and Artificial Intelligence in industrial automation to improve productivity is anticipated to be a key trend positively influencing the market growth.
However, the high costs of components of intelligent motor controllers are likely to act as market growth restraint.
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Regional Insights-
Rising Installation of Smart Devices to Fuel Growth in North America
North America is projected to attain a huge intelligent motor controller market share due to the rising demand and installation of smart devices. Additionally, the swift adoption of advanced technologies is boosting the market growth.
Asia Pacific is anticipated to witness substantial growth in the global market. The booming wastewater management and power generation sectors, coupled with increasing automation across industries, are predicted to fuel the region’s market growth. Additionally, the high demand for smart devices to improve operational efficiency and reduce costs is projected to stimulate the region’s market growth.
Europe is expected to exhibit significant growth in the forthcoming years. The rising adoption of advanced technologies and growing installations of smart motors are anticipated to boost the region’s market growth.
Latin America and the Middle East & Africa are estimated to experience considerable growth due to increasing industrial automation and expanding oil & gas industry.
Competitive Landscape-
Major Players Emphasize Contracts to Expand Their Businesses
The market is fragmented in nature and comprises ample companies across developing and developed nations. Larsen & Toubro, Mitsubishi Electric Corporation, ABB, Siemens AG, Rockwell Automation, Schneider Electric, and General Electric lead the market. The major market players emphasize contracts, agreements, partnerships, and others to augment their market presence. For instance, Boral Quarry announced investing with Rockwell Automation in Motor Control Solutions in June 2019 to provide vital diagnostic information and optimize performance.
Industry Developments-
- October 2020: Rockwell Automation unveiled Allen-Bradley Motor Control Centers known as CENTERLINE 2500 motor control centers. They are of the same size as a standard unit and are available in 2-10 modules. The new MCCs are designed for offshore applications due to the enhanced safety features they offer.
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Intelligent Motor Controller Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Intelligent Motor Controller Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Motor Type
- AC
- DC
- Others
- Market Analysis, Insights and Forecast – By Voltage
- Low
- Medium
- Market Analysis, Insights and Forecast – By Application
- Pumps
- Fans
- Compressors
- Others
- Market Analysis, Insights and Forecast – By End-user
- Oil & Gas
- Power Generation
- Water & Wastewater
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Intelligent Motor Controller Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Motor Type
- AC
- DC
- Others
- Market Analysis, Insights and Forecast – By Voltage
- Low
- Medium
- Market Analysis, Insights and Forecast – By Application
- Pumps
- Fans
- Compressors
- Others
- Market Analysis, Insights and Forecast – By End-user
- Oil & Gas
- Power Generation
- Water & Wastewater
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By End-user
- Oil & Gas
- Power Generation
- Water & Wastewater
- Others
- Canada Market Analysis, Insights and Forecast – By End-user
- Oil & Gas
- Power Generation
- Water & Wastewater
- Others
- U.S. Market Analysis, Insights and Forecast – By End-user
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