The motor management market is estimated to witness a CAGR of 4.40% to reach US$5.015 billion in 2024 from US$3.872 billion in 2018. Motor management is concerned with the electrical, mechanical, and maintenance solutions for the electrical equipment installed in a facility. Industries consume a significant proportion of electricity, and there is a growing global focus on optimizing electricity usage in the industrial sector. As such, the demand for motor management solutions is increasing on account of their ability to ensure the optimal functioning of the electrical equipment that results in better productivity while generating significant savings for the manufacturers as well. The rising automation in various industries is anticipated to propel the demand for the motor management market in the coming years. Furthermore, growing attention towards enhancing the efficiency of the motor-driven systems is expected to fuel the motor management market during the forecast period.
The market has been segmented on the basis of type, application, industry vertical, and geography. Geographically, North America is projected to hold a significant share in the market on account of the early adoption of technology along with the rising focus to increase efficiency and reduce downtime maintenance. The Asia Pacific is also anticipated to grow at a substantial rate owing to the rising manufacturing and infrastructure industry in countries such as India and China.
• Growing demand for smart motor control devices.
• Increasing adoption of industrial automation.
• Lack of awareness regarding motor management devices.
The major players profiled in the Motor Management market include Siemens AG, Schneider Electric, ABB, General Electric Company, Eaton, Rockwell Automation, Inc., Hitachi Ltd., Fanox, RJW Engineering, and Toshiba International Corporation.
|Market size value in 2018||US$3.872 billion|
|Market size value in 2024||US$5.015 billion|
|Growth Rate||CAGR of 4.40% from 2018 to 2024|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Siemens AG, Schneider Electric, ABB, General Electric Company, Eaton, Rockwell Automation, Inc., Hitachi Ltd., Fanox, RJW Engineering, Toshiba International Corporation|
|Customization scope||Free report customization with purchase|
The motor management market has been analyzed through the following segments:
• By Type
o Software & Solution Services
• By Application
o Material Handling
• By Industry Vertical
o Oil & Gas
o Energy & Power
o Food & Beverage
• By Geography
o North America
o South America
? United Kingdom
o Middle East and Africa
? Saudi Arabia
o Asia Pacific
? South Korea
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