Motor Repair and Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
Electric motors find applications in diverse industries ranging from food and beverage to mining where they are installed in compressors, machine tools, industrial fans, etc. Since they have a huge impact on a business profitability and productivity, it is vital to ensure that these motors perform well. Consequently, it is important to perform regular preventive maintenance (PM) checks on electric motors. The general procedure includes visual inspection, maintenance check on the commutator and brush, motor winding test and bearing inspection. Moreover, repairing electric motors is cost-effective than replacing the entire machine, thereby being an optimum alternative. According to the latest report by IMARC Group, titled “Motor Repair and Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global motor repair and maintenance market reached a value of US$ 29.37 Billion in 2018.
Preventive maintenance of motors lessens the risk factor, saves energy, improves equipment life and reduces downtime. Regular use of electric motors in various end-use industries, such as HVAC, mining, food and beverage, etc., is impelling the growth of the motor repair and maintenance market worldwide. Apart from this, the utilisation of electric motors has grown significantly in various sectors due to increasing automation. Advancements in the automation industry are changing the nature of repair and maintenance of motors, including the type of specialist equipment and skills required. Due to the employment of intricate machinery, the demand for motor repair and maintenance services is anticipated to rise in the coming years. Looking forward, the market is projected to reach a value of US$ 36.38 Billion by 2024, expanding at a CAGR of 3.64% during 2019-2024.
Based on type, the market has been bifurcated into general repair and overhaul. Currently, general repair dominates the market, thereby holding the largest share. The general repair segment has been further categorised into bearing, stator and rotor.
On the basis of service, off-site service represents the largest segment, followed by on-site service.
The market has also been segregated on the basis of end-use industry. At present, the utilities sector accounts for the majority of the total market, followed by the HVAC, food and beverages, and mining segments.
Region-wise, the market has been divided into Asia Pacific, North America, Europe and Rest of the World (RoW). Amongst these, Asia Pacific is the leading market, holding the majority of the total global market.
The competitive landscape of the market has also been examined with some of the key players being ABB, Siemens, WEG, Regal Beloit and TECO E&M/TECO-Westinghouse.
This report provides a deep insight into the global motor repair and maintenance market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the motor repair and maintenance market in any manner.
Key Questions Answered in This Report:
How has the global motor repair and maintenance market performed so far and how will it perform in the coming years?
What are the key regions in the global motor repair and maintenance market?
Which are the major types in the global motor repair and maintenance market?
What are the key service segments in the global motor repair and maintenance market?
What are the major end-use sectors in the global motor repair and maintenance market?
What are the various stages in the value chain of the global motor repair and maintenance market?
What are the key driving factors and challenges in the global motor repair and maintenance market?
What is the structure of the global motor repair and maintenance market and who are the key players?
What is the degree of competition in the global motor repair and maintenance market?
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