Global Motor Control Contactors Market 2019-2023
About this market
Faults in motors (electronic or mechanical), transmission lines, and other expensive equipment can prove expensive for companies, as this may lead to loss of production repair of equipment, loss of raw materials, and non-quality production and delivery. Moreover, the adoption of drives and motor control systems is increasing in many end-user industries to have a continuous monitoring of the devices from any productivity losses. The adoption of such contactors helps protect electric motors from high voltage and current fluctuations and ensure optimal performance in heavy-duty industrial applications. In addition, motor control contactors, within the industrial setup, are also used for power factor correction. The contactor draws the current directly from the power line supply located near the load. Hence, the growing benefits of motor control contactors for increasing the overall life span of industrial motors drive the market. Technavio’s analysts have predicted that the motor control contactors market will register a CAGR of almost 6% by 2023.
Gradual recovery in upstream activity
The rise in the number of projects is attributed to the stabilization of the crude oil price, which has increased the profit margins of the drilling and production companies. The increases the deployment of motor control contactors for eliminating the chances of high current drawn at the switching. Hence, the recovery of the oil and gas industry will propel the growth of the market during the forecast period.
Intense competition from low-cost Asian manufacturers
Asian countries are known for the easy availability of low-cost labor, land, and raw materials. Hence, these countries attract substantial investments in the manufacturing sector. Most of the prominent vendors of motor control contactors are focusing on building relationships with subcomponent suppliers that offer economical hardware products in the market.
For the detailed list of factors that will drive and challenge the growth of the motor control contactors market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Motor Control Contactors Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growing adoption of intelligence MCC.”
According to the report, one of the major drivers for this market is the replacement of outdated electric motors.
Further, the report states that one of the major factors hindering the growth of this market is the presence of such alternative devices will hamper the sales of motor control contractors during our forecast period.
Emerson Electric Co.
Rockwell Automation Inc.
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