Intelligent motor control center market is expected to grow at a higher rate due to its remote diagnostic capabilities and advanced features
Motor control center market in India, as per a new report by research and Markets, is projected to grow from $ 427 million in 2021 to $ 582 million by 2026. Growing awareness and regulations pertaining to energy saving are further expected to positively influence the country’s motor control center market.
“Anticipated growth in the Indian Motor Control Center Market can be attributed to growing urbanization and industrialization, increasing demand for industrial automation and mechanization, expansion of manufacturing sector, increasing industrial plant uptime, and rising use of electric motors in key industries such as chemicals & petrochemicals, power generation, metals and mining,” read the report.
Intelligent motor control center market expected to grow at a higher rate
While the market can be bifurcated into conventional and intelligent product type segments, intelligent motor control center market is expected to grow at a higher rate due to its remote diagnostic capabilities and advanced features such as loss detection and predictive maintenance to meet the industrial requirements. In 2020, conventional motor control centers dominated the market, owing to the advantages offered by conventional motor control centers such as high level of safety, easy expansion and modification, quick and smooth maintenance, and high reliability and operability.
Similarly, based on voltage segmentation, the market can be categorized into low, medium and high. Low voltage motor control centers, as per the report, are highly preferred in India because of their widespread adoption in various industries, which is likely to boost the demand for low voltage motor control centers during the forecast period. Low voltage motor control centers are mainly used in the chemicals and petrochemicals, paper and pulp, cement, food and beverage, automobile, oil and gas, cement, and textile industries.
“In terms of end-user industry, motor control center market is segmented into Oil & Gas, Chemical & Petrochemicals, Energy & Utilities, Mining & Metals, and Others. Until 2019, the oil and gas industry dominated the motor control center market however, the segment is expected to witness a decline, owing to oil price downfall due to the negative effect of COVID-19. The oil price slump has resulted in cost cutting by oil and gas companies, which in turn is affecting the motor control center market,” read the report.