Motor Control Center Market to Experience 7.0% CAGR during 2023-2030; Key Players Focus on Product Development to Maintain Position

The global motor control center market size was valued at USD 5.53 billion in 2022. The market is projected to grow from USD 5.84 billion in 2023 to USD 9.39 billion by 2030, exhibiting a CAGR of 7.0% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Motor Control Center Market Size, Share & COVID-19 Impact Analysis, By Voltage (Low Voltage, Medium Voltage), By Type (Conventional Motor, Smart Motor), By Component (Busbar, Circuit Breaker & Fuses, Relay, Variable Speed Drives, Others), By End-User (Oil & Gas, Iron & Steel, Minerals & Mining, Food & Beverage, Automotive, Commercial, Others), and Regional Forecasts, 2023-2030”.

In a Motor Control Center (MCC), one or more closed sections are put together with a common power bus that houses the motor control unit. Variable frequency drives, programmable controllers, and maybe the facility's point of electrical energy entrance can all be found in a motor control center. It is a sizable enclosure designed primarily to contain common motor control machinery. They are utilized in numerous industrial and business settings. The engine control center is shielded from corrosion and dust by its location in a separate temperature control room.

Market has been Seriously Affected by COVID-19

As investments declined significantly across several sectors as a result of COVID-19, the market's year-over-year growth was impeded in 2020. The oil and gas sector is one of the biggest contributors to the MCC market. Refineries' investments in cutting-edge machinery are further stalled by the negative effects of falling oil prices brought on by oversupply and falling demand. Even the automotive sector has been severely impacted, with symptoms including a ban on Chinese shipments of parts, widespread production shutdowns in Europe, and the closure of American assembly factories. 

Key Players Focus on Acquisition to Strengthen Position

Rockwell Automation, Inc., a business that specializes in modular systems for the production of electrical panels, announced the completion of its planned acquisition of CUBIC in November 2022. The fastest-growing industries, including infrastructure, data centers, and renewable energy, are served by CUBIC, a company founded in 1973. The portfolio of Rockwell's motor control centers will probably grow as a result of this acquisition.

Demand for Intelligent Motor Control Centers is Growing, Reviving the Market's Expansion

When communications and smart devices are combined, these gadgets develop intelligence and offer useful information about the energy system. Engineers, Original Equipment Manufacturers (OEMs), contractors, and facility and maintenance managers use intelligent MCCs to hasten project timelines, reduce costs, boost worker productivity, and gather crucial information about plant operations. A new level of building and process monitoring is accomplished with the addition of communication capabilities, real-time and historical power system data, and remote access to MCC information, directly affecting the total profitability. The network is connected to an intelligent MCC.  These factors are expected to increase the motor control center market share.

However, the current decline in crude oil prices has reduced capital spending, which has led to a decline in the demand for industrial equipment and may stifle the motor control center market growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/motor-control-centers-market-101193

Competitive Landscape

Key Participants to Increase Product Capabilities and Develop New Products

The primary tactic used by significant market players has been the development of new products. ABB and Siemens are two examples of prominent market firms that frequently use collaboration as a major strategy. Other significant participants include Powell, WEG, Eaton, Fuji Electric Co. Ltd., Schneider Electric, Mitsubishi Electric, Rockwell Automation, Ingeteam S.A., and Fuji Electric Co.

Notable Industry Development:

• February 2022 - Schneider Electric announced plans to expand its manufacturing capabilities in North America with the new manufacturing facility in El Paso, Texas, U.S. This will be the company's largest manufacturing operation in the U.S., which is expected to boost its electrical product manufacturing to cater to rising demand from the U.S., Canada, and Mexico.

List of Key Players Profiled in the Report:

• ABB (Switzerland)


• Mitsubishi Electric (Japan)


• Siemens (Germany)


• Schneider Electric (France)


• WEG (U.S.)


• Fuji Electric Co., Ltd. (Japan)


• Powell (U.S.)


• Rockwell Automation (U.S.)


• Eaton (Ireland)


• Marine Electricals (India)


• Ingeteam S.A. (Spain)

Further Report Findings:

• Asia Pacific accounts for the largest portion of the market. It is anticipated to keep growing at a consistent rate. Strong economic growth and government initiatives that encourage the region's industrialization can be credited with the expansion of the market in Asia Pacific.


• Electrical switchgear and components are used to power process industries and utilities in North America's booming oil and gas sector.


• Due to its growing industrial infrastructure and greater investment in energy suppliers, Europe will dominate the industry.


• Oil and gas firms, which predominate in the Middle East and Africa, require stable power sources.

Table of Segmentation