According to the new market research report "Motor Management Market by Product & Service (Hardware and Software & Solution Services), Type (Synchronous Motor and Asynchronous Motor), Control, Voltage Range, Application, Industry, and Geography - Global Forecast to 2023", The Motor Management market is expected to be worth USD 4.03 Billion by 2023, growing at a CAGR of 5.35% between 2017 and 2023. The major factors propelling the market growth are the rising demand for smart, multifunctional, integrated motor control and protection devices, as well as the need for reducing unplanned industrial downtime.
Browse 72 Market Data Tables and 72 Figures spread through 167 Pages and in-depth TOC on "Motor Management Market"
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The growing attractiveness and popularity of automation in the industrial space has created the need for energy savings and predictive maintenance of industrial equipment, to stay competitive. Electric motors are required for several industrial applications, including oil & gas, metals & mining, chemicals, and are often used to control the entire production and manufacturing facility. Fully automated functionality is provided to the motor by using microcontrollers programmed with software such as SynRM software (ABB Ltd.), InstaSPIN (Texas Instrument), and EnerVista Software (GE). The deployment of sensors in the motor helps detect faults and ensure the maintenance and protection of the motor without any human intervention.
The motor management market was valued at USD 2.95 Billion in 2016 and is expected to reach USD 4.03 Billion by 2023, at a CAGR of 5.35% between 2017 and 2023.
The objective of the report is to provide a detailed analysis of the motor management market, based on type, product & service, voltage range, control, application, industry, and region. The report provides detailed information regarding the major factors influencing the growth of the motor management. It also offers a detailed overview of the value chain in the motor management and analyzes market leaders through competitive leadership mapping.
The research methodology used to estimate and forecast the motor management market begins with capturing data on key vendor revenue through secondary sources such as Organization of the Petroleum Exporting Countries (OPEC), Motion Control & Motor Association (MCMA), National Electrical Manufacturers Association (NEMA), press releases, investor relation presentations, annual reports, etc. Vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up approach is employed to arrive at the overall size of the global motor management market from the revenue of key players. After arriving at the overall market size, the total market is split into several segments and subsegments. These are further verified through primary research by conducting extensive interviews with people holding key positions CEOs, VPs, directors, and executives. Market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments.
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Mr. Rohan
MarketsandMarkets Research Pvt. Ltd.
Tower B5, office 101,
Magarpatta SEZ,
Hadapsar, Pune-411013.
1-888-600-6441
Email: sales@marketsandmarkets.com