Motor Management Market worth 4.03 Billion USD - 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.

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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 motor Management ecosystem comprises hardware providers, system integrators, software providers, and distributors. Players involved in the manufacturing of Motor Management market is dominated by major companies such as General Electric (US), Texas Instruments (US), Siemens AG (Germany), Schneider Electric SE (France), ABB Ltd. (Switzerland), Analog Devices, Inc., (US), Eaton Corporation Plc (Ireland), Mitsubishi Electric Corporation (Japan), Rockwell Automation (US), and Hitachi, Ltd (Japan).

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