Motor Repair and Maintenance Market Analysis, Global Industry Trends, Growth and Forecast Till 2023

Global Motor Repair and Maintenance Market Report and Forecast Till 2024

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Report Description and Highlights

Report Description

Motor Repair and Maintenance Market Report Service (On-site Service and Off-site Service), End Use Industry (Utilities, HVAC, Food and Beverage, Mining and Others), Type, Region The global motor repair and maintenance market is expected to witness a steady growth in the upcoming years. As regular maintenance of motors helps in reducing the risk factor and improving the lifespan of a machine, the demand for motor repair and maintenance services is increasing worldwide.

Market Overview: As per the latest report by IMARC Group, titled “Motor Repair and Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global motor repair and maintenance market reached a value of more than US$ 28 Billion in 2017. Electric motors create a huge impact on productivity as well as the profitability of a business. An unscheduled stoppage in the production process with long hours of shutdown for repairing can lead to a massive monetary loss. The factors which generally affect the functioning of a motor include misalignment of the shaft, insufficient lubrication in bearings and winding insulation resistance. A well-planned motor maintenance service aims at averting critical breakdowns caused by these factors, thereby reducing downtime and preventing serious damage to the motor. Some of the motor repair and maintenance services include winding tests, visual inspections, and brush and commutator maintenance.

Report Description and Highlights

Report Description

Global Motor Repair and Maintenance Market Trends: Electric motors are widely used in pumps, compressors, refrigerators, lathe machines, disk drives, power tools, vacuum cleaners, dishwashers, fax machines, sewage treatment plants, etc. Regular utilization of electrical motors in several end-use industries, such as HVAC, mining, and food and beverage, is one of the major factors which is catalyzing the growth of the motor repair and maintenance market across the globe. Moreover, the employment of electric motors has been growing in industrial automation due to technological advancements. For instance, various automaker companies like Volkswagen are engaging with repair and maintenance service providers to ensure a consistent supply of their products worldwide. Additionally, initiatives by the governments of emerging economies, such as India, Indonesia, Malaysia, etc., to promote industrialization and increase the number of manufacturing units are anticipated to foster the growth of the market in the coming years.

Furthermore, the rising utilization of intricate machinery in diverse industries is expected to provide a thrust to the market growth. Looking forward, the market value is projected to reach nearly US$ 35 Billion by 2024, expanding at a CAGR of 3.4% during 2019-2024.

Motor Repair and Maintenance Market Segmentation: Market Segmentation by Type •

General Repair

Market Forecast

Sample Figure: Global: Motor Repair and Maintenance Market Forecast: Sales Value (in Billion US$), 2019-2024

184.3

191.7

199.3

207.3

2019

2020

2021

2022

215.6

224.2

2023

2024

Market Segmentation

Report Description

•

o Bearing o Stator o Rotor o Others Overhaul

On the basis of type, the market has been bifurcated as general repair and overhaul. Currently, the general repair segment dominates the market, holding the largest share. It is further divided into bearing, stator, rotor and others.

Market Segmentation by Service • •

On-site Service Off-site Service

The market has also been segregated on the basis of service, wherein off-site service represents the largest segment, followed by on-site service.

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Market Segmentation

Report Description

Request for a sample report: https://www.imarcgroup.com/request?type=report&id=971&flag=B Market Segmentation by End Use Industry • • • • •

Utilities (water, electricity and gas) HVAC Food and Beverage Mining Others

Based on end-use, the market has been segmented into utilities (water, electricity and gas), HVAC, food and beverage, mining and others. Presently, utilities account for the majority of the total share.

Market Segmentation by Region • • • • •

North America Europe Asia Pacific Latin America Middle East and Africa

Regional Segmentation

North America

Europ e

Asia- Pacific

Latin America

Middle East and Africa

Market Segmentation

Report Description

Region-wise, the market has been divided into North America, Europe, Asia Pacific and Rest of the World.

Currently, Asia Pacific is the leading market, accounting for the majority of the global share.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

• • • • •

ABB Group Siemens AG WEG SA Regal Beloit TECO E&M/TECO-Westinghouse

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Report Description and Highlights

Report Description

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