The latest report by IMARC Group, titled “Motor Repair and Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global motor repair and maintenance market size reached US$ 32.1 Billion in 2022. Motors are employed in machine tools, compressors, and industrial fans in various industries, such as food and beverage, mining, and utilities. They are essential to the numerous operations of industries such as pumps, crushers, mills, hoists, and generators. As they significantly affect the profitability and efficiency of the organization, it is crucial to ensure that they function properly. As a result, performing regular routine preventive maintenance (PM) checks on electric motors is essential. The standard process involves commutator and brushes maintenance checks, visual examination, motor winding tests, and bearing inspections. In addition, motor repair and maintenance are gaining immense traction as they are more cost-effective than replacing the entire machine, making it an ideal solution.
Global Motor Repair and Maintenance Market Trends:
The market is primarily driven by the significant expansion in the utility sector. In addition, the increasing use of motors across various industrial verticals such as heating, ventilation, air conditioning (HVAC), food and beverage (F&B), and mining are contributing to the market growth. Moreover, the growing awareness among individuals toward the advantages of routine motor repair and maintenance include minimized downtime, improvement of the equipment life, lowered risk of vehicular failure, and saving energy, represents another major growth-inducing factor. Besides this, the emergence of industry 4.0 trends, several advancements in the automotive industry, the widespread adoption of automation processes across sectors, and the escalating use of intricate machine parts in the automotive industry are accelerating the adoption of the motor repair and maintenance services across the globe. Looking forward, IMARC Group expects the market value to reach US$ 36.2 Billion by 2028, exhibiting a CAGR of 2.1% during the forecast period (2023-2028).
- Based on the type, the market has been bifurcated into general repair (bearing, stator, rotor, and others), and overhaul. Among these, general repair holds the leading position in the market.
- On the basis of the service, the market has been segmented into on-site service and off-site service. Presently, on-site service accounts for the largest market share.
- Based on the end use industry, the market has been classified into utilities (water, electricity, and gas), HVAC, food and beverage (F&B), mining, and others. Currently, utilities represent the leading market segment.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, and Rest of the World. Among these, Asia Pacific exhibits a clear dominance in the market.
- The competitive landscape of the industry has also been examined in the report, with some of the key players being ABB Limited, Siemens Aktiengesellschaft, WEG Equipamentos Eletricos SA, Regal Rexnord Corporation, and TECO E&M/TECO-Westinghouse.
|Base Year of the Analysis
||Type, Service, End Use Industry, Region
||North America, Europe, Asia Pacific, Rest of the World
||ABB Limited, Siemens Aktiengesellschaft, WEG Equipamentos Eletricos SA, Regal Rexnord Corporation, and TECO E&M/TECO-Westinghouse
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