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$ 29.37 Billion in 2018. 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.
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$ 36.38 Billion by 2024, expanding at a CAGR of 3.64% during 2019-2024.
Global Motor Repair and Maintenance Market Summary:
- 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.
- The market has also been segregated on the basis of service, wherein off-site service represents the largest segment, followed by on-site service.
- 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.
- 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.
- The competitive landscape of the market has also been examined with some of the key players being ABB Group, Siemens AG, WEG SA, Regal Beloit and TECO E&M/TECO-Westinghouse.
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