Global Motor Repair and Maintenance Market to Reach US$ 34.1 Billion by 2027, Bolstered by Increasing Automation Across Various Industries

July 05, 2022

The latest report by IMARC Group, titled “Motor Repair and Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global motor repair and maintenance market reached a value of US$ 31.31 Billion in 2021. Motor repair and maintenance is the process of maintaining and inspecting various parts of the electric motor. It includes visual inspection, motor winding test, and bearing inspection. Electric motors are installed in compressors, machine tools, and industrial fans. As a result, motor repair and maintenance are gaining popularity to ensure the smooth functioning and performance of the motors. They are also a cost-effective alternative to replacing the entire machine. Nowadays, various end-users are increasingly shifting toward effective repair and maintenance service packages, which aid in averting critical breakdowns and preventing severe damage to the motor.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. 

Global Motor Repair and Maintenance Market Trends: 

The market is primarily driven by the increasing use of electric motors across various end-use industries including, HVAC, mining, and food and beverage. Preventive maintenance (PM) checks offer cost-effectiveness, reduce risk factors, save energy, and improve equipment life, which is propelling the demand for motor repair and maintenance solutions. They are a convenient way of preventing further damage and eliminating the need for replacing the entire machine. In addition to this, increasing automation in various sectors, coupled with the employment of intricate machinery, is fueling the market growth. Furthermore, the rising research and development (R&D) activities to launch innovative repair and maintenance equipment such as automotive diagnostics tools, which are used to determine the cause of any damage to the vehicle, are also positively influencing the market growth.  Looking forward, the market is expected to reach a value of US$ 35.53 Billion by 2027, growing at a CAGR of 2.18% during 2022-2027.

Market Summary: 

  • Based on the type, the market has been segmented general repair (bearing, stator, rotor, and others) and overhaul. Currently, general repair dominates the market, holding the largest market share.  
  • On the basis of the service, the market has been classified into on-site and off-site services. Among these, off-site service represents the largest segment.
  • The market has been categorized based on the end use industry into utilities (water, electricity, and gas), HVAC, food and beverage, mining, and others. At present, the utilities sector accounts for the majority of the market share.
  • Region-wise, the market has been divided into North America, Asia Pacific, Europe, and Rest of the World. Amongst these, Asia Pacific holds the leading position in the market.
  • The competitive landscape of the market has been examined, with some of the key players being ABB Limited, Siemens Aktiengesellschaft, WEG Equipamentos Eletricos SA, Regal Rexnord Corporation, and TECO E&M/TECO-Westinghouse.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Motor Repair and Maintenance Market to Reach US$ 34.1 Billion by 2027, Bolstered by Increasing Automation Across Various Industries
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