Electric motors find applications in diverse industries ranging from food and beverage to mining where they are installed in compressors, machine tools, industrial fans, etc. Since they have a huge impact on a business profitability and productivity, it is vital to ensure that these motors perform well. Consequently, it is important to perform regular preventive maintenance (PM) checks on electric motors. The general procedure includes visual inspection, maintenance check on the commutator and brush, motor winding test and bearing inspection. Moreover, repairing electric motors is cost-effective than replacing the entire machine, thereby being an optimum alternative. According to the latest report by IMARC Group, titled “Motor Repair and Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global motor repair and maintenance market reached a value of US$ 30.8 Billion in 2020.
Preventive maintenance of motors lessens the risk factor, saves energy, improves equipment life and reduces downtime. Regular use of electric motors in various end-use industries, such as HVAC, mining, food and beverage, etc., is impelling the growth of the motor repair and maintenance market worldwide. Apart from this, the utilisation of electric motors has grown significantly in various sectors due to increasing automation. Advancements in the automation industry are changing the nature of repair and maintenance of motors, including the type of specialist equipment and skills required. Due to the employment of intricate machinery, the demand for motor repair and maintenance services is anticipated to rise in the coming years. Looking forward, IMARC Group expects the global motor repair and maintenance market to exhibit stable growth during the next five years.
This report provides a deep insight into the global motor repair and maintenance market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the motor repair and maintenance market in any manner.
The global motor repair and maintenance market reached a value of US$ 30.8 Billion in 2020.
According to the estimates by IMARC Group, the global motor repair and maintenance market is expected to exhibit stable growth during the next five years.
The increasing demand for motor repair and maintenance services to lessen risks, reduce downtime, and improve equipment life, represents one of the key drivers for the global motor repair and maintenance market.
The rising adoption of electric motors for automating various industrial applications, along with the growing utilization of intricate machineries, represent some of the key trends in the global motor repair and maintenance market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of various end-use industries for motor repair and maintenance.
On the basis of the type, the market has been bifurcated into general repair and overhaul. Currently, general repair holds the largest market share.
On the basis of the service, the market has been bifurcated into off-site service and on-site service. At present, off-site service exhibits a clear dominance in the market.
On the basis of the end-use industry, the market has been segregated into utilities, HVAC, food and beverages, and mining segment. Among these, utilities sector holds the largest market share.
Region-wise, the market has been classified into North America, Asia Pacific, Europe, and Rest of the World (RoW), where Asia Pacific dominates the global market.
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