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The global motor repair and maintenance market reached a value of US$ 30.8 Billion in 2020. Looking forward, IMARC Group expects the market to reach a value of US$ 34.1 Billion by 2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global motor repair and maintenance market, along with forecasts at the global and regional level from 2021-2026. Our report has categorized the market based on type, service, and end use industry.
Breakup by Type:
Based on type, the market has been bifurcated into general repair and overhaul. Currently, general repair dominates the market, thereby holding the largest share. The general repair segment has been further categorised into bearing, stator and rotor.
Breakup by Service:
On the basis of service, off-site service represents the largest segment, followed by on-site service.
Breakup by End Use Industry:
The market has also been segregated on the basis of end-use industry. At present, the utilities sector accounts for the majority of the total market, followed by the HVAC, food and beverages, and mining segments.
Region-wise, the market has been divided into Asia Pacific, North America, Europe and Rest of the World (RoW). Amongst these, Asia Pacific is the leading market, holding the majority of the total global market.
The competitive landscape of the market has also been examined with some of the key players being ABB, Siemens, WEG SA, Regal Beloit and TECO E&M/TECO-Westinghouse.
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.
|Base Year of the Analysis||2020|
|Segment Coverage||Type, Service, End Use Industry, Region|
|Region Covered||North America, Europe, Asia Pacific, Rest of the World|
|Companies Covered||ABB, Siemens, WEG SA, Regal Beloit and TECO E&M/TECO-Westinghouse|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
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The global motor repair and maintenance market size was valued at US$ 30.8 Billion in 2020.
The increasing demand for motor repair and maintenance services to lessen risks, reduce downtime, and improve equipment life represents one of the factors driving 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 numerous facilities of motor repair and maintenance.
Based on the type, the global motor repair and maintenance market has been segregated into general repair and overhaul. Currently, general repair represents the largest segment.
Based on the service, the global motor repair and maintenance market can be divided into off-site service and on-site service, where off-site service currently accounts for the majority of the total market share.
Based on the end-use industry, the global motor repair and maintenance market can be classified into utilities, HVAC, food and beverages, mining, and others. Among these, the utilities sector exhibits a clear dominance in the total market share.
On a regional level, the market has been segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW), where Asia Pacific currently dominates the global market.
Some of the major players in the global motor repair and maintenance market include ABB, Siemens, WEG, Regal Beloit, and TECO E&M/TECO-Westinghouse.
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