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The global motor repair and maintenance market size was valued at 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 2021-2026.
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.
The key companies in the global motor repair and maintenance market are ABB, Siemens, WEG, Regal Beloit and TECO E&M/TECO-Westinghouse.
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