motor repair and maintenance market report
The global motor repair and maintenance market size expected to reach US$ 35.53 Billion by 2027, exhibiting at a CAGR of 2.18% during 2022-2027.
SHERIDAN, WYOMING, UNITED STATES, April 21, 2022 /EINPresswire.com/ — The latest research study, “Motor Repair and Maintenance Market Growth: Global Industry Trends, Share, Size, Opportunity and Forecast 2022-2027” has been added by IMARC Group. The global motor repair and maintenance market size reached US$ 31.31 Billion in 2021. Looking forward, the market expects to reach US$ 35.53 Billion by 2027, exhibiting at a CAGR of 2.18% during 2022-2027.
Industry Definition and Application:
Electric motors are extensively utilized across various industries and are widely installed in industrial fans, compressors, machine tools, etc. As such, they are an essential component of businesses since their profitability and productivity depend upon the efficient and optimal performance of these devices. Motor repair and maintenance include the procedures for conducting regular preventive maintenance (PM) and general maintenance checks of the vehicles, including motor winding tests, visual inspection, bearing inspection of the electric motor, etc. Repairing electric motors is more cost-efficient than replacing the entire machine, thereby making it an optimum alternative.
Download free sample of the report: https://www.imarcgroup.com/motor-repair-maintenance-market/requestsample
Note: We are regularly tracking the direct effect of COVID-19on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The growing utilization of electric motors across several end-use sectors, such as mining, heating, ventilation and air conditioning (HVAC), food and beverage (F&B), etc., is among the key factors driving the motor repair and maintenance market. In addition to this, the rising awareness among consumers towards the benefits of routine repair and maintenance, such as the lowered risk of vehicular failure, improvement of the equipment life, reduction of downtime, etc., is also positively influencing the market growth. Moreover, the emergence of Industry 4.0 trends is further bolstering the global market. Apart from this, the elevating adoption of automation processes across sectors and the escalating utilization of intricate machine parts in the automotive industry are anticipated to stimulate the motor repair and maintenance market over the forecasted period.
Competitive Landscape:
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.
Browse full report with TOC: https://bit.ly/3hyIYan
Motor Repair and Maintenance Market Segmentation:
The report has segmented on the basis of Type, Service, end-use and geography.
Market Breakup by Type:
General Repair
Bearing
Stator
Rotor
Others
Overhaul
Based on the type, the market has been divided as general repair and overhaul. Amongst these, the general repair segment accounts for the majority of the total market share. It is further categorized into bearing, stator, rotor and others.
Market Breakup by Service:
On-site Service
Off-site Service
On the basis of the service, off-site service represents the biggest segment, followed by on-site service.
Market Breakup by End Use Industry:
Utilities (water, electricity and gas)
HVAC
Food and Beverage
Mining
Others
Based on the end use, the market has been classified into utilities (water, electricity and gas), HVAC, food and beverage, mining and others. Currently, utilities represent the dominant market segment.
Regional Insights:
North America
Europe
Asia Pacific
Rest of the World
On the basis of geography, the market has been segregated into North America, Europe, Asia Pacific and Rest of the World. Asia Pacific currently holds the leading position in the market.
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About Us
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.
Elena Anderson
IMARC Services Private Limited
+ +1 6317911145
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April 22, 2022, 04:33 GMT
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