North America Motor Repair And Maintenance Market To Be Driven By The Rising Focus On Preventive Maintenance (PM) Checks Of Electric Motors In The Forecast Period Of 2022-2027
The new report by Expert Market Research titled, ‘North America Motor Repair and Maintenance Market Report and Forecast 2022-2027’, gives an in-depth analysis of the North America motor repair and maintenance market, assessing the market based on its segments like types, services, end uses, and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 4083.1 million
- Forecast CAGR (2022-2027): 50%
- Forecast Market Size (2027): USD 4995.2 million
The motor repair and maintenance industry in North America is being driven by the thriving industrial and commercial sector and the growing focus on enhancing the life span of motors and machinery in the sectors. For instance, the rising demand for heavy motors in the food processing and mining industry to enhance the efficiency and productivity of business operations is anticipated to bolster the motor repair and maintenance industry growth in the forecast period. In addition, the rapidly expanding manufacturing sector and the increased utilisation of advanced machinery and equipment, are estimated to propel the demand for repair and maintenance of motors. Furthermore, the growing demand for motor repair and maintenance services in various industries such as utilities and HVAC, among others is anticipated to provide impetus to the market in the forecast period.
Industry Definition and Major Segments
Motor repair and maintenance refers to the process which involves inspection, disassembly, repair, reassembly, and testing of motors which run on power. Repair and maintenance of motors enhances the operational capabilities and productivity of motors. Furthermore, repair and maintenance can be carried out regularly or at different intervals depending upon the nature of motor.
The motor repair and maintenance industry, based on type, can be bifurcated into:
The general repair segment can further be distributed, based on type, into bearing, stator, and rotor, among others.
On the basis of service, the market is segmented into:
- On-site Service
- Off-site Service
The different end uses considered in the market are as follows:
- Food and Beverage
The regional markets for motor repair and maintenance include:
The growing adoption of mechanically and technologically advanced equipment owing to the rising research and development activities to develop improved motors for a range of applications is likely to be a major factor contributing towards the growth of the market. The complexity of these machines is high and require precise and efficient maintenance. Meanwhile, the growing investments and increased collaborations among the key market players to expand their expertise and services related to the maintenance of industrial equipment are anticipated to be a major factor contributing to the market growth in the forecast period.
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Key Market Players
The major players in the market are ABB Ltd., Siemens AG, Renown Electric, K+S Services, Inc., and TECO-Westinghouse, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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