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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): 3.50%
• Forecast Market Size (2027): USD 4995.2 Million
The rapid industrialisation and the application of motors in diverse industries in the North American region are driving the market for motor repair and maintenance. The wide adoption of electric motors owing to their higher efficiency and no use of fuels is contributing to the steady growth of the motor repair and maintenance industry. The numerous benefits of repair and maintenance of motors, such as reduced risk factors, lesser energy costs, improved operational efficiency, and reduced downtime, are leading to the development of the market. The growing preventive maintenance checks on motors by several end-users to increase productivity and profitability is bolstering the growth of motor repair and maintenance industry. All these factors are providing impetus to market growth.
Industry Definition and Major Segments
The motor repair and maintenance services are rendered to increase the lifespan of motors and improve their efficiency. There are different maintenance programs, such as preventive maintenance, predictive maintenance, and reactive maintenance. The repair and maintenance of motors play a critical role in boosting machinery production.
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The motor repair and maintenance industry, by type can be segmented into:
• General Repair
The general repair segment can be further divided based on type into bearing, stator, and rotor, among others.
On the basis of service, the market is bifurcated into:
• On-site Service
• Off-site Service
Based on end use, the market is segmented into:
• Food and Beverage
The regional markets for motor repair and maintenance include the United States of America and Canada.
The increasing utilisation of motors in the Heating, Ventilation, and Air Conditioning (HVAC) industry, owing to the rising purchasing power, is leading to the expansion of the motor repair and maintenance industry. The availability of a comprehensive range of reliable and high-efficiency motors for all applications is invigorating the motor repair and maintenance industry in the North American region. In addition, the excellent customer service offered by companies is also propelling the industry. For instance: Siemens AG guarantees the repair of motors using factory drawings, factory testing procedures, and genuine Siemen parts. The company also provides express motor delivery options in emergency situations. Moreover, advancements in the automation industry, installation of intricate machinery, and the investments made by the industry players are expected to propel the motor repair and maintenance industry in the forecast period.
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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