Global Motor Repair and Maintenance Market 2022-2027, Propelled by Its Cost-Effectiveness

Global Motor Repair and Maintenance Market 2022-2027, Propelled by Its Cost-Effectiveness

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, according to the recent report by IMARC Group.

Motor repair and maintenance refers to the procedure of performing a maintenance check on an electric motor, which typically comprises visual inspection, motor winding testing, and bearing inspection. Electric motors are used in compressors, industrial fans, and other applications across a wide range of industries. They are an important part of a company because its productivity and profitability are dependent on their efficient operation. Various end users have begun to select for effective repair and maintenance service packages in recent years, with the goal of avoiding significant breakdowns, hence saving downtime and preventing serious motor damage.

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Market Trends:

The cost-effectiveness of preventive maintenance (PM) inspections is a crucial feature that is propelling the market forward. Repairing a motor and taking preventative measures to minimise additional damage is always a better alternative than replacing the complete machine. Regular maintenance also lowers the chance of failure and extends the life of equipment. Furthermore, as a result of technical improvements, the use of electric motors for automating numerous applications in industries such as HVAC, mining, and food and beverage has increased significantly. In addition, the increased use of complex machinery is likely to increase demand for speciality motor repair and maintenance services.

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Market Summary:

• 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.
• On the basis of the service, off-site service represents the biggest segment, followed by on-site service.
• 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.
• 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.

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.

Who are the Major Motor Repair and Maintenance Market Key players?

The report provides a detailed analysis of the Motor Repair and Maintenance Market leaders, including.

ABB Group,

Siemens AG,

WEG SA,

Regal BeloitTECO E&M/TECO-Westinghouse.

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