Global Motors and Drives Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Motors and Drives Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Motors and Drives Services market finds that the global Motors and Drives Services market reached a value of USD 43732.03 million in 2022. It’s expected that the market will achieve USD 52987.03 million by 2028, exhibiting a CAGR of 3.25% during the forecast period.

Opportunities

The use of electric motors for automating various applications in the HVAC, mining, food and beverage industries has increased significantly due to advances in technology. Along with this, the use of complex machinery is expected to significantly increase the demand for dedicated motor repair and maintenance services.
Due to the increased degree of automation, the utilization of electric motors in various fields has also been greatly improved. Advances in the automation industry are changing the nature of motor repair and maintenance, including the type of specialized equipment and the skills required. Due to the use of complex machinery, the demand for motor repair and maintenance services is expected to increase in the coming years.
Increasing production costs and demand for low-cost, highquality products are driving manufacturers in discrete industries to design automation solutions that increase the productivity of plant operations. This forced them to implement efficient power transmission motor technology. This will promote the development of the motor and driver service market to a certain extent.
Due to the reduction in labor and immigration control, many industries are focusing on investing in factory automation practices. This involves installing multiple high-end motors, such as conveyors, compressors and fans, in a variety of applications. Automated plants will also need smart machines that can be wirelessly controlled, remotely monitored, and capable of diagnosing predictive maintenance, which in turn will have a positive impact on the growth of the market. Throughout the forecast period, the Asia Pacific region will dominate the market and dominate the market. Due to the supply of raw materials and a cost-effective workforce, the region has become a low-cost manufacturing center for the process industry, which will drive demand for the region's motors and drive the market.

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

The top three companies are Siemens, Nidec and Rockwell with the revenue market share of 1.51%, 1.14% and 1.13% in 2018.

Rockwell Automation, Inc., is an American provider of industrial automation and information technology. Brands include Allen-Bradley and Rockwell Software. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs over 22,000 people and has customers in more than 80 countries worldwide.

Siemens AG is a German multinational conglomerate company headquartered in Munich and the largest industrial manufacturing company in Europe with branch offices abroad.

Segmentation Overview:

Among different product types, Repairs segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Oil and Gas segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Motors and Drives Services market covered in Chapter 3:

Allied Motion
AMI Automation
Robo Technik
APS Energia
Addtech
Rockwell
Lumax International
Gefran SPA
Schneider Electric
Harloin Electric Corp.
WuXi Xinje Electric
Beijer Electronics
Siemens
SEW Eurodrive
ICP Das
CPT Drives and Power
Shcenzhen INVT Electric
Hollysys Automation
Compton Greaves Power and Industrial
Nidec

In Chapter 4 and Chapter 14.2, on the basis of types, the Motors and Drives Services market from 2018 to 2029 is primarily split into:

Repairs
Advanced Services
Replacement

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Motors and Drives Services market from 2018 to 2029 covers:

Iron & Steel
Paper and Pulp
Oil and Gas
Cement
Coal
Electric Power
Pharmaceutical
Packaging and Printing
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)