(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Motor Management Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Motor Management Market products.
Kenneth Research has recently added a report on Motor Management Market which is studied for the forecast period 2021 2025. The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019. Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
The global Motor Management Market was valued at USD 2.87 billion in 2016 and is projected to reach USD 4.55 billion by 2025, growing at a CAGR of 5.26% from 2017 to 2025.
Motor management is an automated application/technology that controls a series of actuators on an internal combustion engine to ensure optimal engine performance. It does this by reading values from a multitude of sensors within the engine bay, interpreting the data using multidimensional performance maps.
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Market Dynamics:
1. Market Drivers
1.1 Increasing applications of Smart, Multifunctional, Integrated Motor Control and Protection Devices
1.2 Growing demand for Reducing Unplanned Industrial Downtime
1.3 Improved Software to Create New Possibilities in the Motors Management and Control Device Market
2. Market Restraints
2.1 Lack of Awareness Regarding Motor Management and Control Devices
2.2 Decreasing Greenfield Investments in the Oil & Gas Industry
Market Segmentation:
1. Global Motor Management Market , by Type:
1.1 Asynchronous Motors
1.2 Synchronous Motors
2. Global Motor Management Market, by Control:
2.1 Automatic Controls
2.2 Semi-Automatic Controls
2.3 Manual Controls
3. Global Motor Management Market, by Product and Services:
3.1 Hardware
3.2 Software & Solution Services
4. Global Motor Management Market, by Voltage Range:
4.1 Low Voltage (60 to 240 Volt AC)
4.2 Medium Voltage (250 to 395 Volt AC)
4.3 High Voltage (396 to 485 Volt AC)
5. Global Motor Management Market, by Industry:
5.1 Metals & Mining Industry
5.2 Oil & Gas Industry
5.3 Power Generation Industry
5.4 Water Supply and Wastewater Treatment Industry
5.5 Food & Beverages Industry
5.6 Agriculture
5.7 Chemicals Industry
5.8 Cement Industry
5.9 Other Industries
6. Global Motor Management Market, by Application:
6.1 Pumps
6.2 Compressors
6.3 Material Handling
6.4 Other Applications
7. Global Motor Management Market, by Region:
7.1 North America (U.S., Canada, Mexico)
7.2 Europe (Germany, UK, France, Rest of Europe)
7.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
7.4 Latin America (Brazil, Argentina, Rest of Latin America)
7.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. ABB Ltd
2. Analog Devices, Inc.
3. Eaton Corporation
4. General Electric (GE)
5. Hitachi Ltd.
6. Mitsubishi Electric Corporation
7. Rockwell Automation
8. Schneider Electric SE
9. Siemens AG
10. Texas Instruments Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Motor Management Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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