The latest report on the motor repair industry

A new report from Dublin’s Research and Markets provides the latest breakdown of the motor repair and maintenance market, including the most profitable sectors, businesses, and valuation as of the close of 2018, while also projecting these variables for the next five years.

The report, entitled Motor Repair and Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024 was added to the research body’s offerings on March 4. First and foremost, it places the global motor repair and maintenance market at a value of US$ 29.37 Billion in 2018.

Looking forward, the market is projected to reach a value of US$ 36.38 Billion by 2024, expanding at a CAGR of 3.64% during 2019-2024.

Per the report, “the market has been bifurcated into general repair and overhaul,” as far as “type” goes. R&M says that currently, general repair dominates the market, thereby holding the largest share. The general repair segment has been further categorized into bearing, stator and rotor.

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

The market has also been segregated on the basis of end-use industry. At present, the utilities sector accounts for the majority of the total market, followed by the HVAC, food and beverages, and mining segments.

Region-wise, the market has been divided into Asia-Pacific, North America, Europe and Rest of the World (RoW). Amongst these, Asia-Pacific is the leading market, holding the majority of the total global market.

The competitive landscape of the market has also been examined with some of the key players being ABB, Siemens, WEG, Regal Beloit and TECO E&M/TECO-Westinghouse. No surprises there.

Electric motors find applications in diverse industries ranging from food and beverage to mining where they are installed in compressors, machine tools, industrial fans, etc. Since they have a huge impact on a business profitability and productivity, it is vital to ensure that these motors perform well.

Consequently, it is reiterated as highly important to perform regular preventive maintenance (PM) checks on electric motors. For a refresher, general procedures of PM should include visual inspection, maintenance check on the commutator and brush, motor winding test and bearing inspection. Moreover, repairing electric motors is often more cost-effective than replacing the entire machine, thereby being an optimum alternative.

Preventive maintenance of motors lessens the risk factor, saves energy, improves equipment life and reduces downtime. Regular use of electric motors in various end-use industries, such as HVAC, mining, food and beverage, etc., is impelling the growth of the motor repair and maintenance market worldwide. Apart from this, the utilisation of electric motors has grown significantly in various sectors due to increasing automation.

Advancements in the automation industry are changing the nature of repair and maintenance of motors, including the type of specialist equipment and skills required. Due to the employment of intricate machinery, the demand for motor repair and maintenance services is anticipated to rise in the coming years.

Source: Electrical Apparatus