Motor Repair and Maintenance Market Expected to Reach US$ 36.38 Billion by 2024

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The global motor repair and maintenance market has witnessed steady growth in the past few years. This can be accredited to the cost-effectiveness of repair and maintenance services and their rising demand in the field of industrial automation.

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According to the recent report by IMARC Group, titled "Motor Repair and Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global motor repair and maintenance market reached a value of US$ 29.37 Billion in 2018. Motor repair and maintenance refers to the procedure of maintenance check which often includes visual inspection, motor winding test and bearing inspection of an electric motor. Electric motors find extensive applicability across diverse industries where they are installed in compressors, industrial fans, etc. They form an essential component of a business since its productivity and profitability depend upon their efficient performance. Over the past few years, various end users have started opting for effective repair and maintenance service packages which aim at averting critical breakdowns, thereby reducing downtime and preventing severe damage to the motor.

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Market Trends:

Cost-effectiveness is a key benefit that is offered by preventive maintenance (PM) checks, which is driving the market growth. It is always a more convenient option to repair a motor and undertake preventive measures to avoid further damage than replacing the entire machine. Regular maintenance also reduces the risk factor and improves the lifespan of machinery. Additionally, owing to technological advancements, there has been a significant rise in the employment of electric motors for automating various applications across industries such as HVAC, mining, and food and beverages. Along with this, the utilization of intricate machinery is expected to significantly raise the demand for specialty motor repair and maintenance services. Owing to the aforementioned factors, the global motor repair and maintenance market size is expected to reach US$ 36.38 Billion by 2024, expanding at a CAGR of 3.64% during 2019-2024.

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Insights on Market Segmentation:

Breakup by Type:

1. General Repair

2. Overhaul

Breakup by Service:

1. On-site Service

2. Off-site Service

Breakup by End Use Industry:

1. Utilities (water, electricity and gas)

2. HVAC

3. Mining

4. Others

Breakup by Region:

1. North America

2. Europe

3. Asia Pacific

4. Rest of the World

Competitive Landscape:

The competitive landscape of the market has also been analyzed with some of the key players operating in the market being ABB Group, Siemens AG, WEG SA, Regal Beloit and TECO E&M/TECO-Westinghouse.
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