Motor Control Centers Market to Boom with Owing to the Growing Demand for Industrial Automation
New Revenue Pockets:
The global motor control centers market is expected to grow from an estimated size of USD 4.6 billion in 2020 to USD 6.3 billion by 2025, at a CAGR of 6.4% during the forecast period. The growing demand for industrial automation in developed regions and the increased use of electric motors are some of the factors driving the growth of the motor control centers market.
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Motor Control Centers Market Outlook 2020 – Huge Growth, Trends, Revenue And In-Depth Analysis 2025
The motor control centers market is expected to grow from an estimated value of USD 4.6 billion in 2020 to USD 6.3 billion by 2025, at a CAGR of 6.4%, from 2020 to 2025. The global market is set to witness significant growth owing to the growing demand for industrial automation in developed regions and regulations promoting energy saving across major industries.
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Evolving Trends in the Motor Control Centers Market, Forecast to 2024
The global motor control centers market is expected to grow from an estimated size of USD 5.3 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 5.0% during the forecast period. The growing demand for industrial automation in developed regions and the increased use of electric motors are some of the factors driving the growth of the motor control centers market.
Market Ecosystem:
The...
Low Voltage Motor Control Centers Market to Witness Steady Growth in the Coming Years
Overview of Low Voltage Motor Control Centers Market
Growing competition and stringent regulations related to safety and efficiency have led various industries to automate their operations, thereby boosting the demand for motor control centers. Low voltage motor control centers mainly find applications in industries such as oil & gas, chemical and petrochemical, mining, food & beverage, and...