Overview of the global motor protection systems market
Technavio’s market research analysis has identified the rising usage of electrical components in overload relays to be one of the primary growth factors for the motor protection systems market. The usage of electronic components in constructing overload relays lead to increased protection, enhanced features, and better communications. Augmented protection provides protection against phase loss, phase imbalance, and phase sequence. Using the electronic overload relays, users can easily monitor and control process elements to increase the efficiency and reform processes of manufacturing. Our market analysts estimate that the market will earn a revenue of more than USD 2.2 billion by 2021.
Industrial Internet of Things (IIoT) is used to accumulate bulk data from many activities and equipment for analysis. This is done to bring about developments such as the provision of a faster response to customer demands and reduced waste. Industries adopting Industry 4.0 contain sensors on the work floor that focus on features such as motor currents and vibrations, batch numbers, final product test, and inspection measurements. IIoT retains huge amounts of data to effectively survey and monitor the data. The rising use of IIoT for motor condition monitoring is one of the key factors contributing towards the motor protection systems market.
Competitive landscape and key vendors
The motor protection systems market is moderately fragmented owing to the presence of several key international and regional players manufacturing motor protection systems. Key vendors dominate the motor overload protection market as they offer industrial automation products. New vendors are offering products at low costs and this provides tough competition to the large vendors. To attain competitive advantage in the motor overload protection market, vendors must comply with the regulatory standards and provide suitable solutions.
The leading vendors in the market are
The other prominent vendors in the market are Basler Electric, SEL, ASHIDA, Siemens, and Emerson.
Segmentation by end-user and analysis of the motor protection systems market
Process industries such as oil and gas industry, power industry, chemical and petrochemical industry, and food and beverage industry, are the primary end-users to the motor protection system market. These industries use motors in equipment’s such as pumps, boilers, heat exchangers, air compressors, and conveyors among many others. Implementation of motor protection systems enhance the longevity of motors by evading electrical faults and disconnecting motors from the power source in case of mechanical faults.
Geographical segmentation and analysis of the motor protection systems market
APAC will be the major revenue contributor to the motor overload protection market owing to the exponential growth of process and discrete industries and vendors engaging in M&A in this region. Increasing urbanization and adoption of renewable energy resources are influencing the demand for power supply. Rising need for fuels and hydrocarbons further drives the growth of the motor overload protection market in APAC.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global motor protection systems market?
What are the key market trends impacting the growth of the global motor protection systems market?
What are the challenges to market growth?
Who are the key vendors in the global motor protection systems market?
What are the market opportunities and threats faced by the vendors in the global motor protection systems market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global motor protection systems market?
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