Dublin, March 05, 2019 (GLOBE NEWSWIRE) -- The "Motor Repair and Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.

The global motor repair and maintenance market reached a value of US$ 29.37 Billion in 2018.

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 important to perform regular preventive maintenance (PM) checks on electric motors. The general procedure includes visual inspection, maintenance check on the commutator and brush, motor winding test and bearing inspection. Moreover, repairing electric motors is 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.

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.

Market Summary:

• Based on type, the market has been bifurcated into general repair and overhaul. Currently, general repair dominates the market, thereby holding the largest share. The general repair segment has been further categorised 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.

Key Questions Answered in This Report:

• How has the global motor repair and maintenance market performed so far and how will it perform in the coming years?
• What are the key regions in the global motor repair and maintenance market?
• Which are the major types in the global motor repair and maintenance market?
• What are the key service segments in the global motor repair and maintenance market?
• What are the major end-use sectors in the global motor repair and maintenance market?
• What are the various stages in the value chain of the global motor repair and maintenance market?
• What are the key driving factors and challenges in the global motor repair and maintenance market?
• What is the structure of the global motor repair and maintenance market and who are the key players?
• What is the degree of competition in the global motor repair and maintenance market?

Key Topics Covered:

1 Preface

2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.4 Market Estimation
2.5 Forecasting Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Motor Repair and Maintenance Market
5.1 Market Overview
5.2 Market Performance
5.3 Market Breakup by Type
5.4 Market Breakup by Service
5.5 Market Breakup by End Use Industry
5.6 Market Breakup by Region
5.7 Market Forecast
5.8 SWOT Analysis
5.9 Value Chain Analysis
5.9.1 Research and Development
5.9.2 Raw Parts/Equipment Procurement
5.9.3 Repair and Maintenance Companies
5.9.4 Distributors and Retailers
5.9.5 On Site Service
5.9.6 End-Users
5.10 Porters Five Forces Analysis
5.11 Key Success and Risk Factors

6 Market Breakup by Type
6.1 General Repair
6.1.1 Bearing
6.1.2 Stator
6.1.3 Rotor
6.1.4 Others
6.2 Overhaul

7 Market Breakup by Service
7.1 On-site Service
7.2 Off-site Service

8 Market Breakup by End Use Industry
8.1 Utilities (water, electricity and gas)
8.2 HVAC
8.3 Food and Beverage
8.4 Mining
8.5 Others

9 Market Breakup by Region
9.1 North America
9.2 Europe
9.3 Asia Pacific
9.4 Rest of the World

10 Competitive Landscape
10.1 Market Structure
10.2 Key Players
10.3 Profiles of Key Players
10.3.1 ABB Group
10.3.1.1 Company Overview
10.3.1.2 Company Description
10.3.1.3 Product Portfolio
10.3.1.4 Financials
10.3.1.5 Key Contacts
10.3.2 Siemens Ag
10.3.3 WEG SA
10.3.4 Regal Beloit
10.3.5 TECO E&M/TECO-Westinghouse

For more information about this report visit https://www.researchandmarkets.com/research/mk9vk4/36_38_bn_motor?w=12

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Related Topics: Automotive Repair