Technavio, a leading global market research report company, has released a market analysis predicting significant growth for the motor control contactors market. According to a report from Cision's PR Newswire, the market is expected to grow by a CAGR of 4.75% during the forecast period of 2022-2027, resulting in a growth of USD 72.43 million.
One of the driving factors behind this growth is the replacement of outdated electric motors, which is being fueled by the Industrial Internet of Things (IIoT). The adoption of IIoT has gained prominence since 2016, with multiple industries realizing the advantages it offers. The development of smart equipment and machinery, improved industrial processes, and increased profitability are some of the benefits of utilizing IIoT. As a result, there is a growing demand for intelligent high-voltage motors and motor control contactors, contributing to the growth of the market.
North America is expected to play a significant role in the motor control contactors market growth, accounting for nearly half of the overall growth. The region's dominant position in the market is primarily driven by the growth of key end-user industries such as oil and gas, chemicals, petrochemicals, and automotive. Within North America, Mexico is projected to experience substantial growth due to its strategic location near the US and Canada, accessibility to South American markets, and favorable government policies and tax incentives. Mexico is expected to become a strong production center for automobiles.
Technavio, known for its easy-to-access and comprehensive market reports, has been a key player in the industry since 2003. They focus on providing valuable insights and helping companies and executives make informed decisions. Their expertise in analyzing new and emerging technologies contributes to their competitive pricing and robust industry coverage.
With the anticipated growth in the motor control contactors market, it is evident that the demand for intelligent high-voltage motors and motor control contactors will continue to rise. This growth presents opportunities for companies in the industry to innovate and meet the evolving needs of various sectors.