Growing demand for luxury vehicles along with improving living conditions are anticipated to surge the sales of motor winding repair services. Demand for motor winding repair service due to providing maintenance control processes such as visual review, motor winding check, and electric motor bearing inspection broadens market growth
NEWARK, Del, Aug. 22, 2022 (GLOBE NEWSWIRE) -- The global motor winding repair service market is projected to reach a value of US$ 12,780 Mn by 2032 while exhibiting a moderate CAGR of 5% for the forecast period of 2022 to 2032. Motor winding repair service market will likely reach an estimated US$ 7,832.5 Mn in 2022. The growth in this market is fueled by the competitiveness, profitability, and effective performance of motor services.
Damaged coils need to be replaced by new coils to enhance motor efficiency. This boosts the sales of motor winding repair services. Increasing provision for maintenance control processes such as visual review, motor winding check, and electric motor bearing inspections further expands the motor winding repair service market. In addition to this, cost-effectiveness and application in multiple industry verticals like food and beverage, mining, etc., also sustain the market growth for motor winding repair services.
Growing standards of living and increasing disposable income contribute to the motor winding repair service market growth. Heightened demand for motor winding repair services by industrial and other end-users in the replacement as well as repair segments due to their effective performance in preventing critical breakdowns and serious motor damage promotes market growth. Moreover, elevated demand for luxury vehicles, rapid industrialization, and overload protection among other factors drive the sales of motor winding repair services over the forecast period.
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“High-grade material and rigid manufacturing tolerance are expected to expand the market size of motor winding repair service over the forecast period,” says an FMI analyst.
Electrical redesigns, insulation upgrades, and mechanical upgrades to boost market possibilities.
Lack of awareness and knowledge inhibits the market prospects for motor winding repair services.
Asia Pacific is expected to dominate the global market over the forecast period.
Europe is set to become the second largest market, with a 28% revenue share in 2022.
Start-up ecosystem has a positive outlook in the motor winding repair service market over the assessment period.
Integrated Power Services LLC., Delba Electrical, Continental Group, Excel Apparatus Services Inc., Whelco Industrial, EMW PRODUCTIONS LLC, Smith Services, Electric Motor Rewinding Company Albury, Lloyd Electric Co. Inc., Rogers Electric Motor Services, ROGERS ELECTRIC & MACHINE, A-Plus Winding Services Inc., ABB, Siemens, WEG SA, Regal Beloit Corporation, TECO E&M/TECO-Westinghouse, NIIR PROJECT CONSULTANCY SERVICES (NPCS), Renown Electric Motors & Repair Inc., NSL Machinery Reliability Services, Precision Servo LLC, A2Z Pump Repair & Service Solutions Inc., DC Braun Co., and others are some of the major players in the motor winding repair service market profiled in the full version of the report.
Major market players are focusing on setting up effective joint ventures, acquisitions, and collaborations in order to augment their respective consumer bases.
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More Insights into the Motor Winding Repair Service Market Report
In its latest report, FMI offers an unbiased analysis of the global motor winding repair service market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on type (AC motor, DC motor), end user (integral HP output, fractional HP output), application (oil & gas, automotive industry, mining industry, paper & cement, power generation industry, nuclear power, fossil power, hydro power, household appliances), and region.
According to the latest FMI reports, based on region, the Asia Pacific is expected to dominate the global market space. This growth is attributed to the high demand and sales of electric vehicles. In addition, increased activities in motor-driven systems in household, industrial, and automotive sector applications in countries like Singapore, India, China, and South Korea also fuel market growth in this region.
The motor winding repair service market in Europe is the second largest market which is expected to account for an estimated 28% of revenue share by the end of 2022. Increasing infrastructural projects in the automotive sector is responsible for this notable growth in the region.
Apart from Europe and the Asia Pacific, North America, too, is anticipated to witness considerable growth over the forecast period. It is closely following Europe with an astounding 26% CAGR. Rising infrastructural activity due to natural gas transportation is propelling the adoption of motor winding repair services in this region during the forecast period.
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2.2. Market Definition / Scope / Limitations
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
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