PUNE, India -- The report "Motor Protection Market by Device (Overload Relay, Vacuum Contactor, Combination Starter & Motor Protection Circuit Breaker), by Industry (Oil & GAs, Water & Wastewater, Infrastructure, Food & Beverages, Metals & Mining), by Power, and by Region - Global Trends & Forecast to 2020" published by MarketsandMarkets, The market is expected to grow from an estimated USD 3.65 Billion in 2015 to USD 5.09 Billion by 2020, at a CAGR of 6.86% during the forecast period.
Increasing demand for motors and growing concern towards its protection, growth in HVAC system are the major drivers of the market. Meanwhile, growing focus on deep-water discoveries and growth in water & wastewater industries are the major opportunities of the Motor Protection Market.
Easy installation and lower price of overload relays are the major drivers for higher market share of this segment
Among various devices of motor protection, overload relays holds of the largest market share. The high market share is attributed to its ease of installation and its lower prices. Moreover, overload relays also have in-built frequency drives, soft starters, and combination starters, which are other protective and control equipment of motors. Soft starters and combination starters are majorly used in rated power up to 7.5 kW, while frequency drives are majorly used in rated power >75 kW, which further increases the market share of overload relays in all the applicable power ratings.
Increasing preference of motor protection devices of rated power >75 kW
The report segments the Motor Protection Market on the basis of output power as up to 7.5 kW, 7.5 kW-75 kW, and >75 kW. The motor protection devices of range >75 kW held the largest market share in 2014, followed by devices of range up to 7.5 kW in the same year. The motor protection devices segment of range >75 kW is expected to grow at a higher CAGR during the forecast period, when compared with devices of ranges up to 7.5 kW and 7.5 kW-75 kW during the same period.
Asia-Pacific is the dominant market for motor protection
In this report, the Motor Protection Market has been analyzed with respect to five regions, namely, Asia-Pacific, Europe, North America, South America, and the Middle East & Africa. The Motor Protection Market is expected to witness higher growth in developing economies such as Asia-Pacific and the Middle East & Africa when compared with Europe and North America. China is expected to be global leader for motor protection, followed by the U.S., and Germany. Planned infrastructure spending by the Chinese government and increase in oil production through offshore basins are the major drivers for the growth of the Motor Protection Market in the country.
The report also includes profiles of some of the leading players in the Motor Protection Market to provide an in-depth understanding of the competitive landscape. The leading players include ABB Ltd. (Switzerland), Siemens A/G (Germany), Schneider Electric SE (France), Eaton Corporation (Ireland), General Electric Company (U.S.), Mitsubishi Electric (Japan), Danfoss A/S (Denmark), and Larsen & Toubro Limited (India) among others. The dominant players are trying to penetrate developing economies and adopting various methods to grab a bigger market share.
Market share analysis by developments for key companies has also been included in the report. The scope accordingly aids market participants to identify high growth markets and help in managing key investment decisions. For this report, major players in the Motor Protection Market have been identified using various primary and secondary sources, which include annual reports of top market players and interviews with key opinion leaders such as CEOs, directors, and marketing people. Based on this research, the market shares have been evaluated and validated.
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