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North America Motor Repair and Maintenance Market to Grow at a CAGR of 3.50% During 2022-2027, Aided by the Rapid Expansion of Major End Use Industries

According to a new report by EMR titled, ‘Global North America Motor Repair and Maintenance Market Report and Forecast 2022-2027’, the market attained a value of around USD 4083.1 million in 2021. The market is further expected to grow at a CAGR of 3.50% between 2022 and 2027 to reach USD 4995.2 million by 2027.

The motor repair and maintenance industry in North America is being driven by the rapid expansion of various end use industries including food and beverage, mining, oil and gas, construction, utilities, and HVAC, among others. The increasing focus to enhance operational efficiency in these industries have been contributing to the demand for motor repair and maintenance services. Further, the growing utilisation of HVAC equipment across the sectors is likely to propel the demand for motor repair and maintenance in the forecast period. Moreover, the growing focus on preventive maintenance (PM) to reduce the likelihood of equipment failure  in manufacturing facilities is likely to support the market in the region.  Preventive maintenance is necessary for most mechanical equipment to enhance their reliability and operational availability by taking preventive action before the functional failure happens.

The growing collaborations among the leading market players for the development of efficient motor solutions are projected to supplement the market growth in the forecast period. For instance, in September 2020, ABB Ltd. (OTCMKTS: ABLZF) announced a partnership with Integrated Power Services (IPS) to provide advanced motor solutions to customers in Western Ontario, Manitoba, and Saskatchewan. Both companies aim to provide customers with reliable and efficient solutions for all kinds of powertrain applications.

Market Breakup by Type, Service, End Use, and Region:

  • The market is segmented, based on type, into general repair, and overhaul. Among these, the general repair segment can be further segmented, based on type, into bearing, stator, and rotor, among others.
  • Based on service, the market can be segmented into on-site service and off-site service.
  • The significant end uses of motor repair and maintenance include utilities, HVAC, food and beverage, and mining, among others.
  • Region-wise, North America market for motor repair and maintenance can be divided into the United States and Canada.

Key Findings of the Report:

  • The motor repair and maintenance industry in North America is being driven by the rapid expansion of major end use industries such as oil and gas, utilities, and HVAC, among others.
  • The growing adoption of modern and complex machinery and the rapid industrialisation are likely to be a major driving factor in the market growth.
  • The growing demand for general repair services is anticipated to augment the market in the forecast period.
  • The market is estimated to be further aided by the growing expenditure by the leading market players in the development of efficient repair and maintenance solutions to enhance their utility across industries.

Key Offerings of the Report:

  • The EMR report gives an overview of the North America market for motor repair and maintenance for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types, services, end uses, and regions of motor repair and maintenance.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the North America motor repair and maintenance market are ABB Ltd., Siemens AG, Renown Electric, K+S Services, Inc., and TECO-Westinghouse, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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