According to findings documented in the World Oil Outlook 2018 by the Organization of Petroleum Exporting Countries (OPEC), the worldwide energy demand is expected to rise from 276 mboe/d in 2015 to 339.4 mboe/d in 2030.  This will lead to an increase in demand for the oil and gas industry, which forms a major segment of the energy industry. Oil and gas refineries work with digital control systems (DCS), which are incorporated with intelligent motor control centers (IMCC). The rise in production of oil and gas will support the IMCC market, which is poised to attain a valuation of $5164.76m by the end of 2023. The IMCC market size will grow at a CAGR of 8.6% during the forecast period 2018-2023, according to a recently published market intelligence report by IndustryARC.
The report titled, “Intelligent Motor Control Centers (IMCC) Market: By Voltage (Low, Medium); By Standards (NEMA, IEC); By Sales Channel, Protection; By Components (Contactor Relays, Starters & over Load Relays, Solid State, Variable Frequency drives, Soft Starters, Network Components, Visualization Systems and Software); By End user industry (Oil & Gas, Mining & Metals, Power Generation, Pulp & Paper, Water & Waste Water, F & B, Automotive, Ship Building, Transport, Cement Manufacturing, Petrochemicals, Semiconductor Manufacturing, Pharmaceutical and Others); By Geography - (2018-2023)” comprises of the facts, figures, and statistics that will provide a peek into dynamics of the IMCC market. Furthermore, the report contains foreseeable trends, challenges, and opportunities for the forecast period.
IMCC Market: Geographical Analysis & Leading Segments
The Americas led the IMCC market in 2017, with a share of $1442.29m, owing to application across a wide range of industries in Canada, Mexico, and the U.S., where DCS has successfully penetrated operations. On the other hand, the APAC region is expected to observe a surge in demand for IMCC, which will aid the IMCC market to grow at a CAGR of 15.95% during the forecast period 2018-2023. The projected growth in the APAC region is due to an influx in demand from the oil and gas industry, which is expected to boom in countries such as India and China.
The key application segment for the IMCC market is the oil and gas industry, which is expected to grow at a CAGR of 9.32%. The mining and metals industry is also creating significant demand for the IMCC market, through increasing automation in the metal manufacturing process.
IMCC Market: Trends and Growth Drivers
· Reduced Installation Cost and Time –
IMCCs are preconfigured, pretested, and ready-to-install systems. On the other hand, conventional MCCs take time to install; thereby shooting up installation costs. Moreover, in IMCC, cabling cost is lesser as compared to conventional MCCs. Reduced installation cost and time is a major driver behind increasing revenue for the IMCC market.
· Reduced Labor Cost and Energy Efficiency –
IMCC software is incorporated with all the facilities for monitoring, configuration, and reconfiguration of devices; which reduce the need for human interference in setting up the system. Furthermore, IMCCs also have troubleshooting functionalities which reduce the downtime. The demand for IMCCs is also growing in large part due to its advanced energy management capabilities, which ensure lower energy consumption as compared to more conventional systems.
IMCC Market: Competitive Landscape
Some key companies identified in the IMCC market intelligence report are Eaton Corporation, Inc., Schneider Electric SE, Siemens AG, Rockwell Automation, Inc., General Electric Company, ABB, COMECA, and others.
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What can you expect from the report?
The intelligent motor control centers (IMCC) market report is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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