The North American motor repair and maintenance market will be driven by the increasing focus on preventive maintenance (PM) checks of electric motors during the forecast period 2022-2027
Expert Market Research’s new report titled ‘North America Engine Repair and Maintenance Market Report and Forecast 2022-2027’, gives an in-depth analysis of the Engine Repair and Maintenance Market Motors in North America, assessing the market based on its segments like Types, Services, End-Uses, and Regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
- Historical market size (2021): 4083.1 million USD
- Forecast CAGR (2022-2027): 50%
- Forecasted Market Size (2027): USD 4995.2 Million
The engine repair and maintenance industry in North America is boosted by the thriving industrial and commercial sector and the increasing focus on improving the life of engines and machinery in the sectors. For example, the growing demand for heavy-duty engines in the food processing and mining industry to improve the efficiency and productivity of business operations is expected to support the growth of the engine repair and maintenance industry. during the forecast period. Additionally, the booming manufacturing sector and increased use of advanced machinery and equipment is believed to be driving the demand for engine repair and maintenance. Additionally, growing demand for engine repair and maintenance services across various industries such as utilities and HVAC among others is expected to boost the market over the forecast period.
Industry definition and major segments
Motor repair and maintenance refers to the process that involves the inspection, disassembly, repair, reassembly, and testing of motors that run on electricity. Engine repair and maintenance improve engine operational capabilities and productivity. In addition, repair and maintenance can be carried out regularly or at different intervals depending on the nature of the engine.
The engine repair and maintenance industry, based on type, can be divided into:
The general repair segment can further be divided, depending on the type, into bearing, stator and rotor, among others.
On the basis of service, the market is segmented into:
- On-site service
- Off-site service
The various end uses envisaged on the market are as follows:
- Food and drink
Regional engine repair and overhaul markets include:
Growing adoption of mechanically and technologically advanced equipment owing to increase in research and development activities to develop improved engines for a range of applications is likely to be a major factor contributing to the growth of the market. The complexity of these machines is high and requires precise and efficient maintenance. Meanwhile, growing investments and increased collaborations among the major market players to extend their expertise and services related to industrial equipment maintenance are expected to be a major factor contributing to the growth of the market over the forecast period.
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Main market players
Major market players include ABB Ltd., Siemens AG, Renown Electric, K+S Services, Inc., and TECO-Westinghouse, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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