IMCC Market Growth to Catapult in APACPosted by niharika on July 23rd, 2019 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 64.76m 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 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. view full table of content of IMCC Market: https://www.industryarc.com/Report/10636/intelligent-motor-control-centers.html IMCC Market: Trends and Growth Drivers 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
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