LONDON–(BUSINESS WIRE)–The latest market research report by Technavio on the global industrial intelligent motor control center (iMCC) software market predicts a CAGR of over 6% during the period 2018-2022.
The report segments the global industrial iMCC software market based on end-user (oil and gas industry, metal and mining industry, utility industry, chemicals and petrochemicals industry, food and beverage industry, and others), application (low voltage iMCC and medium voltage iMCC), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global industrial iMCC software market, according to Technavio industrial automation researchers:
- Growing requirement to minimize downtime through data analysis: a major market driver
- Increased use of analytics: emerging market trend
- APAC dominated the global industrial iMCC software market with a share of over 36% in 2017
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Growing requirement to minimize downtime through data analysis: a major market driver
Growing requirement to minimize downtime through data analysis is one of the major factors driving the global industrial iMCC software market. The only way an industry can sustain itself in a competitive environment is by avoiding unnecessary expenditure and by facilitating consistent and timely delivery of high-quality products. Intelligent motor control center software facilitates a plug-and-play solution within the operator interface software, which can be easily handled by computer novices. This feature acts as a replacement for the traditionally used, expensive customized MCC screens. Additionally, this software uses a combination of both polled and diagnostic real-time information to achieve efficiency in process control and management. With real-time information, iMCCs provide features, such as preemptive and predictive maintenance modeling and proactive condition monitoring. Therefore, the iMCC detects faults in early stages and reduces waste and downtime. The technology is also engineered to transmit real-time data from remote locations, and allows quick decision-making and repairs, minimizes equipment damage, and protects workers from occupational mishaps.
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Increased use of analytics: emerging market trend
The computational analysis of data is widely recognized as an asset in making decisions across end-user industries. With the vision to enhance their business and boost their value propositions, vendors in the automation solutions market are coming up with the development of various types of analytic models. Analytics and statistical models can be customized to meet market requirements. The use of such technological advances fosters decision-making with the least margin for errors, helps anticipate future problems, and identifies the cause of errors.
According to a senior analyst at Technavio for automation research, “A significant application of analytics lies in the iMCC software as it is used in predictive maintenance that involves the real-time monitoring of data. Hence, with increasing adoption of analytics, the demand for iMCCs is expected to increase simultaneously. For instance, Siemens collaborated with SAP using the HANA cloud platform and is now offering large data analysis and interpretation technologies. This collaboration has helped Siemens to store critical data and offer effective plant data services.”
Global market opportunities
In terms of regional dominance, APAC dominated the global industrial iMCC software market, followed by EMEA and the Americas in 2017. APAC is expected to maintain its lead throughout the forecast period and also exhibit the highest growth of close to 1% by 2022. The other two regions are expected to witness a small decline in their market shares during this period.
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