Future Growth Potential and Revenue Streams for OEMs Driven by Outcome-based Business Models that Focus on Efficiency
This study identifies the most recent economic and technological trends in the global motor services industry and analyzes the short, medium, and long-term growth prospects. It examines how the shifting landscape and evolving end-user expectations are driving demand for smarter motor solutions that solve major obstacles end users confront. Today’s industrial requirements are spurring the adoption of digital solutions across industries and creating new revenue opportunities for OEMs and end users by leveraging the data these solutions collect. The research examines the evolution of motor maintenance, from an in-house service to a predictive analytics-based service. It elaborates on how, as technology use increases, the need for individual service providers will slowly fade as OEMs are offering an array of bundled services to improve their stakeholder management.
The COVID-19 pandemic has created unforeseen challenges for businesses and supply chains globally. OEMs are looking at avenues to create lasting connections with end users by providing motor services that help improve product life cycle. To endure economic challenges and remain relevant in an increasingly competitive global context, digital transformation is becoming vital to organizational strategy across industry verticals. The global pandemic, oil price instability, political conflicts, and climate action have accelerated the need to invest in and integrate Industrial Internet of Things (IIoT) technologies. The great need for end users to reduce total expenditure (TOTEX) and operational expenditure (OPEX) to best navigate through these uncertain economic conditions while also increasing the productivity of their plants to satisfy global demand has boosted demand for digital motor services.
Finally, this research offers three lucrative growth opportunities for the motor services market. The publisher identifies these growth opportunities as critical enablers that unlock new revenue streams and deliver differentiated motor products and services.
RESEARCH SCOPE
In this study, motor services include installation and commissioning, training, engineering and consulting, maintenance, provision of spare parts and consumables, replacements, repairs and motor rewinding, advanced services, extensions and upgrades (retrofits), and end-of-life management.
The end-user industries include oil and gas, chemicals and petrochemicals, food and beverage, water and wastewater, metals and mining, power generation, discrete industries, and others (cement manufacturing, pharmaceuticals, agriculture, electronics, marine, pulp and paper, and textiles).
The regions are the Americas; Europe, the Middle East, and Africa (EMEA); and Asia-Pacific (APAC).
The study period is 2020-2026 and the forecast period is 2022-2026.
