A
new Transparency Market Research report states that the global
precision electric motors market stood at US$22.6 bn in 2013 and is
predicted to reach US$52.2 bn by 2020. It is expected to expand at a
CAGR of 12.70% between 2014 and 2020. The title of the report is
“Precision
Electric Motors Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2014 - 2020”.
As
per the report, the increasing manufacture of defense and aerospace
equipment, home appliances, motor vehicles, and other
electric-motor-driven systems have raised the demand for precision
electric motors, thus boosting the market. The utilization of
precision electric motors within medical diagnostic applications and
the rising demand for industrial robots are poised to bring in new
opportunities for the market in the forthcoming years. On the other
hand, the rising cost of precision electric motors will impede the
growth of the market in the coming years.
In
terms of motor type, the precision electric motors market is
segmented into DC brushless motors and AC brushless motors. Amongst
these, DC brushless motors can be controlled using simple switching
commutation logic, while AC brushless motors are controlled via
complex algorithms requiring mathematical capabilities. In 2014, DC
brushless motors held the biggest share of US$21.2 bn in the market
in terms of revenue and are predicted to maintain their superiority
in the forecast period. The reason for the dominance of DC brushless
motors is their increasing application in powertrains and chassis
within cars.
In
terms of application, the precision electric motors market is
segmented into industrial machinery, automotive, defense and
aerospace, household appliances, healthcare, and others. In 2013, on
the basis of revenue, the industrial machinery segment represented a
share of 25% in the market for precision electric motors. This
segment also held the biggest share in the market in 2014 and stood
at a valuation of US$6.7 bn. The superiority of this segment is
attributed to the rising manufacture of industrial machinery,
particularly in the developing nations of Brazil, Russia, and China,
among others.
On
the other hand, the demand for precision electric motors will be the
highest in the automotive segment during the forecast horizon, due to
the rising sales of electric and hybrid vehicles. This segment will
be trailed by defense and aerospace.
In
terms of geography, the market is segmented into Europe, North
America, Asia Pacific, and Rest of the World (RoW). Amongst these, in
2014, Asia Pacific represented the biggest share in the market and is
the most swiftly developing market for precision electric motors. It
is predicted to maintain its superiority till 2020. This region has
experienced exponential growth in the precision electric motors
market owing to increasing industrialization in countries such as
India, China, Indonesia, and Malaysia, among others. In addition, the
rising disposable incomes of consumers in these countries have also
helped increase the demand for precision electric motors within the
Asia Pacific region.
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