Utilization of Precision Electric Motors within Medical Diagnostic Applications

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.

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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.