According to a recent research report released by Transparency Market Research, the global precision electric motors market is expected to be worth US$52.22 billion by 2024. The report, titled “Precision Electric Motors (Brushless) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2024” estimates the overall market to witness a positive growth at a CAGR of 12.7% during the period between 2014 and 2024. In 2013, the precision electric motors market was valued at US$22.69 billion.
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The report points out that the increasing demand for high performance motors has led to the growth of the global precision electric motors market. Precision electric motors are energy efficient with reduced noise and increased shelf life. The growing demand for precision electric motors owing to the increased production of motor vehicles, defense and aerospace equipment, home appliances, and other electric motor driven systems will propel the global precision electric motors market. However, the report cites that the higher cost of the precision electric motors will restrain the market growth in the near future. Increasing demand for industrial robots and the use of precision electric motors in medical diagnostic applications will open new opportunities for the overall market in the coming years.
On the basis of motor type, the report segments the global precision electric motors into DC brushless motors and AC brushless motors. In 2014, DC brushless motors accounted for US$21.29 billion and dominated the market. The demand for DC brushless motors is expected to be the highest during the forecast period due to their extensive usage in chassis and powertrain applications in cars manufactured across the globe. The increased demand for DC brushless motors can also be attributed to the fact that they are controlled through simple switching commutation logic. The AC brushless motors, on the other hand need complex algorithms.
In terms of end-use application, the report categorizes the global precision electric motors into sectors such as industrial machinery, household appliances, healthcare, defense and aerospace, automotive, and others. In 2014, largest share in the market was held by industrial machinery segment and it accounted for US$6.74 billion. The segment accounted for more than 25% share in the total revenue generated by the global precision electric motors market in 2013. Owing to the increasing sales of hybrid and electric vehicles, the demand for precision electric motors in automotive sector is expected to be the highest during the forecast horizon.
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The report studies the global precision electric motors market in four key regions: Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific drove the demand from the market and accounted for US$11.29 billion in 2014. The region is expected to dominate the overall market during the forecast period due to the rapid industrialization in the emerging economies.
The report profiles some of the key players in the global precision electric motors market such as Yaskawa Electric Corporation, Baldor Electric Company, Regal Beloit Corp., Nidec Corporation, and Omron Corporation.
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