Precision Electric Motors Market – Snapshot
An electric motor refers to an electrical machine, which is capable of extracting mechanical energy from electrical energy. The expansion of the global precision electric motors market is likely to be influenced by high accuracy and effectiveness of these motors. Several end use sectors are taking up these motors, thanks to the benefits offered by them. This factor is likely to bolster the growth of the global precision electric motors market in the forthcoming years.
Rise in the Production of Vehicles to Shoot up Demand in the Near Future
With the augmented demand for precise output, the demand for precision electric motors is likely to witness an upward swing in its demand. These motors come with improved speed control application, which is likely to propel growth of the global precision electric motors market over the projection years.
Precision electric motors are primarily utilized in the applications that require speed control. In addition, they are widely used in applications that require highly precise output. A rise in the demand for high performance motors together with the increasing production of vehicles is likely to bolster growth of the global precision electric motors market.
Free Customization as per your requirement, Buy Now
Global Precision Electric Motors Market – An Overview:
The global precision electric motors market is growing at a stellar pace. From 2014 to 2024, the compound annual growth rate or the CAGR is set to be a healthy 12.7% which will help the market worth reach USD 52.22 bn. by the year 2024. In the year 2013, USD 22.9 bn. was the market valuation.
As need for precise output is increasing, demand for brushless precision electric motors is seeing an upward curve. One reason that the market is at the precipice of growth is that it allows for better speed control application.
Get More Press Releases by TMR:prnewswire.com/news-releases/plastic-corrugated-packaging-market-expands-scope-of-businesses-in-ecommerce-industry-to-deliver-sustainable-packaging-solutions-tmr-301200091.htmll
- There has been a notable increase in demand for motors that are high performance. Other factors that are leading to growth in the market include increase in production of vehicles globally. Positive manufacturing outlook is another factor that is contributing in a big way.
- Asia Pacific (APAC) region will grow at a swift pace over the forecast period owing to an increase in spending capacity in the region, a result of strong economic growth in the nations marking the regional landscape. Indonesia, China, and India will lead the growth in the stated region over the assessment period.
To gauge the scope of customization in our reports, Ask for a Sample
Global precision electric motors (brushless) market was valued at USD 25.45 billion in 2014, growing at a CAGR of 12.7% from 2014 to 2024. Precision electric motors (brushless) are basically the electric motors without any brushes to wear out. Precision electric motors are mainly used in speed control applications and are customized form of electric motors to offer precise output. Increasing demand for high performance motors, growing vehicle production globally and positive outlook of manufacturing industries are the major factors responsible for growth of global precision electric motors (brushless) market globally.
