Demand from the automotive and industrial automation sectors is expected to drive micro motor market revenue to $38 billion, according to a new report by Fact.mr.
With soaring vehicle production and sales, the applicability and adoption of electrical equipment are also witnessing a consistent rise globally.
While automatic, quantitative fuel injection systems have already substituted conventional carburetors, micro motors are also rapidly replacing the anti-lock braking systems, which is foreseen to account for remarkable sales of micro motor within the automotive industry.
The automotive sector has been the early adopter of micro motors for introducing luxury, owing to its easy operability.
Escalating demand for automotive sophistication and luxurious driving features will continue to push micro motor deployment in vehicles throughout the forecast period.
“Driven predominantly by high-potential opportunities in automotive, industrial automation, and medical equipment systems, the global micro motor market revenue will expand at a moderate annual growth of 4.4 percent over 2017-2022, reaching around $38 billion towards 2022 end,” predicts an analyst from Fact.mr.
Automotive applications will remain the most opportunistic area for micro motor manufacturers, says the global micro motor market report.
Demonstrating 5 percent annual growth over 2017-2022, the automotive applications are presumed to attract the revenue of over $9 billion in the micro motor market, followed by applications in industry automation and medical equipment systems.
The study predicts a similar annual growth for both industrial automation and medical equipment during the projection period; however, the former will remain superior to the latter in terms of revenue sales.
Strong growth in the demand for automation in analytical laboratories operating in chemical, life sciences, diagnostics, food technology, and pharmaceutical sectors is identified to be a prominent factor boosting micro motor sales.
Automation of robotic biopsy systems, telemedicine robots, infusion pumps, endoscopy surgical precision, ultrasound transducer, and solution mixers will remain among the key growth drivers for micro motor landscape over the years ahead.
This growth of micro motor market will be further strengthened by increasing deployment in construction and mining sectors, attributed to high endurance, low price point, and vibration alert notification.
Emergence of drive-to-modern design in the drive manufacturing industry is expected to significantly fuel the micro motor market growth in the next few years.
The introduction of drive-to-modern design of micro motor is proved to be significant driving force for increasing demand for a range of production and manufacturing processes, and materials in the drive manufacturing industry.
Other prominent applications of micro motor include portable electronics and medical devices, hand tools, mobile phones and tablets, LED lighting, smart books, Bluetooth earphones, vibratory cooling modules, massaging tools, portable hygiene products, wearables, and health monitoring devices.
DC micro motor is poised to remain the sought-after product type over AC micro motor throughout the assessment period, due to rapid innovation and additional benefits of the former.
By technology, adoption of brushless micro motor is anticipated to remain on a higher side over brushed, possibly reaching the value of US$ 25 Bn by 2022 end.
Based on power consumption, revenue sales of 12V-48V micro motor are slated to dominate the micro motor market, maintain the highest annual growth through 2022.
Above 48V and less than 12V micro motors will also witness steady growth rates over the projection period.
With over $10 billion worth of revenue share in the global micro motor market, Asia Pacific currently reigns supreme.
The highest on-road vehicle parc and automotive production volume will continue to enable the Asia-Pacific excluding Japan region to secure the top ranking position globally.
Europe is slated to emerge as a lucrative market for micro motor manufacturers in the near future.
North America’s market for micro motor is anticipated to expand a promising annual growth over 2017-2022, which is attributed to mainstreaming of the technologies such as 3D printing and industry automation.