Global Precision Electric Motors Market: mainly boosted by increasing need for clean energy sources
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Scarcity of land and high cost of acquisition fuels the global Precision Electric Motors market
The global precision electric motors market trends are increasing vehicle production, and stringent regulations on energy consumption. In addition, rising demand for precision electric motors due to replacement of the outdated low efficient electric motors with high efficient electric motors have also encouraged the global precision electric motors market growth. Though, high initial cost of the precision electric motor would hamper the growth of the market. Furthermore, increasing demand for industrial robots, and the use of precision electric motors in medical diagnostic applications are expected to equally influence the overall growth of market during the forecast period.
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type, application, and geography are the bifurcations of the global Precision Electric Motors market. Type segment includes DC motor, and AC motor. Moreover, the market by application is bifurcated into industrial machinery, defense & aerospace, automotive, healthcare, household appliances, and others.
By geography, precision electric motors market is categorized into Europe, Asia-Pacific, North America, and Rest of the World (RoW). Europe includes of UK, Germany, France, Italy, and rest of Europe. Asia-Pacific is divided into China, Japan, India, Australia, and rest of Asia-Pacific Whereas, North America is further segmented in U.S., Canada, and Mexico, while RoW comprises South America, Middle East, and Africa.
DC motor, by type occupied the maximum global precision electric motors market share in the year 2016
In the year 2016, DC motor segment dominated the type segment with the largest market share and anticipated to gain the fastest CAGR over the forecast timeframe 2016 – 2024 owing to their extensive usage in chassis and powertrain applications in cars manufactured worldwide.
industrial machinery and automotive segment together, by application is expected to dominate the maximum market share during the forecast period
In the year 2016, industrial machinery and automotive segment together, by application is projected to held more than half of the total share through the forecast period 2016 – 2024 owing to the increasing sales of electric and hybrid vehicles, the high demand for precision electric motors in automotive sector.
Asia Pacific is anticipated with largest market share and fastest CAGR over the forecast timeframe
In the year 2016, Asia Pacific accounted for the maximum market share of 44.2% and highest CAGR, the high growth is attributed by declining average selling price of electric motors, economic transformation, stringent regulations on fuel economy and emission control. North America accounted second largest market share with 26.6% in the year 2016. In addition, Ireland, United States is also witnessing a high demand in the global floating solar panels market.
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The key market players include Siemens AG, Ametek Incorporation, ARC Systems Incorporation, Asmo Corporation Limited, Yaskawa Electric Corporation, Allied Motion Technologies Inc., Brook Crompton UK Limited, Rockwell Automation Inc., Franklin Electric Cooperative Incorporation, and Johnson Electric Holdings Limited, among others.
Scope of the Global Precision Electric Motors Market
• AC Motor
• DC Motor
• Industrial Machinery
• Defense & Aerospace
• Household Appliances
• North America
o South Korea
o South America
o Middle East
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Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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