Use Of Frameless Brushless DC Motors Market High In Industrial Drives And Automotive From 2021-2031
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Key Takeaways from Study
• The electronics equipment industry has witnessed substantial growth in recent years, which is expected to persist going ahead. Positive global electronic spending will lead to increased demand for frameless brushless DC motors.
• The consumer electronics and DIY tools market is projected to register steady growth due to high rate of increasing population and urbanization in emerging countries from Asia Pacific, such as China, India, Indonesia, etc. Rapid growth in electronics production and wide use of DC motors in power tools, computers, refrigerators, etc., is boosting market growth.
• The medical devices segment is expected to lead in terms of both, market share and growth rate during the forecast period. The segment is expected to hold nearly one-third of the market value share throughout the forecast period, attributing to high usage of these motors for precision work purposes.
• Inner core winding motors will hold around two-third overall market share, with high usage in industrial drives and the automotive industry.
• The market in the U.S. is projected to expand at a CAGR of over 4% through 2031, while that in the U.K., China, and India at around 5%.
• Due to the COVID-19 pandemic, the market witnessed a disastrous growth rate of -10.9% in 2020. However, the growth rate is pegged at over 3% for 2021.
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The market is identified to be moderately consolidated, with key players accounting for more than half of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are Woodward Inc, Moog Inc, Allied Motion Technologies, Sensata Technologies, Parker Hannifin Corp, Arc Systems, Mclennan Servo Supplies Limited, H2W Technologies, Aerotech Inc, and others
The frameless brushless DC motor market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate on research & development activities to develop electric motors that meet the personalized requirements of consumers.
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