The Global Micromotor Market size is expected to reach $68.6 billion by 2029, rising at a market growth of 7.6% CAGR during the forecast period.
Industrial Automation is the major application of Micromotor as the need for compact, effective motors, such as micromotors, to power automated systems and machines, will rise as industrial automation develops further. Thus, industrial automation is expected to capture approximately 28% share of the market by 2029. Micromotors are a great option for a variety of industrial automation applications, including robotics, medical technology, and consumer electronics, owing to their precision and dependability. When compared to larger motors, micromotors are more accurate and efficient at controlling machinery because of their small size, which allows for better system integration. Some of the factors are impacting the market are rising prevalence of industrial automation, growing medical technology advancements, and high cost of cutting-edge services and technologies in micromotor manufacture.
The growing trend of industrial process automation is driving the demand for micromotors. Manufacturing sectors are concentrating on resource optimization, waste reduction, and productivity growth in order to maintain market competitiveness. The growing technical improvements in medical equipment are just one of the factors driving the demand. There is an increasing need for modern medical equipment that is more accurate and precise due to the prevalence of chronic diseases and rising healthcare expenses. All these developments are proportionally raising micromotor sales, and thus boosting the growth of the market.
However, Micromotor manufacture demands specialized manufacturing techniques that can be expensive to create and maintain. Furthermore, the usage of cutting-edge materials is also required by the sector, which raises expenses even more. During the anticipated period, these elements will probably restrain the expansion of the market.
Based on power consumption, the market is segmented into <11V, 12-24V, 25-48V, and >48V. The >48V segment witnessed a considerable growth rate in the market in 2022. The need for micromotors that run at voltages above 48 volts is anticipated to increase during the next few years. Applications requiring these micromotors' high energy efficiency, accuracy, power output, durability, and other cutting-edge qualities. In heavy-duty industrial machinery where great power and durability are essential, like conveyors, cranes, as well as large-scale manufacturing equipment, they are widely used.
Based on application, the market is characterized into automotive, healthcare, industrial automation, aircraft systems, construction & mining, agriculture equipment system, and others. The automotive segment procured a considerable growth rate in the market in 2022. Automotive manufacturers launch unique and advanced features every day while decreasing the sizes of any particular unit. In addition, the expanding trend of electrically adjustable wing mirrors, steering-mounted controls, automated climate control systems, and seat adjustment features is predicted to increase demand from this market.
On the basis of type, the market is classified into AC motor and DC motor. The DC motor segment garnered a remarkable growth rate in the market in 2022. Speed control with DC motors is excellent. With this degree of controllability, DC motors provide the precision needed by a variety of industrial applications. Wide speed variations can be achieved by adjusting the field voltage or armature. The advantage of smooth operation is provided by the fact that DC motors work with high quantities of controllable power at a variety of speeds.
By technology, the market is divided into brushed and brushless. The brushed segment procured the maximum revenue share in the market in 2022. An axle, a commutator, a field magnet, and brushes are the components of brushed micromotors. The brushes in the commutator create a polarity that is contradictory to that of the field magnet, which causes the rotator or armature to rotate. The rotator may rotate in either a clockwise or a counterclockwise direction, simply switching the polarity of the brushes. The segment is growing due to the widespread use of brushed micromotors.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include MITSUBA Corporation, Nidec Corporation, Johnson Electric Holdings Limited, Mabuchi Motor Co., Ltd., Maxon Motor Ag, Constar Micromotor Co., Ltd., Bühler Motor GmbH, Siemens AG, ABB Group, and ARC Systems, Inc.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 41.5 Billion |
| Market size forecast in 2029 | USD 68.6 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2029 |
| Revenue Growth Rate | CAGR of 7.6% from 2023 to 2029 |
| Number of Pages | 261 |
| Number of Table | 470 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Technology, Application, Power Consumption, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered the largest revenue share in the market in 2022. Asian nations hold the top market positions mostly as a result of higher demand brought on by rising industrial process automation, increased manufacturing of medical equipment, and increased automotive sales. In addition, demand has grown in recent years in other nations like South Korea, Singapore, and Thailand. The demand in this region is also being driven by the increased implementation of Industry 4.0 and automation.
Free Valuable Insights: Global Micromotor Market size to reach USD 68.6 Billion by 2029
By Application
By Type
By Technology
By Consumption
By Geography
The Market size is projected to reach USD 68.6 billion by 2029.
Rising prevalence of industrial automation are driving the Market in coming years, however, High cost of cutting-edge services and technologies in micromotor manufacture restraints the growth of the Market.
MITSUBA Corporation, Nidec Corporation, Johnson Electric Holdings Limited, Mabuchi Motor Co., Ltd., Maxon Motor Ag, Constar Micromotor Co., Ltd., Bühler Motor GmbH, Siemens AG, ABB Group, and ARC Systems, Inc.
The AC Motors segment acquired maximum revenue share in the Market by Type in 2022 thereby, achieving a market value of $42 billion by 2029.
The 12-24 V segment is leading the Market by Power Consumption in 2022 thereby, achieving a market value of $30.1 billion by 2029.
The Asia Pacific market dominated the Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $25 billion by 2029.
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