Published: Oct, 2016
The global precision electric motors (brushless) market comprises a large number of international and domestic players with minor differences in their technology and price offerings. Yaskawa Electric Corporation, Nidec Corporation, Regal Beloit Corp., and Omron Corporation are the top four players in the market, with a collective share of nearly 44% of the overall market revenue in 2013. The strong command of established players is creating a high barrier for new entrants, finds Transparency Market Research (TMR) in a new study. However, government funding and incentives are motivating startups to invest in advanced manufacturing machinery and production lines.
“The key players are strengthening their position in this highly competitive marketplace through the acquisition of small domestic players and expansion of the precision motors and automotive product line through state-of-the-art technology integration,” says the author of the report.
The global precision brushless electric motors market was valued at US$28.58 bn in 2015 and is poised to reach US$52.22 bn by 2020, rising at a significant CAGR of 12.7% from 2014 to 2020. Geographically, Asia Pacific will continue to be the leading geographical segment until 2020, accounting for 45.37% of the overall market value. Due to improving economic conditions, rising purchasing power, and rapidly growing population, this region is expected to exhibit a noteworthy CAGR over the forecast period.
Industrial Machinery to Dominate the Market Owing to Increasing Number of Manufacturing Plants
On the basis of application, industrial machinery was the leading segment in terms of revenue in 2015. Due to the increasing number of manufacturing plants and the subsequent increasing demand for machines used in production plants, the segment is expected to retain its dominance until 2020. However, the automotive segment is expected to rise at an impressive CAGR of 13.2% during the same period. The growth of this segment can be attributed to the rising demand for and production of motor vehicles globally.
Rising Demand for High-performance Motors to Bode Well for Market’s Growth
The global precision electric motors (brushless) market is primarily driven by the increasing demand for high-performance motors such as microprocessor-controlled brushless DC motors. “The reduced electricity cost, lower noise levels, easy installation, and increased shelf life offered by the precision electric motors (brushless) improve the overall production efficiency. Moreover, unlike traditional motors, there is no unexpected downtime due to the absence of carbon brushes in these motors. This, in turn, lowers their maintenance cost and makes them lightweight,” says a TMR analyst.
One of the key applications of brushless precision electric motors is in the automotive industry. Owing to the increasing demand for vehicles worldwide, the production of vehicles is also rising globally, propelling the growth of the market.
High Initial Cost to Dent Demand for Brushless Precision Electric Motors
The high initial cost of precision electric motors is restraining the growth of the global market. This is because they require a commutating device such as a drive or an encoder and an electric controller. Moreover, the torque ripple generated due to armature inductance deteriorates position control precision of these motors, thereby adversely affecting the growth of the global precision electric motors (brushless) market.
However, with new technologies and development of innovative products, the impact of these restraints can be reduced. Moreover, with the rising penetration of automation, the demand for industrial robots and medical diagnostic applications is increasing. This trend is likely to boost the adoption of the precision electric motors in the near future.
The information presented in this review is based on a Transparency Market Research report, titled, ‘Precision Electric Motors (Brushless) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.’
The precision electric motors (brushless) market is segmented as below:
Precision Electric Motors (Brushless) Market: by Type
- AC brushless motors
- DC brushless motors
Precision Electric Motors (Brushless) Market: by Application
- Industrial machinery
- Household appliances
- Defense and aerospace
Precision Electric Motors (Brushless) Market: by Geography
- North America
- Rest of the World
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