As per a revised report published by Fact.MR – a market research and competitive intelligence provider, the global micro motor market is expected to reach a market value of US$ 56.6 Bn by the end of 2031, and is likely proliferate at a CAGR of 4.5% over the coming ten years.
Adoption of new technologies such as automatic welding machines, robotic arms, and automatic wheelchairs has diversified the application of micro motors in various end-use industries. Moreover, the special features of micro motors make them ideal for use in modern electrical and electronic systems with limited space and power.
The global micro motor industry is consolidated at the top and fragmented at the bottom, due to small investments, less cost, and easy availability of skilled labour.
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The micro motor transforms electrical energy into mechanical power. Electric shavers, fans, toothbrushes, pumps, robots, windshield scrubbers, and other devices all utilize micro motors in various ways. Healthcare, pharmaceuticals, robotics, automotive, and other sectors all use micromotors. Voltage sizes ranging from 1 V to 60 V are offered. It is compact, light, and has a strong torque.
Micromotors are increasingly being used in industrial applications because to their high torque, high efficiency, exceptional controllability, durability, and dependability qualities. One of the main drivers of market expansion is a rise in demand for micro motors from uses in electric cars, HVAC, and robotics technology.
Key Segments Covered In the Micro Motor Market Report
- By Product :
- DC Micro Motors
- AC Micro Motors
- By Power Consumption :
- Less than 12v
- More than 48v
- By Application :
- Medical Equipment Systems
- Industry Automation
- Agriculture Equipment System
- Aircraft Systems
- Construction & Mining Equipment Systems
- 3D Printing
- By Technology :
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Key Takeaways from Market Study
- The global micro motor market is anticipated to offer an absolute dollar opportunity of US$ 20.5 Bn by 2031.
- Demand for DC micro motors is projected to increase at a CAGR of close to 5% over the next ten years.
- The automotive application segment is projected to gain 141 BPS and attain a market share of 27.5% by 2031.
- APEJ leads the global market accounting for over 1/3 revenue generation.
- China holds the highest market value of US$ 5.2 Bn in APEJ, and is expected to grow 1.7X by 2031.
- In MEA, Israel holds the lowest share and is foreseen to lose 59 BPS by 2031.
Prominent Players in the Global Market
- ABB Ltd.
- NIDEC Corporation
- Mabuchi Motors
- Buhler Motors GmbH
- Maxon Motors AG
- CONSTAR Motor
- Johnson Electric Holdings Limited
- Mitsuba Corporation
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The US market will be the most lucrative market for micro motors during the forecast period. As per Fact.MR, the U.S market is expected to gain a market share of 45% in 2022. The micro motor industry is expected to grow to US$ 5.8 Bn in the U.S by 2022.
Due to its developed end-use sectors and infrastructure, the U.S. is one of the major nations responsible for creating demand. The use of drones in the US air force and other defense systems will bolster the demand for micro motors in the region. By the end of 2032, the U.S. is anticipated to hold close to 84% of the North American market. This market is also anticipated to grow with a 5.1% CAGR during 2022-2032.
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