Research Nester has released a report titled “Precision Motor Market: Global Demand Analysis & Opportunity Outlook 2030” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
The International Energy Agency (IEA), in one of its statistics, stated that the stock of battery electric vehicles (BEVs) globally grew from 0.72 Million in the year 2015 to 4.79 Million in the year 2019.
The statistics portray the growing adoption of electric vehicles worldwide which is driving the demand for different components, including precision motors. These motors are used in components such as wheels, water pumps, radiator fans, and others, backed by their high efficiency and low power consumption properties as compared to conventional motors. On the other hand, the increasing adoption of medical equipment in the healthcare industry, which is also driving the demand for precision motors, is anticipated to drive the market growth.
The global precision motor market is anticipated to grow with a CAGR of 6.80% during the forecast period, i.e., 2021-2030. The market is estimated to garner a revenue of USD 103407.75 Million by the end of 2030, up from a revenue of USD 53560.0 Million in the year 2020. On the basis of type, the market is segmented into brushless motors, brush motors, AC motors, and stepper motors. In the year 2020, the AC motors segment garnered the largest market revenue, and is further expected to attain the largest market revenue of USD 53668.62 Million by the end of 2030, by growing with the highest CAGR of 7.01% during the forecast period.
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Further, on the basis of geographical analysis, the global precision motor market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in the Asia Pacific garnered the largest revenue of USD 27178.10 Million and is anticipated to touch a market revenue of USD 57391.30 Million by the end of 2030.
However, the high maintenance cost of precision motors is one of the major factors anticipated to restrict the market growth.
This report also provides the existing competitive scenario of some of the key players of the global precision motor market, which includes company profiling of AMETEK, Inc., ARC Systems Inc., Allied Motion Technologies, Inc., Siemens Limited, ABB, Yaskawa Electric Corporation, Nidec Motor Corporation, OMRON Corporation, Regal Beloit Corporation, maxon motor ag, and others.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Precision Motor Market: Global Demand Analysis & Opportunity Outlook 2030”, analyses the overall global precision motor industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global precision motor market in the near future.
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