Global Precision Motor Market Analysis 2020-2030
Precision motors are used as a component in various industrial tools such as machines, power tools, blowers & pumps, industrials fans, electric engines, and others. The product is also used across several end-use industries such as automotive, automation & robotics, metal & heavy machinery, food & beverages, healthcare, logistics, aviation, E-commerce, and others. The global precision motor market is anticipated to grow with a CAGR of 6.80% during the forecast period, i.e., 2021-2030. Factors such as the surge in the adoption of precision motors for manufacturing different healthcare equipment, backed by the growing sales of healthcare diagnostic and surgical tools, along with the growing sales of electric vehicles worldwide and the use of precision motors in different components of these vehicles, are projected to contribute to the market growth. The market is estimated to garner a revenue of around USD 103400 Million by the end of 2030, up from a revenue of about USD 53560 Million in the year 2020.
The global precision motors market is segmented by numerous segments, which include segmentation by type, application, end-use industry, and by region. By type, the market is segmented into brushless motors, brush motors, AC motors, and stepper motors. Amongst these segments, the AC motors segment is projected to grow with the highest CAGR of 7% approximately during the forecast period. The segment is further projected to attain the largest revenue of close to USD 53670 Million by 2030, up from about USD 27260 Million in 2020.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. By the end of 2020, the market in the Asia Pacific region registered the largest revenue of close to USD 27180 Million, and is further expected to cross USD 57390 Million by 2030.
Some of the prominent industry leaders in the global precision motor market that are included in our report are 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.