Global Precision Electric Motors Market is estimated to reach $87.3 Billion by 2024; growing at a CAGR of 13.3% from 2016 to 2024. The precision electric motors are advance and high performance electric motors with various essential features such as minimum noise, reduces energy cost, and increased shelf life. Also, the precision electric motors offer easy installation and fewer maintenance cost. The precision electric motor functions through the interaction between an electric motor’s magnetic field and winding current to generate force. The structural element of precision electric motors is typically a permanent magnet synchronous motor, but can also be an induction motor or switched reluctance motor. Additionally, precision electric motors offer several advantages including high torque to weight ratio, increased efficiency, increased reliability, and overall reduction of electromagnetic interference.
Global Precision Electric Motors Market Size and Forecast, 2015 - 2024 (US$ Billion)
The rising demand for precision electric motors due to replacement of the outdated low efficient electric motors with high efficient electric motors, increasing vehicle production, and stringent regulations on energy consumption are expected to boost the market globally acting as major driving factors for the precision electric motors market. However, high initial cost of the precision electric motor may hamper the market growth in the near future. Increasing demand for industrial robots and the use of precision electric motors in medical diagnostic applications will bring new opportunities for the market in the upcoming years.
The precision electric motor market is segmented by type, application, and geography. By type, the segment includes AC motor, and DC motor. Further, the market by application is segmented as industrial machinery, automotive, defense & aerospace, household appliances, healthcare, and others.
Global Precision Electric Motors market share by region, 2024 (value%)
Based on geography, precision electric motors market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada and Mexico whereas Europe consist of UK, Germany, France, Italy, and others. Asia-Pacific is segmented into India, China, Japan, South Korea and others while RoW is bifurcated into South America, Middle East and Africa.
The key market players include Siemens AG, Ametek Incorporation, ARC Systems Incorporation, Asmo Corporation Limited, Yaskawa Electric Corporation, Allied Motion Technologies Inc., Brook Crompton UK Limited, Rockwell Automation Inc., Franklin Electric Cooperative Incorporation, and Johnson Electric Holdings Limited, among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Precision Electric Motors Market with respect to major segments such as by type and applications
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Precision Electric Motors Market has been included in the report
- Profile of the key players in the Global Precision Electric Motors Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Precision Electric Motors Market
- AC Motor
- DC Motor
- Industrial Machinery
- Defense & Aerospace
- Household Appliances
- North America
- South Korea
- South America
- Middle East