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. Precision electric motors are advanced and high performance electric motors that functions through the interaction between an electric motors magnetic field and winding current to generate force. They produce minimal noise, reduces energy costs, and augment shelf life. They can be easily installed and require fewer maintenance cost. Moreover, precision electric motors provide numerous advantages including high torque to weight ratio, improved efficiency, augmented reliability, and overall reduction of electromagnetic interference.
Expanding vehicles production globally, strict guidelines on energy consumption, and rising need to replace outdated low efficient electric motors are the factors driving the growth of the global precision electric motors market. Though high manufacturing cost would hamper the growth of the market. Additionally, increasing adoption of industrial robots, and risings utilization in medical diagnostic applications would create new opportunities in years to come.
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 automotive, industrial machinery, household appliances, defense & aerospace, healthcare and others.
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 Ametek Incorporation, Siemens AG, Rockwell Automation Inc., ARC Systems Incorporation, Yaskawa Electric Corporation, Brook Crompton UK Limited, Asmo Corporation Limited, Franklin Electric Cooperative Incorporation, Allied Motion Technologies Inc., 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 application
- 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
- Household Appliances
- Defense & Aerospace
- North America
- ·South Korea
- ·South America
- ·Middle East