Global Precision Electric Motors Market is projected to be valued $87 Billion by 2024; with a CAGR of 13.2% from 2017 to 2025. Precision electric motors are basically the electric motors without any brushes to wear outhaving advance and high performance which improve the overall efficiency and shelf life. The ability of these motors to deliver efficient and effective performance is increasing demand in vehicles, defense, aerospace equipment, and home appliances among others. Some advantages of these motors include high torque to weight ratio, increased efficiency, increased reliability, and overall reduction of electromagnetic interference.
The rising demand for precision electric motors due to replacement of the outdated low efficient electric motors with high efficient electric motors, increasing vehicle production, and stringent regulations on energy consumption are expected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.
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 consists 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.
Major companies operating in the global Precision Electric Motorsmarket are Johnson Electric Holdings Limited, Brook Crompton UK Limited, Ametek Incorporation, ARC Systems Incorporation, Siemens AG, Yaskawa Electric Corporation, Asmo Corporation Limited, Allied Motion Technologies Inc., Franklin Electric Cooperative Incorporation, and Rockwell Automation Inc., among others.
The key takeaways from the report
Scope of the Global Precision Electric Motors Market