Farmington, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The global Precision Electric Motor Market is to grow at a CAGR of 7.0% and reach USD 181.89 Billion during the forecast period of 2022-2030. The market was valued at USD 106.45 Billion in 2022. A Precision Electric Motors is a device that turns electrical energy into mechanical energy to power other devices. These motors use electromagnetism and are thought to be very durable, good at saving energy, and easy to maintain. Precision Electric Motors are used in many home appliances, industrial machines, and even cars, so the market for them is growing quickly around the world. The global market for Precision Electric Motors will grow a lot because industrial activity is getting faster and the market for electric vehicles is getting better.
Request Sample Copy of Report “Precision Electric Motors Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition, and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Precision Electric Motors Market Recent Developments:
- December 2020 - Tata Motors Ltd delivered 26 electric buses to Brihanmumbai Electric Supply and Transport (BEST), which runs a fleet of buses for commuters in Mumbai, India. The buses were delivered as a part of a huge order consisting of 340 electric buses under the government’s FAME II initiative.
Precision Electric Motors Market Segmentation Analysis:
An AC motor is a type of electric motor that works by using electrical energy to create and control a magnetic field. The magnet-carrying rotor is placed between two conductors. An outside power source sends electricity to the rotor, which makes it produce a magnetic field. When this happens, the kinetic energy of the spinning object is turned into electrical energy. A DC motor is a type of electric motor that gets its power from the way that magnets attract and push against each other. DC motors don't have mechanical commutators and are self-contained. This means that, unlike AC motors, they don't have an internal mechanism that turns electrical energy into rotary motion.
Based on where the products are used, the industry is divided into industrial machinery, automotive, aerospace and defence, home appliances, and healthcare. Demand from countries like China and India ruled the market for industrial machinery. There are a lot of factories in these countries that make precision electric motors for use in many different industries. Over the next few years, the automotive industry is expected to grow a lot. This is because more people are buying electric cars in developed countries like Germany and the U.K., and more people are buying passenger cars in developing countries like Brazil and Mexico. This trend is expected to keep going through the forecast period, which will increase the demand for PEMs in all application sectors around the world by 2030.
Regional Outlook:
Asia-Pacific: At USD 37.77 billion in 2020, this region is expected to have the biggest share of the market over the next five years. This is because India and China are becoming more urban quickly, which has made more people want precise power.
Europe: The market in this area is expected to grow a lot between 2021 and 2028. This will be caused by the growing demand for precision electric vehicles, which will lead to more advanced precision electric motors being used in the area.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 7.0% from 2023 to 2030 |
| Market Size in 2022 | USD 106.45 Billion |
| Revenue Forecast by 2030 | USD 181.89 Billion |
| By Type | AC Motor, DC Motor |
| By Applications | Industrial Machinery, Automotive, Defense & Aerospace, Household Appliances, Healthcare, Others |
| By Companies | Siemens, Ametek Incorporation, ARC Systems Incorporation, Asmo Corporation, Yaskawa Electric, Allied Motion Technologies, Brook Crompton UK, Rockwell Automation, Franklin Electric, Johnson Electric, ABB ltd., Faulhaber Group, Maxon Motor AG, Hansen Corporation, ASPINA Europe, Agent Group (Pty) Ltd, Maxon Motor SEA, Elinco JPC, and others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Precision Electric Motors Market dynamics:
Precision electric motors are high-performance motors that last longer and work better overall. Because of how well and efficiently these motors work, they are being used more and more in defence, vehicles, aerospace equipment, and home appliances, among other places. This is a major factor in the growth of the precision electric motor market around the world. Also, precision electric motors have a number of benefits, such as increased efficiency, a high ratio of torque to weight, greater reliability, and less electromagnetic interference around the world. The report has a detailed list of the things that will help the precision electric motors market grow and the things that will slow it down. The report study looked at how the covid-19 pandemic affected the sales revenue of market leaders, market followers, and market disruptors. Our analysis shows the same thing.
Precision Electric Motors Market Key Segments Covered:
Top Market Players:
Siemens, Ametek Incorporation, ARC Systems Incorporation, Asmo Corporation, Yaskawa Electric, Allied Motion Technologies, Brook Crompton UK, Rockwell Automation, Franklin Electric, Johnson Electric, ABB ltd., Faulhaber Group, Maxon Motor AG, Hansen Corporation, ASPINA Europe, Agent Group (Pty) Ltd, Maxon Motor SEA, Elinco JPC, and others.
On the Basis of Type:
- AC Motor
- DC Motor
On the Basis of Application:
- Industrial Machinery
- Automotive
- Defense & Aerospace
- Household Appliances
- Healthcare
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, and Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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