New York, Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Motor Controller Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Motor Type (AC Motor and DC Motor), DC Motor (Brushed DC Motor Market and Brushless DC Motor Market), Output Power Range (Below 0.5 HP, 0.6-1.0 HP, 1.0-3.0 HP, and Above 3.0 HP), Voltage Type (Below 1 kV Motors, 1 kV-6.6 kV Motors, and More than 6.6 kV), and End-User (Industrial, Commercial, Residential Transportation, and Agriculture)”; The global motor controller market size is expected to grow at a CAGR of 6.9% from 2021 to 2028, it was valued at USD 2.80 billion in 2020 and is projected to reach USD 4.67 billion by 2028.
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Global Motor Controller Market – Report Scope:
| Market Size Value in | USD 2.80 Billion in 2020 |
| Market Size Value by | USD 4.67 Billion by 2028 |
| Growth rate | CAGR of 6.9% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 132 |
| No. of Tables | 131 |
| No. of Charts & Figures | 101 |
| Historical data available | Yes |
| Segments covered | Motor Type , DC Motor , Output Power Range (Below 0.5 HP, 0.6 |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Motor Controller Market: Competitive Landscape and Key Developments
ABB Ltd, GE, Eaton Corporation, Parker Hannifin Corporation, and Microchip Technology are the top five key players profiled in the motor controller market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments in motor controller market are mentioned below:
In March 2021, AMETEK, Inc. acquired Magnetrol International, Crank Software, and EGS Automation (EGS). Closely $270 million was deployed on these acquisitions, which have combined annual sales of roughly $120 million.
In October 2020, Microchip Technology Inc. declared that it has expanded its motor control offering with digital signal controllers (DSCs) and microcontrollers (MCUs) that are supported by design tools, development hardware, a torque-maximizing algorithm, and a refrigerator compressor reference design.
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Escalating Adoption of Industrial Internet of Things to Provide Lucrative Opportunities for Global Motor Controller Market Growth during (2021-2028)
The rising adoption of the Industrial Internet of Things (IIoT) in the manufacturing sector is providing noteworthy opportunities to the motor controller market players. The widespread use of robotics, sensors, centralized tracking, and quality inspection to form a smart manufacturing plant is triggering the adoption of IIoT. Technological advancements in the field of IoT for designing ecosystem plants to reduce power consumption and increase factory’s safety is expected to increase the demand for motor controller in the upcoming years. Further, the advent of artificial intelligence (AI) usage in IIoTs for advancing the automation of plants and machines is expected to boost the demand for AI-enabled motor controller devices in the upcoming year. The demand for motor controllers is set to increase in residential applications as the IoT facilitates the integration of residential spaces with connected devices. Further, IIoT-powered industrial control systems (ICS) facilitate productivity and safety at work; these systems manage temperature and sensory equipment, manufacturing lines, and security devices, among others.
The motor controller market growth in North America is reaching at a substantial rate. North America is characterized by high disposable individual incomes, higher standards of living, and rapid technological advancements in the arena of motors. The region witnesses the maximum application of electric motors for various utilities, such as electric vehicles, elevators, flight control systems, blowers, fans, machine tools, pumps, turbines, power tools, alternators, compressors, rolling mills, ships, movers, and paper mills. In August 2020, Hitachi Automotive Electric motor Systems Ltd. established Hitachi Automotive Electric Motor Systems America, Inc. in Kentucky, US, to develop, manufacture, and sell electric vehicle motors. The new company’s full production is expected to start in 2022. Further, in 2019, Ford Motor Co. committed to make electric motors at its Van Dyke Transmission plant in suburban Detroit. The company plans to spend nearly US$ 11.5 billion on electric and hybrid vehicles by 2022. The investment is expected to deliver 40 electrified vehicles, of which 16 are pure electric. Therefore, the ongoing proposed investments in the region on electric vehicle development are expected to bolster the demand for motor controller devices and show a prominent scope for growth in the upcoming years.
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Motor Controller Market: Industry Overview
The motor controller market has been segmented on the basis of design, installation, type, application, and geography. Based on motor type, the motor controller market is segmented into AC Motors, DC Motor. Based on output power, the motor controller market is segmented into below 0.5 HP, 0.6 - 1.0 HP, 1.0 - 3.0 HP, and above 3.0 HP. Based on voltage type, the motor controller market is segmented into below 1 kV motors, 1 kV–6.6 kV motors, and more than 6.6 kV. Based on end user, the motor controller market is segmented into industrial, commercial, residential, transportation, and agriculture. Based on geography, the motor controller market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The motor controller market in Asia Pacific is projected to witness impressive growth during 2022–2028. Rapid technological developments, government initiatives, digitalization of economies, and the rise in disposable income of the middle-income class group are among the factors propelling the region's overall economic growth and driving it from a developing to a developed phase. A robust infrastructure of mining sectors in China and Australia, owing to the abundance of minerals along with regulatory support to promote investments at the domestic level, is expected to increase the use of motor controllers.
Europe is well known for well-developed countries that favor adopting and applying new technologies. The demand for motor controllers in Europe is currently experiencing steady growth. One of the main factors driving the market is the increasing acceptance of motorized automation across numerous industries, including automotive, electronics, and biotechnology, owing to benefits such as a reduction in idle time, thereby fueling the demand for motor controllers. Further, the increasing demand for motor-driven applications, coupled with growing concerns regarding motor efficiency and cost-effectiveness, would likely boost the demand for motor controllers in the region.
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