Dublin, April 27, 2023 (GLOBE NEWSWIRE) -- The "Micromotor Market by Application (Automotive, Medical Equipment System, Industrial Automation, Construction & Mining Equipment, Agriculture Equipment System), Type, Technology, Power Consumption & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The micromotor market is projected to grow from USD 44.8 billion in 2023 to USD 68.3 billion by 2028, at a CAGR of 8.8%.
Advancements in medical equipment are driving the micromotor market, which provides precision control and power for various applications in medical devices.
Micromotors are becoming increasingly important in medical implants and surgical instruments, such as artificial hearts, pacemakers, and small cutting tools for minimally invasive surgeries, allowing for greater precision and control while minimizing damage to surrounding tissues.
Micromotors are also used in diagnostic equipment, such as ultrasound machines and CT scanners, requiring small, efficient, and quiet motors for accurate and reliable results. The micromotor market is expected to grow in the coming years, with increasing demand for advanced medical equipment to improve patient outcomes and healthcare delivery efficiency.
The micromotors with 12-24V power consumption are projected to dominate the market.
The 12-24V micromotors are expected to dominate the market as these micromotors are widely used in various applications, including medical devices, automotive, robotics, and aerospace. The 12-24 volt micromotors are preferred due to their high efficiency, reliability, and low power consumption.
Compared to high voltage motors, 12-24Volt micromotors are considered safer to use due to their lower risk of electrical shock or other hazards. In addition, they are a cost-effective option for applications where cost is a critical factor, as they are less expensive to manufacture than higher voltage motors.
Additionally, they are compact and easy to integrate into various devices, making them an ideal choice for medical implants and other precision instruments. As a result, the demand for 12-24 volt micromotors is expected to increase in the coming years, driving the growth of the micromotor market.
North America is another prominent largest market for micromotors
North America is one of the dominant markets in the micromotor industry due to the increasing demand for advanced medical equipment, automotive, aerospace, and robotics applications. The major contributing countries in North America for the micromotor market are the US and Canada.
The US is one of the largest markets for micromotors due to the presence of several leading manufacturers and the high demand for medical equipment and aerospace applications. The country is home to many of the world's largest medical device manufacturers, such as Medtronic, Abbott Laboratories, and Boston Scientific.
These companies are investing heavily in research and development to create innovative products and stay ahead of the competition. Similarly, Canada is also a major contributor to the micromotor market in North America due to the growing demand for automotive and aerospace applications.
The country has a well-established aerospace industry, and many leading aerospace companies, such as Bombardier and Pratt & Whitney Canada, are based in Canada. These companies use micromotors in their aircraft engines, which drives the demand for micromotors in the country.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 238 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $44.8 Billion |
| Forecasted Market Value (USD) by 2028 | $68.3 Billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Growing Trend of Industrial Automation
- Increasing Number of Safety and Comfort Features in Vehicles
Restraints
- High Cost of Advanced Technologies and Services in Micromotor Production
Opportunities
- Rising Advancements in Medical Equipment
- Increasing Adoption of Brushless Motors for Low Maintenance
Challenges
- Availability of Inferior Products in Local Markets at Lower Prices
Companies Mentioned
- ABB Ltd.
- Buhler Motor GmbH
- Constar Micromotor Co. Ltd.
- Denso Corporation
- Johnson Electric Holdings Limited
- Mabuchi Motor Co. Ltd.
- Maxon
- Mitsuba Corporation
- Nidec Corporation
- Robert Bosch GmbH
For more information about this report visit https://www.researchandmarkets.com/r/d1gpzn
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