The overall micro motor market for the applications considered in the report is projected to reach USD 35.59 billion in 2020, from USD 28.26 billion in 2015 growing at a CAGR of 4.56%. The increasing demand from Automotive, Medical Equipment, Industrial Automation, Aircraft, Home Appliance, Electronic information and communications equipment and 3D printers among other industries, would drive the micro motor market.
Pune, India -- (SBWIRE) -- 12/07/2015 -- The report "Micro Motor Market by Application (Automotive, Medical Equipment, Industrial Automation, Aircraft, 3D Printing, Construction Equipment and Others), Type, Technology, Power Consumption, Region, & by Aftermarket - Global Forecast to 2020classifies and defines the micro motor market in terms of value and volume. The report highlights potential growth opportunities in the coming years as well as reviews the drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape, and other key aspects with respect to the micro motor market.
Browse 141 market data tables and 66 figures spread through 184 pages and in-depth TOC on "Micro Motor Market - Global Forecast to 2020"
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The overall micro motor market for the applications considered in the report is projected to reach USD 35.59 Billion in 2020, from USD 28.26 Billion in 2015 growing at a CAGR of 4.56%. The increasing demand from Automotive, Medical Equipment, Industrial automation, Aircraft Systems, Home appliance, Electronic information and communications equipment and 3D printing industry would drive the micro motor market.
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Increasing demand for automotive vehicles
Since 2010, the automotive industry is undergoing a period of reasonably substantial growth and profitability in a majority of the regions such as Asia-Pacific and North America; the annual sales of vehicles have reached pre-recession levels in these regions. According to MarketsandMarkets analysis, the North American automotive market is growing relatively fast in production and sales. However, the outlook for European countries is much weaker, as the region is emerging slowly from a six-year slump in sales.
While Asia-Pacific remains the major driving force behind the automotive industry as 90.6 million motor vehicles were produced in 2014, of which over 72.3 Million were passenger cars according to the European Automobile Manufacturers Association (ACEA). The growth in the automotive industry is expected to fuel the growth of the micro motor market, as there are going to be shifts in consumer demand, expanded regulatory requirements for safety and fuel economy, and increased availability of data and information to end-users about micro motors and their associated products/components.
Increasing lab automation
Lab automation reduces human errors in repetitive tasks such as pipetting and moving plates. This, in turn, improves the accuracy of results. According to a study in the Journal of Lab Automation, error rates for fully-automated operations vary from 1%–5%; error rates for semi-automated operations vary from 1%–10%; and error rates for manual operations vary from 10%–30%. Proper use of integrated workstations, automated analyzers, and total laboratory automation (TLA) enables re-assigning skilled laboratory staff to tasks that contribute much higher value to operations.
Micro motors are used extensively in various lab automation devices. The increasing demand for these devices would drive the demand for micro motors.
Asia-Pacific could emerge as potential market
Countries such as China, India, Korea, and Thailand are emerging markets for lab automation. These markets are expected to witness decent growth during the forecast period. The growth in these markets can be attributed to increasing spending power, growing healthcare awareness, and implementation of favorable government initiatives. Moreover, as markets in the U.S. and Europe are getting mature, a majority of markets players are expected to shift their focus on emerging markets.
This report also contains profiles of major micro motor manufacturers such as Mabuchi Motors (Japan), ABB Ltd (Switzerland), Mitsuba Corporation (Japan), Nidec Corporation (Japan), and Johnson Electric Holdings Ltd (China) among others with their strategies along with recent developments.
This report segments the micro motor market based on by application (automotive, medical equipment, industrial automation, aircraft, agricultural equipment, construction & mining equipment, and 3d printing), by type (AC, DC), by technology (brushed and brushless), by power consumption (>11v, 12v-24v, 25v-48v, <48v), by region (Asia-Pacific, Europe, North America, & RoW), and by aftermarket.
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