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% during the forecast period. The micromotor market is being propelled by a range of factors, such as the desire for miniaturization of devices, the upsurge in demand for medical implants, the advancement of manufacturing technology, the augmented adoption of automation and robotics, and the escalating demand for electric vehicles. The growth of the market is predicted to persist in the future due to the increasing demand for motors that are smaller, more efficient, and more precise. Additionally, with technology advancement and the availability of cost-effective manufacturing techniques, micromotors have become more extensively available and affordable, making them ideal for diverse applications in numerous industries.
Growing trend of industrial automation
The demand for micromotors is being driven by the increasing trend of automation in different industrial processes. To stay competitive in the market, manufacturing industries are focusing on optimizing resources, reducing waste, and increasing productivity. Industrial control and factory automation have become imperative for industries with low profitability, such as oil & gas, metal, and packaging. The automotive industry also requires precise assembly to avoid manufacturing defects that result in enormous losses. To achieve this, factory automation devices and equipment such as 5-axis CNC systems, automated testing probes, custom conveyor belts, pick-and-place machines, and robotic welding require numerous micromotors. The use of factory automation is mostly seen in the manufacturing industry to ensure quick turnaround and precise assembly. Many countries, including the US, Germany, China, Italy, and South Korea, have high levels of factory automation. The trend towards automation in different industrial processes is expected to drive the demand for micromotors in the forecast period, as they provide the speed, precision, and control required for modern manufacturing processes.
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Rising advancements in medical equipment
The micromotor market is driven by several factors, including the increasing technological advancements in medical equipment. With the growing rates of chronic diseases and healthcare costs, there is a growing demand for advanced medical devices that are more precise and accurate. Micromotors play a crucial role in meeting this demand since they are used in various medical devices, such as surgical robots, implantable technology, dental handpieces, and diagnostic tools. Furthermore, the ability to incorporate micromotors into compact and portable medical devices has also contributed to their growing demand in the medical sector. For example, dental clinics have developed miniaturized and lightweight motors that can be easily carried around. Dental micromotors, which are low-speed motors connected to handpieces, contra-angles, and hose pieces, have made treating teeth easier and more efficient.
Asia Pacific is expected to account for the largest share in 2023
The Asia-Pacific micromotor market is being driven by advancements and developments in the field of manufacturing, automotives, medical, aerospace, agriculture, and construction and mining. Countries such as China, India, and Japan, among others, are the major contributors for the growth of micromotors in the region. The manufacturing industry in Asia Pacific is rapidly growing, particularly in countries like China, Japan, South Korea, and Taiwan. Apart from this, Asia Pacific countries have been investing heavily in research and development of new technologies. As a result, they have been able to produce high-quality micromotors at lower costs than other regions.
Key Market Players
Major players operating in the micromotor market are MITSUBA Corporation (Japan), Nidec Corporation (Japan), Johnson Electric Holdings Limited (China), Mabuchi Motor Co., Ltd. (Japan), Maxon (Switzerland) and Constar Micromotor Co., Ltd. (China).
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