Published Date : 26 Dec 2022
The rising demand for micro motors in automation and construction is driving the market growth and is to reach around USD 76.99 Bn By 2032, up from USD 41.21 Bn in 2022 with a CAGR of 6.50%
Small electrical motors known as micro motors transform mechanical energy from electrical energy. Either direct current or alternating current sources are used to power these motors. For instance, in an electric generator, mechanical energy is converted into electrical energy and then sourced out for the electrical appliances and motors, whereas in an electric motor, this electric energy received from the electric generators is converted into mechanical energy to work the appliance they are installed upon. They operate along the same platform as an electric generator, just in reverse.
Rising technological advancements and increasing demand from developing nations and regions, increasing demand for micro motors due to the advent of technology, rising demand for micro motors that is steadily increasing, increasing adoption of automation processes, and rising construction and mining activities are all significant factors accelerating the market growth, are all crucial factors accelerating the market growth. Additionally, during the aforementioned projection period, the market for micro motors will see increased prospects due to the rise of robotics technology and the growing need of brushless DC motors in electric vehicles.
Increased motor failure due to overheating and excessive use will further complicate the micro motor market over the projection period, as will growing maintenance costs for brushed DC motors and rising capital expenditures associated with switching to automated manufacturing lines.
The micro motor market is anticipated to expand strongly in North America and Western Europe. With the introduction of next-generation technology and advancements in fields like 3D printing and industrial automation, the potential for rising micro motor demand is on the rise in these countries.
Japan: Thanks to technical developments, Japan now accounts for around 4.5% of the global value market. Nidec Corporation, Mitsuba Corporation, Mabuchi Motors, and a few more important companies in Japan are anticipated to boost the country's economic trajectory.
Germany: Germany, one of the most well-known nations in Europe, attracted the market in 2021 with a growth rate of 4.2% annually. In 2021, Germany has a commanding market share of more than 39% in Europe.
After Germany, the U.K. is anticipated to be one of the most profitable areas in Europe. By 2031, the U.K. is projected to have a market share of around 25.1 percent in Europe and a value of approximately US$ 3.6 billion.
India: The demand for micro motors is increasing due to several regional government programmes aimed at the manufacturing sector with the goal of bolstering industrialisation. Over the course of the assessment period, the market is anticipated to develop at a respectable pace of about 5.45% CAGR.
Due to its developed end-use industries and infrastructure, the U.S. is one of the major countries that generates demand. By the end of 2031, the U.S. is anticipated to control close to 83 percent of the North American market.
Micro Motor Market Report Scope
|Market Size in 2023||
USD 43.68 Billion
|Market Size by 2032||
USD 76.99 Billion
|Growth Rate from 2022 to 2032||CAGR of 6.50%|
|Forecast Period||2023 to 2032|
|Companies Mentioned||Mitsuba Corporation, Nidec Corporation, Johnson Electric Holdings Limited, Mabuchi Motors, Abb Ltd., Wellings Holdings Ltd., Asmo Co. Ltd., Constar, Maxon Motors Ag, Buler Motors Gmbh, Risun Expanse Corp., Kin Yat Holdings Ltd., Arun Microelectronics Ltd., Shenzhen Zhaowei Machinery & Electronics Co. Ltd., Citizen Micro Co. Ltd., Dr. Fritz Faulhaber Gmbh & Co., Lunar Motors Pvt. Ltd., Foshan Shunde Hengxing Micro-Motor Co., Ltd., Piezomotor, Zhengke|
|Segments Covered||Type, Technology, Power Consumption, and Application|
North America, Europe, Asia-Pacific, Latin America and Middle East & Africa
During the forecast period, growing automation seen in many sectors is one of the key factors driving up demand for micro materials. The rising automation of businesses is one of the key factors anticipated to boost the growth of the micro motor market. This is particularly clear in the medical sector, which promotes the use of automation to raise the bar on current medical service standards. Utilizing affordable choices like micro motors, laboratories may quickly and effectively automate operations for testing large numbers of samples.
The demand for the micro motor market will increase throughout the projected period as a result of expanding micro motor applications in various industries. The mining, transportation, healthcare, and construction sectors are all using the durable and affordable micro motor more frequently. Manufacturers are working to make micro motors smaller while enhancing operational quality in order to boost performance. Technology developments and manufacturers' use of cutting-edge technologies have made the development of sophisticated electric micro motors possible.
Due to their negative influence on dependability, micro motors have a short lifespan, which makes it necessary to replace them more frequently. Repetitive motor replacement in various electronics and other equipment causes consumers to turn to well-known substitute items, which may potentially lower the market's annual revenue growth rate over the course of the projected period.
Over the previous five years, prospective suppliers have adjusted raw material prices while taking a variety of external factors into account. The overall cost of micro motors will increase as a result of a rise in the price of raw materials including copper, steel, and bearings.
The purchase of raw materials accounts for over 62 percent of the entire cost, therefore constantly rising raw material costs might have a negative effect on the amount of micro motors sold.
Micro Motor Segment for Automobiles Recently, the brushless DC micro motor has grown to include electric driven motors (EVs). The new M3 smart module platform SQUIGGLE motor created with the newest technology is an example of a brushless DC micro motor in use today. This piezoelectric micro motor is thought to represent a significant advancement in the field of micro motors due to its extremely small size. Such advancements, which were made with the intention of achieving excessive performance, are probably going to increase the Automotive Micro Motor Market's potential in the future.
Because of their high-end performances and automotive features, micro motors are more in demand than ever. Products including micro motors are becoming more expensive because of a variety of cutting-edge characteristics. Because of this, it presents difficulties for makers of micro motors to set reasonable pricing without sacrificing automobile characteristics. The car industry slump and high startup costs are anticipated to be obstacles for the micro motor sector. In addition, the market for micro motors is anticipated to benefit from the rise in demand for them from robotic systems and automated robot technologies. Another difficulty is that materials used to make seals, such as expanded graphite, are unreliable for usage over an extended length of time.
By Power Consumption
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