Precision Electric Motors Market Worth USD 77.9 billion by 2023
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A research study titled, “Precision Electric Motors Market by Type and Application- Global Industry Analysis and Forecast to 2023” published by Crystal Market Research, states that the Precision Electric Motors Market is projected to be around $77.9 billion by 2023.
The Precision Electric Motors Market was worth USD 26.10 billion in 2014 and is expected to reach approximately USD 77.9 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 12.92% during the forecast period. The precision electric motors are upgraded and predominant electric motors with various basic features, for instance, reduced energy cost, increased shelf life, and minimum noise. Also, the precision electric motors give less support cost and convenient establishment. The exactness electric engine works through the collaboration between an electric motor's magnetic field and curving current to make drive. The auxiliary part of precision electric motors is ordinarily an enduring magnet synchronous motor, yet can moreover be an enrollment motor or traded hesitance motor. Also, precision electric motors render different advantages including increased efficiency, increased reliability, high torque to weight ratio, and general diminishing of electromagnetic impedance.
The rising necessity for precision electric motors as a result of substitution of the outdated low capable electric motors with high viable electric motors, growing vehicle production, and strict regulations on usage of energy are expected to help the market all inclusive going about as huge driving factors for the precision electric motors market. However, high initial cost of the accuracy electric engine may hamper the market improvement in the upcoming years.Precision electric engines are for the most part used as a part of speed control applications and are altered type of electric engines to offer exact yield. Expanding interest for superior engines, developing vehicle creation comprehensively and inspirational standpoint of assembling enterprises are the central point in charge of development of precision electric motors market universally.
On the basis of type the market is segmented into DC brushless motors and AC brushless motors. By application the market is segmented into Defense and aerospace,household appliances,Industrial machinery,Healthcareand Automotive. The leading players in the market are Regal Beloit, Nidec, Baldor Electric Company and Yaskawa Electric Corporation. Geographically, the market is segmented into Asia Pacific, North America, Europe and Rest of the world.
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Key findings of the Precision Electric Motors Market
- In 2013, On the basis of revenue, the industrial machinery fragment represented to an offer of 25 percent in the market for precision electric motors.
- In 2014 Asia Pacific accounted for the biggestshare in the market and is the most quickly developing market for precision electric motors. It is foreseen to maintain its prevalence in the upcoming years.
- In 2014, DC brushless engines possessed the biggest share of US$21.2 billion in the market on the basis of revenue and are anticipated to maintain their predominance in the figure time frame.
The global Precision Electric Motors Market is segmented as follows-
- AC brushless motors
- DC brushless motors
- Industrial machinery
- Defense and aerospace
- Household appliances
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- South Africa
- Saudi Arabia
- United Arab Emirates