Small Motors Market Outlook and Forecasted Analysis Through 2026
Small Motors Market – Key Insights
- The small motors market registered a CAGR of 1.2% during the period 2012 to 2016.
- Sales of small motors close in on revenues worth US$ 8.8 Bn in 2018, and are expected to grow at a sluggish CAGR of just over 1.0% through 2026.
- Small motor sales have been relatively larger in North America as compare to other regional markets, which can be attributed to rising requirement for strong communication infrastructures in the region.
- DC power supply continues to remain preferred for small motors worldwide. Sales of small motors working on DC power supply are expected to bring in revenues over of US$ 6 Bn in2019.
- Small motors sales have traditionally witness the largest sales in consumer electronics, expected to surpass US$ 2 Bn in 2019.
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Which are the Growth Drivers of the Small Motors Market?
- Elimination of additional accessories that are used in conventional motors, is a key attribute of small motors that has been driving their sales in recent years. In addition, the upward trend of miniaturization in the electronics industry has been significantly complementing adoption of small motors.
- Compliance of small motors with automation standards has meant that sales of these compact and effective power transmission equipment will witness promising demand in the near future.
- Rising demand for small motors as compared to their conventional counterparts, on account of their high efficiency, longer life, and low replacement costs in the medical equipment is anticipated to influence growth of the small motors market.
- The paradigm shift in consumer preference for compact devices has encouraged manufacturers to adopt small motors, which is estimated to influence the sales prospects of small motors.
- Relatively lower power consumption and cost-effective nature of small motors have led its adoption across industries, who are in constant seek for effective energy optimization methods.
What are the Challenges Impacting the Growth of the Small Motors Market?
- Changing taxation policies associated with raw materials have led to price fluctuations, which in turn impacts the cost of final product. This has further constrained the adoption of small motors among global industry leaders..
- Heavy excise duty on the import and export activities by governments in APEJ has confined growth opportunities for small motors market players in the region.
Small Motors Market – Competitive Landscape
- With the requirement for robust communication infrastructures, leading players in the small motors market are entering into strategic mergers and acquisitions. Along the same lines, ABB acquired the network communication business of KEYMILE Group, in 2017. The transaction will enhance ABB’s digital offerings with the help of reliable communications technologies of the latter.
- It has been witnessed that key players team up to enjoy two-way benefits and expand their global reach. In 2017, Nidec Corporation completed the acquisition of Emerson Electric Co.’s Drives, Motors, and Electric Power Generation Businesses to integrate significant growth capabilities, and leverage excellent customer base of both.
- Schneider and Accenture recently entered into a collaboration to come up with a digital service factory, dedicated to speed up the development of the Industrial Internet of Things (IIoT).
- In 2017, Siemens acquired Mentor Graphics Corporation, which is now a subsidiary of Siemens’ product lifecycle management software business, to expand its offerings and provide value-added service to new clients.
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Other players operating in the global small motors market comprise Xinapse Systems Ltd., Toshiba Medical Systems Corporation, Siemens Healthineers, Sciencesoft USA Corporation, Mirada Medical Limited, Mim Software, Merge Healthcare Incorporated, Koninklijke Philips N.V., INFINITT Healthcare Co., Image Analysis, General Electric Company, Esaote S.P.A, Carestream Health, Aquilab, and AGFA Healthcare.
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