DUBLIN, Feb. 22, 2016 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/pswzsg/micro_motor) has announced the addition of the "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 2020" report to their offering.
The micro motor market 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.
Automotive, Industry automation and 3D printing applications are projected to grow faster than other applications considered. This is mainly because of increase in adoption of automation and 3D printing technology across industries, which would reduce the turnaround time and increase efficiency.
Micro motors in lab automation are used in piezo motors power MRI robot, telemedicine robots, pharmaceutical dispensing, endoscopy surgical precision, automated biopsy device, robotic biopsy system, medical pipette, infusion pumps, ultrasound transducer, solution mixers, and temperature regulators among others. With increasing demand for these devices would drive the demand for micro motors. Micro motors play a significant role in the automobile industry. In recent years, there were technological advancement to develop high-quality micro motors to address automotive sector demands for automotive comfort and safety. Features such as fingertip rear & wing mirror controls, electronic climate control with vent movement, and even seat adjustment are growing in demand. These easy-to operate-features powered by micro motors allow the automotive industry to offer and incorporate affordable luxury in all car segments.
Asia-Pacific region is projected to have high demand for micro motors aiding to increasing population, increasing construction and mining activities, demand for comfort and luxury features in automotive, and increasing health care centers. Asia-Pacific is projected to grow at a CAGR of 5.20% 2015-2020. In China, industry automation application is projected to grow with a CAGR of 7.88%. The medical equipment application in Germany is projected to grow at a CAGR of 5.02%.
One of the biggest challenges faced by players in the micro motors aftermarket is counterfeit products. About 40% of the parts that are sold in the aftermarket are fake/counterfeit. Counterfeit products are mainly unauthorized spare parts that are available in the market. These unauthorized parts include those that are not genuine and are sold to dealers by suppliers.
The micro motor market is dominated by a few globally established companies such as Mabuchi Motors (Japan), ABB Ltd (Switzerland), Mitsuba Corporation (Japan), Nidec Corporation (Japan), and Johnson Electric Holdings Ltd (China) among others. These companies have employed strategies such as new product development, expansions, mergers, and joint ventures to grow in the micro motor market.
- ABB Ltd - Asmo Co Ltd. - Buhler Motors GmbH - Constar - Johnson Electric Holdings Limited - Mabuchi Motors - Maxon Motors AG - Mitsuba Corporation - Nidec Corporation - Wellings Holdings Ltd
For more information visit http://www.researchandmarkets.com/research/pswzsg/micro_motor
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SOURCE Research and Markets