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Motor Controller Market to hit US$ 4,674.1 million, Globally, by 2028 at 6.9% CAGR: The Insight Partners

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November 26
19:59 2021
Motor Controller Market to hit US$ 4,674.1 million, Globally, by 2028 at 6.9% CAGR: The Insight Partners
The Insight Partners
Escalating Adoption of Industrial Internet of Things (IIoTs) to Provide Growth Opportunities for Motor Controller Market during 2021–2028

According to our latest market study on “Motor Controller Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Motor Type, by DC Motor, and Output Power Range, Voltage Type, and End-User,” the market was valued at US$ 2,800.7 million in 2020 and is projected to reach US$ 4,674.1 million by 2028; it is expected to grow at a CAGR of 6.9% from 2021 to 2028.

Strategic Insights         

Report Coverage

Details

Market Size Value in

US$ 2,800.7 Million in 2020

Market Size Value by

US$ 4,674.1 Million by 2028

Growth rate

CAGR of 6.9% from 2021-2028

Forecast Period

2021-2028

Base Year

2021

No. of Pages

132

No. Tables

131

No. of Charts & Figures

101

Historical data available

Yes

Segments covered

Motor Type, DC Motor, and Output Power Range

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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The rising adoption of the Industrial Internet of Things (IIoT) in the manufacturing sector is providing noteworthy opportunities to the motor controller market players. The widespread use of robotics, sensors, centralized tracking, and quality inspection to form a smart manufacturing plant is triggering the adoption of IIoT. Technological advancements in the field of IoT, for designing ecosystem plants to reduce the power consumptions and increase factory’s safety is expected to increase the demand for motor controller in the upcoming years. Further, the advent of artificial intelligence (AI) usage in IIoTs for advancing the automation of plants and machines are expected to boost the demand for AI enabled motor controller devices in coming years. The demand for motor controllers is set to increase in residential applications as the IoT facilitates the integration of residential spaces with connected devices. Further, IIoT-powered industrial control systems (ICS) facilitate productivity and safety at work; these systems manage temperature and sensory equipment, manufacturing lines, and security devices, among others.

The motor controller market is segmented on the basis of motor type, DC motor, output power range, voltage type, end-user, and geography. Geographically, Asia Pacific held the largest share of the market in 2020, followed by Europe and North America. Further, the market in Asia Pacific is projected to witness the highest growth rate during the forecast period. Based on motor type, the motor controller market is bifurcated into AC motor and DC motor. The AC motor segment represented a larger share of the overall market in 2020. Based on DC motor, the market is bifurcated into brushed DC motor market and brushless DC motor market. In 2020 the brushless DC motor market segment represented a larger market share.  Based on output power range, the motor controller market is segmented into Below 0.5 HP, 0.6–1.0 HP, 1.0–3.0 HP, and Above 3.0 HP. The 0.6–1.0 HP segment represented the largest share of the overall market in2020. Based on voltage type, the market is segmented into Below 1 kV Motors, 1 kV–6.6 kV Motors, and More than 6.6 kV. The below 1 kV Motors segment represented the largest share of the overall market. Based on end-user, the motor controller market is segmented into Industrial, commercial, residential, transportation, and agriculture. In 2020 The industrial segment represented the largest share of the overall market. 

Impact of COVID-19 Pandemic on Motor Controller Market

According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is adversely affecting the industries worldwide and the global economy took a worst hit in 2020 and it is likely to continue in 2021. The outbreak has created significant disruptions in primary industries such as food & beverage, medical, energy & power, electronics & semiconductor, petroleum, and chemicals. 

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Further, the rising investments on electric motor vehicles are fostering the demand for motor controller market globally. Many automotive companies across the regions are initiating to manufacture electric motor vehicle on large scale. For Instance, In August 2020, Hitachi Automotive Electric motor Systems Ltd. has established Hitachi Automotive Electric Motor Systems America, Inc. in Kentucky for the development, manufacture and sale of electric vehicle motors. The ongoing investment to manufacture electric vehicle in the U.S is expected to positively influence the motor controller market in the upcoming years. 

Motor controller devices mainly coordinate in predetermined manner the performance of electric motor. A motor controller includes a manual or automatic means for starting and stopping the motor, selecting forward or reverse rotation, selecting and regulating the speed, regulating or limiting the torque, and protecting against overloads and electrical faults. Based on motor type, the motor controller market is bifurcated into on AC Motor and DC Motor.

Motor Controller Market: Competitive Landscape and Key Developments

Mitsubishi Electric Corporation; Schneider Electric; Fanuc Corporation; Rockwell Automation, Inc.; and ABB are among the key players in the global Motor Controller market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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