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Escalating adoption of Industrial Internet of Things (IIoTs) to Provide Growth Opportunities for Motor Controller Market during 2021–2028

NEW YORK, UNITED STATES, February 11, 2022 /EINPresswire.com/ -- 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, 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 power consumption and increase factory 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 is expected to boost the demand for AI-enabled motor controller devices in the coming years. 

Industries across the world have been experiencing rapid developments in terms of manufacturing and technology. In this course, the automobile manufacturers are upgrading systems, adding inspection and networking capabilities, and taking advantage of integration technologies to produce a better and cheaper product in lesser time. There is a high demand for direct-drive and servo motors in appliances, e-mobility applications, and Automated Guided Vehicles (AGVs) that are expected to play a significant role in instigating product demand. 

Impact of COVID-19 Pandemic on Motor Controller Market

According to the 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 the COVID-19 outbreak. The COVID-19 crisis is adversely affecting the industries worldwide and the global economy took the 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. A significant decline in the growth of mentioned industries is negatively impacting the growth of the global motor controller market. 

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Motor Controller Market Insight 

Rising investments in electric motor vehicles are fostering the demand for motor controllers. Many automotive companies are on the verge of beginning the large-scale manufacturing of electric motor vehicles. In 2019, Ford Motor Co. announced its pace of producing electric motors at its Van Dyke Transmission plant in suburban Detroit. The company is planning to spend ~USD 11.5 billion on electric and hybrid vehicles through 2022; as part of this, the company is expected to deliver 40 electrified vehicles, including 16 completely electric ones. Such ongoing investments in electric vehicle development and production are bolstering the demand for advanced motor controller devices.

The Motor Controller Market Is Segmented On The Basis Of Motor Type, DC Motor, Output Power Range, Voltage Type, End-User, And Geography.

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 the 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. 

Motor Controller Market: Competitive Landscape and Key Developments

Mitsubishi Electric Corporation, Schneider Electric, Fanuc Corporation, Yaskawa Electric Corporation., Nidec Industrial Solution, Rockwell Automation, Inc., Panasonic Corporation., ABB, Siemens, and Bosch Rexroth AG 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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