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.
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. A significant decline in the growth of mentioned industries is negatively impacting the growth of the global motor controller market. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have negatively impacted the demand for motor controller devices.
Mitsubishi Electric Corporation; Schneider Electric; Fanuc Corporation; Rockwell Automation, Inc.; and ABB are among the major companies operating in the motor controller market.
Report : Motor Controller Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Motor Type (AC Motor and DC Motor), DC Motor (Brushed DC Motor
The report segments the global motor controller market as follows:
Motor Controller Market – by Motor Type
Motor Controller Market – by DC Motor
Motor Controller Market – by Output Power Range
Motor Controller Market – by Voltage Type
Motor Controller Market– by End-User
Motor Controller Market – by Geography
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