PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324362
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324362
According to Stratistics MRC, the Global Intelligent Motor Controllers Market is accounted for $707.23 million in 2023 and is expected to reach $1173.34 million by 2030 growing at a CAGR of 7.5% during the forecast period. Intelligent Motor Controllers is a transition metal that has a high melting point and strong corrosion resistance. It is a chemical element that is lustrous and blue-grey in colour and extremely hard to find. Hard rock mines are the primary source of Intelligent Motor Controllers, but it is also present in artisanal mines, tin slag, and minerals like tantalite, columbine, and colton. Intelligent Motor Controllers is used as a substitute for platinum due to its chemical immobility and has a wide range of uses in laboratory equipment, electronic devices, medical equipment, the production of superalloys, etc.
In many industries, consumers are switching from conventional products to smart ones. As end-user development progresses, smart and multifunctional device adoption is rapidly rising. Adoption of smart devices offers greater energy efficiency and is convenient and flexible. The adoption of intelligent motor controllers (IMC) in industries is accelerated by the rising demand for intelligent, multifunctional, and integrated devices.
Intelligent motor controllers integration into existing systems may call for significant adjustments and knowledge. Some organisations may find it difficult to configure and maintain these controllers due to the complexity of the implementation process. Such occurrences may restrict market growth temporarily.
The demand for automation is rising in sectors like manufacturing, automotive, and electronics, which is a major market driver for intelligent motor controllers. These advanced features, which are crucial for industrial automation processes, include remote monitoring, predictive maintenance, and precise control. The manufacturing sector's productivity is boosted by industrial automation. The market adoption of intelligent motor controllers increases due to rising automation implementation, which also opens up lucrative growth opportunities.
The price of the various parts used to make intelligent motor controllers is extremely high. The price of the finished product is increased by the expensive components. The demand for greater investment grows as a result of the high cost of intelligent motor controllers. Some small businesses are unable to pay for the equipment's installation. Due to this, industry growth during the forecast period might be constrained.
The intelligent motor controllers market has been negatively impacted due to the COVID-19 outbreak. Due to plant closures and a temporary halt in global manufacturing activities, the pandemic has had a significant negative impact on industrial facilities. Demand for and procurement of new IMCs were temporarily halted due to the decline in manufacturing activity. The ban's effects on the supply chain also caused fluctuations in IMCs' production, which had an even greater impact. All of the aforementioned factors have had a negative effect on the market activities of IMCs.
During the anticipated period, it is predicted that the pumps segment will maintain a commanding market share. Pumps are more in demand and more often installed because they are used in so many different industries, including the water and wastewater, oil, and gas sectors. The majority of the time, liquid or semi-solid materials are transferred using pumps as motors. IMC installation is rapidly rising in the pump industry as a result of improved pump performance and motor efficiency. Over the course of the forecast period, this will fuel growth in the pump sector.
During the forecast period, it is anticipated that the Direct Current (DC) segment will experience significant growth. The efficiency and starting torque of DC motors are said to be higher. Such motors are increasingly in demand and being adopted as consumer demand grows significantly.
North America is anticipated to continue to rule during the forecast period after dominating the global market share in 2020. As end-user technology advances, there is a growing demand for and installation of smart devices in this region. Because of its widespread adoption of cutting-edge technology, North America's end-user industries are more likely to use IMCs. As a result, it fuels growth in North America over the course of the forecast.
Over the forecast period, the Asia-Pacific region is anticipated to grow at a significant CAGR. Along with rapidly expanding automation penetration in the industrial segment, the region has booming power generation and wastewater management industries. The use of smart devices is highly desired because they lower costs and increase operational effectiveness. The use of IMCs is also growing as a result of the installation of smart motors. As a result, the market is estimated to grow in the Asia-Pacific region.
Some of the key players profiled in the Intelligent Motor Controllers Market include: ABB, Fairford Electronics, Fanuc, General Electric, Greatland Electrics, Kelly Controls, Larsen & Toubro, Lsis Co. Ltd., Mitsubishi Electric Corporation, Nanotec Electronic GmbH & Co., NXP Semiconductors, Rexroth (Bosch), Roboteq Inc, Rockwell Automation, Schneider Electric, Siemens AG and Yaskawa.
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