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The global motion control market is projected to touch the valuation of approximately $21.75 billion by the end of 2023. Furthermore, the market will be demonstrating a CAGR of 7.09% during the forecast period (2017-2023).
Increasing Industrial Safety Concerns to Stimulate the Market Growth
The development of the motion control market has been significant in recent years and is predicted to have a stupendous growth throughout the forecast period. The market growth has been the result of factors including the increasing numbers of projects by manufacturing companies, rising concern with regard to industrial safety, and surging need for motion control for semiconductor & electronics, food and beverage, electrical, machinery and automotive sectors coupled with the growing economy across the globe.
Expanding Automation Industry Lends Strong Support to the Market
Massive expansion of the automation industry combined with substantial rise in globalization has elevated the demand for the motion control market. On top of this, the demand from developing economies like India, Brazil and China could give rise to new avenues within the motion control market in the years ahead.
The Market to Benefit from Continuous Technological Advancements
The continuous development of technology is set to go hand in hand with the expansion of the motion control market. To illustrate, Kollmorgen had developed AKM2G in 2017, which is a type of synchronous servo motors that could be employed with the company’s AKD2G series of next-gene servo drives as well as the AKD servo drive. In addition, these types of motors also provide their design benefits coupled with the user’s choice of servo drives, which brings further success to the motion control market in terms of revenue.
Increasing Labor Cost to Restrain the Market Growth
Albeit the relentless growth of the global motion control market, the rising labor costs could result in the market taking a negative blow in the upcoming years.
The Motion Controllers Segment Bags the Top Position among Components
Depending on the component, the market can be broken down into actuators & mechanical systems, motion controllers, electric drives, ac motors, sensors and feedback devices, and others (servo drives). The demand for motion controllers has risen in the past two decades on account of the growing dependence of the industries on plant and process automation. As a result, the motion controllers segment managed to grab the leading position, and garnered the maximum revenue of $4,572.23 million in the year 2017. The segment is also poised to elevate at the growth rate of 5.30% during the evaluation time frame.
The Electromechanical Actuation Technology to Garner Significant Demand
In terms of technology, the market can be classified based on pneumatic, hydraulic, and electromechanical actuation. Out of these, the electromechanical actuation segment had reached the valuation of $6,326.93 million in the year 2017, establishing it as the supreme market. Further, the segment is expected to expand at a healthy CAGR of 8.29% in the next couple of years.
Motion control to find Maximum Application in the Packaging Sector
Application-based segments in the market include inspection, material handling, packaging, robotics, and others. Between these, the packaging segment is exhibited to lead the worldwide motion control market with the revenue of $5,133.40 million and growth rate of 7.81% during the review period.
The Automotive Segment Races Ahead to the Top Spot
The various industries utilizing motion control include metals & machinery manufacturing, healthcare, automotive, aerospace & defense, oil & gas, semiconductor & electronics, and others (textile, furniture & wood). Here, the automotive segment is ruling the global motion control market, arriving at the valuation of USD 2,981.54 million and clocking in a CAGR of 7.75% in the following years.
The Hike in the Adoption of Industrial Robots turns Europe as the most Profitable Market
Europe is currently leading the worldwide motion control market backed by the growing adoption of industrial robots within the manufacturing industry among the countries in the region. Moreover, the surge in the awareness levels regarding modern automated processes for automation in factories is presumed to be the primary driving factor supporting the regional market growth.
Asia Pacific Grows at the Fastest Rate with the Expansion of the Electronics Sector
Growing at the fastest rate in the global motion control market, Asia Pacific holds a total share of 8.72% with substantial contribution from countries like Japan, South Korea and China. These countries elevate the position of the regional market at a tremendous rate, due to the fact that they are the largest electronics manufacturing nations in the region. Besides, the consistent expansion of the end-use industries including food and beverages and semiconductor is set to nurture the economic growth of the region. This factor is anticipated to bring lucrative results for the motion controller market in the region during the analysis period.
Customization and Smart Technology to be the Primary Trends in the North America Market
In North America, the exciting trend noted associated with the motion control technology is the development of smart technology, customization, and networking. The regional market has also created a significant space in the global market on account of the augmented demand for motion control in automotive, semiconductor and electronics industry, machinery printing, textile, packaging industries, among others.
The top companies in the worldwide motion control market are Estun Automation Co. Ltd. (China), STMicroelectronics N.V (Switzerland), Rockwell Automation Inc. (US), Schneider Electric SE (France), Emerson Electric Co (US), ABB Group (Switzerland), Siemens AG (Germany), MKS instruments Inc. (US), Parker Hannifin Corporation (US), AMETEK, Inc., and others.