Westford, USA, April 18, 2023 (GLOBE NEWSWIRE) -- The Robot Motors market is experiencing rapid growth and is projected to reach USD 3.24 billion by 2030, with a CAGR of 8% during the forecast period (2023-2030). Several factors fuel the market expansion, including the increasing adoption of industrial robot motors, rising automation across various industries, technological advancements, growing demand for collaborative robots, and government initiatives. According to a study conducted by the International Federation of Robotics (IFR) in 2022, the number of industrial robots deployed worldwide had increased by 85% over the past decade, with the automotive and electronics industries being the top two users of industrial robots.
Furthermore, the demand for collaborative robots, or "cobots," is growing due to their ability to work alongside human workers, improving productivity and safety. This, in turn, is driving the demand for robot motors that can power these types of robots. SkyQuest's latest global research findings reveal that the demand for cobots is on the rise. A study conducted by the National Institute for Occupational Safety and Health (NIOSH) found that 70% of workers who used cobots reported that their work was more accessible and more efficient, while 61% reported that the cobots improved safety in their workplace.
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- Pages - 243
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In today's industrial automation and manufacturing processes, robot motors are critical components that play a significant role. They are used in various applications, including welding, assembly, material handling, and painting, among others, in industrial robots. The demand for advanced robot motors with higher precision, speed, and torque capabilities is increasing with the growing demand for energy-efficient and high-performance robots. Robotics motors are key industrial automation enablers that allow manufacturers to improve productivity, quality, and safety while reducing costs and downtime.
Prominent Players in Robot Motors Market
- ABB Ltd.
- AMETEK, Inc.
- Allied Motion Technologies, Inc.
- Arc Systems Inc.
- Bosch Rexroth AG
- Dunkermotoren GmbH
- FAULHABER Group
- Harmonic Drive LLC
- Kollmorgen Corporation
- Lenze SE
- Maxon Motor AG
- Moog Inc.
- Nidec Corporation
- Oriental Motor Co., Ltd.
- Parker Hannifin Corporation
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Yaskawa Electric Corporation
- ZF Friedrichshafen AG
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Industrial Application Segment to Drive Higher Sales Due To the Increasing Demand for Automation
SkyQuest's recent analysis suggests that the Industrial Application segment drove the rapid growth of the Robot Motors market in 2021, and this trend is expected to continue from 2022 to 2030. The growing need for automation and enhanced efficiency and productivity in the manufacturing sector are key factors driving this trend. The automotive industry is the largest customer of industrial robots, accounting for approximately 33% of the total supply in 2020, according to a report by SkyQuest. Additionally, other industries such as electronics (19%), metal and machinery (10%), and food and beverage (7%) are also significant users of industrial robots. Therefore, there is a strong relationship between the industrial application segment and the demand for robot motors.
SkyQuest's research findings indicate that North America is expected to dominate the Robot Motors market from 2022 to 2030, with a projected CAGR of 5.02% during the forecast period. The increasing demand for automation in various industries, such as manufacturing, automotive, and healthcare, is fueling the growth of the market in the region. The Advanced Robotics for Manufacturing (ARM) Institute, established by the U.S. government in 2017, is a major factor in the growth of the robotics industry in North America. The ARM Institute is a public-private partnership focused on developing and deploying robotic technologies that can work alongside human workers to improve efficiency and productivity in American manufacturing. The initiative aims to create new job opportunities in the robotics industry and has committed to investing up to $250 million over the next five years to support developing and deploying new robotic technologies.
DC Motor Type Segment to Exhibit Strong Growth Due to Demand for Lightweight and Advanced Wheels and Brakes Systems
In 2021, the DC Motor Type Component segment dominated the Robot Motors market and is expected to maintain its leading position from 2022 to 2030 due to its high torque-to-inertia ratio, compact size, and ease of control. SkyQuest predicts that the DC brushless motors sub-segment will experience the highest growth rate during the forecast period, driven by the increasing demand for high-performance and energy-efficient motors. According to another study by SkyQuest, the DC motor segment is expected to contribute over 70% of the market share in terms of revenue.
The Asia Pacific region has also emerged as a major force in the Robot Motors market and is projected to maintain its leading position by 2030. SkyQuest forecasts significant growth in the market for this region, with a projected CAGR of 6.97% during the forecast period. This growth can be attributed to the increasing investments in automation, rising demand for electric vehicles, and need for smart factories. Additionally, favorable government initiatives such as "Made in China 2025" and "Industry 4.0" in China have been driving the adoption of industrial automation and robotics in these regions.
A comprehensive analysis of the major players in the Robot Motors market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Robot Motors Market
- Hyundai Motor Group, in partnership with SoftBank Group Corp. and Boston Dynamics, Inc., announced the successful acquisition of a controlling stake in Boston Dynamics from SoftBank. The acquisition, valued at $1.1 billion, has received regulatory approval and met other customary closing conditions. However, no further financial information was disclosed.
- ABB announced its plan to acquire ASTI Mobile Robotics Group (ASTI), a top autonomous mobile robot (AMR) manufacturer with a wide range of applications supported by the company's software suite. This acquisition will extend ABB's robotics and automation capabilities, allowing it to offer a comprehensive range of solutions for the upcoming generation of adaptable automation.
Key Questions Answered in Robot Motors Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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