The global motor control IC market is expected to grow at a CAGR of 5.0% during the forecast period. The motor control IC market was valued at US$ 3,905.0 Mn in 2017, and is projected to grow significantly to reach US $ 6,344.2 Mn by 2027 due to the increasing usage of motor control ICs in the manufacturing of medical equipment and in the automotive industry.
In this report, study has segmented the global motor control IC market by type, by industry and by region. By type, the motor control IC market is sub-segmented into brushed DC motor, brushless DC motor and stepper motor. The brushed DC motor sub-segment of the global motor control IC market is projected to register 52.6% market share at the end of 2018. In addition, in terms of volume, the brushless DC motor sub-segment is also expected to register a CAGR of 6.0% in motor control IC market during the forecast period and it is expected to create an incremental opportunity of US $ 617.7 Mn between 2018 and 2027.
By industry, the global motor control IC market is segmented into automotive, building control, industrial automation, consumer electronics, healthcare and others. In terms of value, the motor control IC market in industrial automation industry is projected to grow at a CAGR of 6.3% during the forecast period. In addition, the increasing demand for motor control ICs in the industrial automation sector is one of the major factors driving the market. Moreover, the industrial automation industry is expected to create an incremental opportunity of $ 644.9 Mn between 2018 and 2027 in the motor control IC market.
In addition, the report covers the trends driving all the segments and offers insights & analysis about the growth potential of the market in various regions, which include Latin America (Brazil, Mexico & the rest of Latin America), North America (U.S. & Canada), Europe (Germany, Italy, France, Spain, U.K. & the rest of Europe), Japan, APEJ (China, India, Malaysia, Australia, Singapore & the rest of APEJ) and MEA (GCC Countries, Israel, South Africa & the rest of MEA). The revenue contribution of Europe is estimated to increase at a CAGR of 6.2% over the forecast period. Technological advancements and constant innovations in the motor control IC market is fuelling the adoption of motor control ICs in this region.
According to analysis, strategies such as product innovations, improvements in quality and others are expected to increase revenue, which is likely to enable the vendors of motor control IC to reach new growth markets. Infineon Technologies AG, which is one of the prominent vendors of motor control IC, is offering motor control IC for different application areas such as commercial and industrial purposes. As per analysis, Infineon Technologies AG is upgrading its existing products to boost its customer base by improving the experience of its customers. Some of the participants in the global motor control IC market report are Rockwell Automation, General Electric Company, ON Semiconductor, Siemens AG, Toshiba Corporation, ABB Ltd., Schneider Electric SE, Maxim Integrated and NXP Semiconductors.
These insights are based on a report on Motor Control IC Market by Future Market Insights