Metal Cutting Applications of Motion Control to Yield over US$ 2 Bn Market Revenue by 2031, Finds Fact.MR
Published : 30 Sep 2021 Industry: Automotive
A recently published report by Fact.MR reveals that the global motion control market is projected to grow at a CAGR of 4.6% during the forecast period 2021-2031. According to the report, the market is positioned to reach a value of US$ 30.5 Bn by the end of the forthcoming decade.
Historically, the industry grew at approximately 4% CAGR, reaching US$ 18.6 Bn by the end of the 2016-2020 period. During the COVID-19 pandemic, demand contracted significantly, as global manufacturing output across major end use industries such as automotive and metal cutting declined significantly during H1 2020. By 2021, the motion control market is poised to reach US$ 19.5 Bn.
A recent trend across multiple end use industries is the increasing adoption of the collaborative robots equipped with smart actuators. As the need for conveyor applications arises, adoption of the independently controlled motion systems and leading motion technology continues to witness a robust demand. With increasing adoption of motion controllers equipped with intelligent motion technology alerts, the market is expected to witness a substantial incline in the future.
Key Takeaways from the Market Study
- AC servo segment to account for US$ 2.4 Bn in value by 2026
- Machinery to be the leading application segment, surpassing US$ 1.3 Bn by 2021
- Metal cutting to represent the highest revenue growth, accounting for over US$ 2 Bn by 2031
- Computer numerical control segment to touch market value of almost US$ 4 Bn by 2026
- North America to register a CAGR of 5% in the motion control market until 2031
- Europe likely to contribute 1/4th of global motion control market revenue until 2031
- Asia to emerge as the fastest growing market, recording a CAGR of 5.3% through 2031
“With increased emphasis on precision based manufacturing, key industry verticals are leveraging advanced motion control systems to achieve economy in production operations by reducing equipment maintenance costs,” remarks the Fact.MR analyst.
Some of the major players in the market include YASKAWA Electric Corporation, Fanuc Corporation, Rockwell Automation, Inc, Mitsubishi Electric Corporation, Robert Bosch GmbH, Siemens AG, ABB Ltd Schneider Electric S.E, Moog Inc. and Parker-Hannifin Corp., among others.
- In January 2021, Microsoft Corporation announced the launch of Pulse Red wireless controllers that can run on multiple devices to switch between Xbox consoles, PCs, and Android devices without having to repeat the setup process every time.
- In April 2021, Performance Motion Devices, Inc. (PMD) announced the launch of their new ION/CME N-Series Digital Drives, new members of the ION Digital Drive family that provide high-performance motion control, network connectivity, and amplification.
More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the motion control market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.
The report discloses compelling insights into the demand for motion control on the basis of component type (motion controllers, AC drivers, AC servo motors, sensors & feedback givers, actuator & mechanical systems and others), end use (food & beverage, plastics & rubbers, electricals & electronics paper & printing, fabricated metal manufacturing, packaging & labelling, automotive, construction and machinery) and application (metal cutting, metal forming, material handling equipment, robotics, semiconductor machinery, rubber & plastic machinery and others) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive