Several supportive governments policies for the manufacturing sector are propelling the demand for motor controller devices in developing nations
The motor controller market was valued at US$ 2,800.7 million in 2020 and is projected to reach US$ 4,674.1 million by 2028. It is expected to grow at a CAGR of 6.61 per cent from 2020 to 2028.
“The rising investments in electric motor vehicles are fostering the demand for motor controller across the world. Many automotive companies worldwide are initiating to manufacture electric motor vehicle on a large scale. For instance, in August 2020, Hitachi Automotive Electric Motor Systems Ltd. established Hitachi Automotive Electric Motor Systems America, Inc. in Kentucky for the development, manufacturing, and sale of electric vehicle motors,” read a report by Research and Markets.
The ongoing investment in electric vehicle manufacturing in the US is expected to bolster the motor controller market in coming years. Furthermore, several supportive governments policies for the manufacturing sector are propelling the demand for motor controller devices in developing nations. For Instance, the Make in India campaign by the Government of India has motivated many domestic and foreign players to set up their manufacturing plants in India.
The rising adoption of the Industrial Internet of Things (IIoT) in the manufacturing sector is providing noteworthy opportunities to the motor controller market players. The widespread use of robotics, sensors, centralized tracking, and quality inspection to form a smart manufacturing plant is triggering the adoption of IIoT.
Technological advancements in the field of IoT, for designing ecosystem plants to reduce the power consumptions and increase factory’s safety is expected to increase the demand for motor controller in the upcoming years. Further, the advent of artificial intelligence (AI) usage in IIoTs for advancing the automation of plants and machines are expected to boost the demand for AI enabled motor controller devices in coming years.
The demand for motor controllers is set to increase in residential applications as the IoT facilitates the integration of residential spaces with connected devices. Further, IIoT-powered industrial control systems (ICS) facilitate productivity and safety at work; these systems manage temperature and sensory equipment, manufacturing lines, and security devices, among others.
