According to a new market report published by Transparency Market Research titled ‘Motion Control Drive Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,’ the global motion control drive market is expected to reach US$ 11,681.10 Mn in 2026, expanding at a CAGR of 6.9% from 2018 to 2026. According to the report, the global motion control drive market is expected to be continued to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand for motion control drives, with the market in the region expanding at a CAGR of 7.2% during the forecast period.
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The demand for motion control drives is directly reliant on the rise in process automation in multiple industries, such as electronics and assembly, medical, machine tools, and more, as is impacts on the productivity. Ease of use and integration of motion control drives and rise in the use of IIoT solutions have increased demand for motion control drives, thereby offering attractive opportunities to the global motion control drives market.
The global motion control drives market has been broadly segmented by type, type of axis, precision, application, and region. In terms of type, the motion control drive market has been classified into AC drive and DC drive. The AC drive segment is anticipated to account for a significant 66.62% market share in 2017. The segment is expected to expand at a significant CAGR of 8.2% during the forecast period. Based on type of axis, the market has been divided into single axis and multi axis. The multi axis segment constituted a significant market share in 2017.
The segment is expected to lead the motion control drive market during the forecast period. In terms of precision, the motion control drive market can be categorized into very high precision, high precision, and standard. Based on application, the global motion control drive market has been classified into electronics and assembly, food and beverage, medical and scientific, metrology, flat panel display, machine tools, metal forming & metal cutting, packaging and labeling, printing, robotics, non-industrial application, semiconductor, and others. In 2017, the semiconductor industry segment accounted for a prominent market share. The segment is estimated to expand at a significant CAGR of 6.9% over the forecast period.
Presence of numerous market players and a significant number of small- and medium-sized industries in North America, especially in the U.S., is the primary factor for the high adoption of motion control drive systems in the region. Asia Pacific is expected to constitute 39.15% market share in 2026, owing to steady expansion in end-use industries such as semiconductor, electronics, and food and beverages in this region during the forecast period. The market in Asia Pacific is projected to offer lucrative expansion opportunities and is expected to outpace other regional markets in terms of CAGR over the forecast period.