Market intelligence firm Interact Analysis has released new market report Motion Controls - 2019 that points to strong growth over the next four years for motion control products.
The firm found that despite a small 3.8% decline in 2019, the market for motion control products will grow strongly, ultimately exceeding $15 billion in 2023. Also noteworthy is the firm’s belief that the motion control market will outpace growth of global manufacturing production from 2020 onwards.
Interact Analysis points to food & beverage machinery, packaging machinery and robotics and material handling equipment which are helping to drive its positive outlook for motion controls. Together these sectors generated just under a quarter of total motion control revenues in 2018 and are forecast to account for closer to 30% in 2023.
The report outlines further factors strengthening the outlook for motion control demand, including the trend for decentralization. Here higher-protection ratings are helping to advance the market for particular motion products. Although even combined the opportunity is small compared to the total (representing only 2.4% of the global market in 2018), the findings show that revenues for both products are projected to experience higher growth than the rest of the market, driving their combined value to exceed $500 million in 2023.
The firm also finds that the U.S., China, Japan, Germany, Italy and South Korea will continue to dominate market revenues. China, in particular, is expected to add significant revenues over the next four years, making it almost twice as big as the United States. In industry terms, sectors using metal cutting tools remain the largest in revenue terms, however the strongest overall growth during the forecast period came from mobile robots and industrial robots.
