Future Market Insights (FMI) has published a report titled "Motor Control IC Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2027." Motor Control IC is a device or a group of devices that governs the performance of an electric motor in a specific manner. A motor control IC includes an automatic or manual means for starting and stopping the electric motor.
According to FMI, the global motor control IC market is expected to grow at a CAGR of 5 percent during the forecast period. The motor control IC market was valued at $3,905 million in 2017, and is projected to grow significantly to reach $6,344 million by 2027 due to the increasing usage of motor control ICs in the manufacturing of medical equipment and in the automotive industry.
The motor control IC can be subcategorized into 32-bit embedded power motor control ICs, intelligent motor control ICs and digital motor control ICs. Motor control ICs are generally connected to a power supply and control circuitry in the form digital and analogue input signals.
In this report, FMI 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 percent 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 percent in motor control IC market during the forecast period and it is expected to create an incremental opportunity of $617 million 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 percent during the forecast period.
The report also covers the trends driving all the segments and offers analysis about the growth potential of the market in various regions, which include Latin America, North America, Europe, Japan, APEJ and MEA. The revenue contribution of Europe is estimated to increase at a CAGR of 6.2 percent over the forecast period.
According to FMI 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.