Coreless DC Motors Market in India to Grow at 4% CAGR by 2024

Article By : Technavio

The coreless DC motors market in India is poised to grow by $415.59 thousand during 2020-2024, progressing at a CAGR of almost 4% during the forecast period...

The coreless DC motors market in India is poised to grow by USD 415.59 thousand during 2020-2024, progressing at a CAGR of almost 4% during the forecast period, says Technavio.

Cylindrical coreless DC motors are used in industrial applications where a distributed winding is essential and functionality of 1,000 rpms and above is desired. The growing need for conducting cost-efficient operations and an increasing number of high torque applications across industries are expected to drive the growth of the cylindrical coreless DC motors market in India.

Some of the major market participants include Allied Motion Technologies Inc., Altra Industrial Motion Corp., Baumüller Holding GmbH & Co. KG, C.I. TAKIRON Corp., Citizen Chiba Precision Co. Ltd., Dr. Fritz Faulhaber GmbH & Co. KG, maxon motor AG, Precision Microdrives Ltd., Shenzhen Topband Co. Ltd., and Telco Intercontinental Corp.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Market vendors are increasingly distinguishing their product and service offerings through a clear and unique value proposition to survive and succeed in this intensely competitive environment.

Coreless DC Motors Market in India: Segmentation by Application

The growth of industries, such as the power and automotive industries, and increasing need for plant maintenance in the power industry will indirectly fuel the demand for cylindrical coreless DC motors in India during the forecast period. Market growth in this segment will be faster than the growth of the market in the disc coreless DC motors segment.

The industrial motion control segment held the highest share in the coreless DC motors market in India. The low moment of inertia of coreless DC motors provides quick response and high controllability in motion control systems.

The need for reducing the size of machine tools in industrial premises without affecting the desired performance of the machinery has increased the adoption of coreless DC motors in the industrial motion control segment. Market growth in this segment will be slower than the growth of the market in the medical device and lab equipment segment.

Coreless DC Motors Market in India: Key Drivers and Trends

The significant benefits of coreless motors over conventional DC motors is one of the key reasons expected to propel the coreless DC motor market growth in India. Low electrical noise and electricity consumption, smooth operation, and higher efficiency rates due to zero iron core loss are few of the advantages of coreless DC motors, making them a viable choice for use in different end-user industries. The lightweight and small and compact design of these motors offer better controllability and higher acceleration rates compared to the traditional DC motors.

With the growing number of applications in the manufacturing industry owing to the rising concern for industrial safety and ongoing implementation of automation systems, the demand for coreless DC motors is expected to rise throughout the forecast period. The increased need to reduce size of machine tools will drive the coreless DC motors market in India to grow at a CAGR of almost 4% during the forecast period.

Although the advantages of coreless DC motors over cored DC motors will offer immense growth opportunities, overheating issue of coreless DC motors will challenge the growth of the market participants. Technavio suggests that the need to reduce size of machine tools will offer immense growth opportunities.

To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

This study identifies the increasing need for customized coreless DC motors as one of the prime reasons driving the coreless DC motors market growth in India during the next few years.

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