India Torque Motor Market size was valued $27.8 million in 2019, estimated to grow at a CAGR of 10.67% during 2020-2025. The growing demand for simplified integration provided by torque motor in order to offer greater flexibility is highly fueling the growth of the market. Also, the low cost of this type of motors for the prevention of the effects of the hysteresis are also leading to growth of the torque motor market. The rise of industrial automation in India with the adoption of robots in the end-user industries such as automotive, manufacturing and so on are fueling the torque motor market in India. Furthermore, the increasing demand for AC and DC motor are also accelerating the growth of the India Torque Motor market during the forecast period.
Type – Segment Analysis
DC motor segment held the largest market share in the India Torque Motor market in 2019. This type of motors are significantly being used in variety of applications ranging from automotive to robotics industry. Also, the increasing influence of electronics in the automotive industry are enhancing the demand for DC motors. Moreover, the DC motor offers high-efficiency and improved controllability over multiple applications which is accelerating the use of DC motors. This factors are surging the demand for the DC motor propelling the growth of the India Torque Motor market.
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Application – Segment Analysis
In 2019, Semiconductor Industry dominated the India Torque Motor market with a share of more than 21.22%, followed by robotics and automotive sector. The growing development in the electronic and semiconductor industry by major companies such as Panasonic Corporation, Samsung India Electronics Ltd. and others are enormously dominating the semiconductor industry. In India, the electronics system design manufacturing (ESDM) industry is growing rapidly and it is also estimated that in 2020 the ESDM market revenue will grow to $400 billion. Thus, the increasing growth of the semiconductor industry in India is further enhancing the growth of the torque motor market.
Drivers – India Torque Motor Market
Rise of Industrial Automation
In India, the industrial automation industry is significantly surging and major manufacturers are employing industrial automation wherever it is required. Moreover, the increasing installation of robot in India grew at a CAGR of 20% between 2013 and 2018 are significantly enhancing the demand for torque motor market. Moreover, the increasing dependency of Indian automotive sector on robotic solutions are enhancing the demand for torque motor market. The growing importance of the industrial automation in India will fuel the growth of torque motor market.
Growth of the Semiconductor Industry
The increasing growth of the semiconductor industry in India is significantly fuelling the growth of the torque motor market. According to the India Electronics & Semiconductor Association, the Indian Electronic System Design and Manufacturing (ESDM) market is estimated to grow from $76 billion in 2013 to $400 billion by 2020. Moreover, the increasing developments by companies such as Panasonic Corporation, Samsung India Electronics Ltd,and so on will enhance the semiconductor industry which will significantly surge the growth of the torque motor market in India.
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Challenges – India Torque Motor Market
Rising use of electric motor
The increasing use of electric motor due to the growing need energy-efficient motors in applications such as HVAC and automotive industry are hindering the growth of the torque motor market. Moreover, the growing significance of Integral Horsepower (IHP) and Fractional Horsepower (FHP) electric motors in India are enhancing the demand for electric motors which is leading to hamper the growth of the torque motor. Also, the growing impact of the pandemic in industries such as automotive and component manufacturing plants are also leading to affect the growth of torque motor market in India.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the India Torque Motor market. In 2019, the market of India Torque Motor has been consolidated by the major players – Siemens AG, Moog Inc., Oriental Motor, Parker Hannifin Corp., Lakshmi Technology and Engineering Industries, Mark Elektriks, Control Instruments India, Anubhuti Power System, Delta Electricals and Tecnotion BV
In April 2018, Tecnotion, also known as “The Linear Motor Company” entered in the rotary torque motor market and launched it new design of torque motor. The new torque motor has optimized the maximum flus density and copper fill that provides very high torque to volume ratios.
In 2019, the India Torque Motor was dominated by Semiconductor industry owing to increasing development by companies such as Panasonic Corporation, Samsung India Electronics Ltd. and so on.
The growing demand for DC motor due to the increasing need improved controllability and high-efficiency motors are also enhancing the growth of the market.
The major drawback that is hampering the growth of the market is the rising use of electric motors owing to the adoption of energy-efficient motors which leads to limit the adoption of torque motor.
Related Reports :
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B. India Torque Sensor Market
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