Motion controls market worth $18.9B in 2023, analyst report says
By DE StaffMotion Control Machine Building
Market research firm predicts Americas will have the highest growth rate in global market this year.
A recent report by market research firm, Interact Analysis, forecasts that the motion controls market will return to steady growth following a period of high demand for consumer products in 2021/2022 which boosted investment in automation. In total, the firm anticipates the global motion controls market will be worth $18.9B in 2023, a rise from $17.7B last year.
In 2022, the report says China lead the APAC region, which accounted for 37% of global motion controls revenues, followed by Europe, the Middle East, and Africa (EMEA) at 33% and Japan and the Americas (16% and 14% respectively).
This year, the report projects that while the Asia-Pacific region (APAC) will remain the largest market, the Americas will show the highest growth rate: 7.4% in 2023. Even so, the firm expects global growth of the sector to fall in 2024 but bounce back in the mid- to long-term. Interact Analysis’ research found that while some vendors were optimistic about the pace of growth, anticipating rates as high as 20%, others were more cautious, anticipating a flat year compared to 2022
Globally, the Americas is expected to suffer last from the impending market slowdown, with some of the largest industries for motion controls, such as semiconductors and electronics machinery, performing well due to the uplift from the U.S. CHIPS and Science Act.
The analysts firm foresees a decline in demand for industrial automation in 2024, due in part to interest rates and high inflation. Even so, the firm forecasts that global motion controls market will grow with a CAGR of 4.6% between 2022 and 2027, increasing from $17.7bn to $22.2bn.
“Siemens continues to dominate the motion controls market with its market share increasing by almost 1% in 2022,” said Alexander Jones, Research Analyst at Interact Analysis. “Interestingly, [Suzhou] Inovance’s market share increased by 0.6% in the same year – making it now the fifth largest global motion control vendor in the world. In 2018, the company did not even feature in the top 10.”