Resolvers Market Is Estimated To Witness High Growth Owing To Increasing Demand for High Precision Motion Control Systems & Evolution of Industrial Automation

The Resolvers Market is estimated to be valued at US$ 970 million   in 2023 and is expected to exhibit a CAGR of 8% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Resolvers Market is witnessing growth primarily due to the increasing demand for high precision motion control systems in various industries such as aerospace and defense, automotive, robotics, and industrial automation. Resolvers are widely used for position and speed control applications that require high accuracy and reliability. They are capable of operating in extreme environments, making them suitable for challenging industrial applications. The market offers a wide range of resolvers, including brushless, brushed, and hybrid resolvers, to cater to different requirements.

Market Dynamics:
The drivers fueling the growth of the Resolvers Market include the rising adoption of automation across industries and the evolution of industrial automation. The increasing demand for advanced motion control systems to enhance operational efficiency and productivity is driving the demand for resolvers. Additionally, the growth of industries such as aerospace and defense, automotive, and robotics is further propelling the market. The opportunity lies in the development of innovative resolver technologies that offer improved performance, compact size, and cost-effectiveness. These advancements are expected to further fuel market growth over the forecast period.

Segment Analysis:

The Resolvers Market Size can be segmented based on type, application, and region. In terms of type, the segment can be divided into brush type and brushless type resolvers. The brush type resolver segment currently dominates the market due to its lower cost and wide range of applications in various industries. However, the brushless type resolver segment is expected to witness significant growth in the forecast period due to its higher accuracy and reliability.

In terms of application, the market can be segmented into aerospace and defense, automotive, oil and gas, industrial automation, and others. Among these, the aerospace and defense segment dominates the market due to the increasing demand for resolvers for navigation and tracking systems in aircraft and military vehicles. The automotive segment is also expected to witness substantial growth due to the rising adoption of resolvers in electric power steering systems and engine control units.

PEST Analysis:

Political: The political factors influencing the resolvers market include government regulations and policies related to the aerospace and defense industry, automotive sector, and industrial automation. Political stability and geopolitical tensions in key regions can also impact the market.

Economic: The economic factors affecting the market include GDP growth, disposable income, and infrastructure development. The resolvers market is influenced by economic cycles and the overall growth of industries such as aerospace, automotive, and oil and gas.

Social: Social factors like changing consumer preferences, technological advancements, and environmental concerns impact the market. The increasing demand for automation and efficient systems in various industries drives the demand for resolvers.

Technological: Technological factors include advancements in resolver technology, such as the development of brushless resolvers with higher accuracy and advanced communication interfaces. The integration of resolvers with digital systems and the use of smart sensors also contribute to market growth.

Key Takeaways:

The global resolvers market is expected to witness high growth, exhibiting a CAGR of 8% over the forecast period. This growth can be attributed to factors such as increasing automation in industries, growing demand for accurate position sensing in aerospace and defense applications, and the rising adoption of resolvers in the automotive sector.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the resolvers market. This can be attributed to the presence of major aerospace and defense companies, technological advancements, and increasing investments in industrial automation.

Key players operating in the resolvers market include Moog Inc., Honeywell International Inc., AMETEK Inc., TE Connectivity, Woodward Inc., General Dynamics Corporation, Parker Hannifin Corp, Sensata Technologies, Tamagawa Seiki Co., Ltd., LTN Servotechnik GmbH, Maxon Group, Bevone, Danaher Corporation, Kollmorgen, ALXION, Micronor, Elmo Motion Control, Electro-Sensors, and Siko GmbH. These key players have a strong market presence and offer a wide range of resolvers to cater to various industry requirements.

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