Motor Driver IC Market Reflects 6.2% CAGR by 2030, Finds Fact.MR Study

Motor driver IC manufacturers are taking advantage of social distancing guidelines and the resultant need for industrial automation to support production and sales of motor driver ICs in the coronavirus crisis.
DUBLIN 2, Ireland - Sept. 10, 2020 - PRLog -- The global motor driver IC market is projected to grow 1.8x between 2020 and 2030, with an promising 6.2% CAGR. The coronavirus outbreak is likely to have a moderate impact on the global motor driver IC industry. Restricted activities in the automotive and industrial manufacturing industries are limiting the demand for motor driver ICs. However, niche applications in health care sector will provide opportunities for growth through the covid-19 crisis.

"Manufacturers using industrial robots make extensive use of motor driver ICs. Robots perform industrial operations with higher efficiency, accuracy, and also low energy consumption. This factor is essential for the growing adoption of motor driver ICs through the assessment period," says the FACT.MR study.

Motor Driver IC Market- Key Takeaways

• Gallium nitride motor driver ICs are witnessing growth in demand owing to superior capabilities in minimizing risks of short circuits.
• Power transistor applications are gaining sustained growth with use in renewable energy systems.
• Asia Pacific is a major market for motor driver ICs, supported by industrial automation demand for power management in high voltage devices.

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Motor Driver IC Market- Driving Factors

• Motor driver ICs are gaining key growth opportunities in the in the automotive sector in application for HVAC, and oil pump systems.
• Growing popularity of automated manufacturing facilities is likely to contribute to demand for motor driver ICs.

Motor Driver IC Market- Key Restraints

• Complexity in design of motor driver ICs are a key challenge for market players, hampering growth.
• Highly competitive market landscape reduces profit opportunities for market players.

COVID-19 Impact on Motor Driver IC Market

The covid-19 outbreak has adversely impacted the growth prospects of the motor driver IC market in the short term. Temporary closure or restricted activity in varied industrial sectors are holding back the demand for motor driver ICs. In addition, lockdown measures have also impacted the production of these components, hurting growth. On the other hand, rising demand for automated robots in healthcare and disinfection applications during the pandemic are likely to create key growth opportunities for manufacturers to leverage in this period.

Competitive Landscape

Maxim Integrated, Toshiba Corp., Rohm Co. Ltd., Mitsubishi Electric Corp. Semtech Corp., Texas Instruments, On Semiconductor, Allegro Microsystems, and ST Microelectronics N.V., are some of the leading motor driver IC market players.

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