As per the current market research conducted by the CMI Team, the global Resolvers Market size is expected to record a CAGR of 5.7% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 1.1 billion. By 2032, the valuation is anticipated to reach USD 3.2 billion.
Resolver Market: Growth Factors and Dynamics
- Industrial Automation Demand: The increasing adoption of industrial automation across various sectors, including manufacturing, energy, and aerospace, is driving the demand for resolvers. These devices provide accurate angle and position feedback in applications like robotics and motion control systems.
- Reliability in Harsh Environments: Resolvers are known for their robustness and reliability in challenging environments, such as high temperatures, extreme vibrations, and electromagnetic interference. As industries require sensors that can perform consistently in such conditions, the resolver market experiences growth.
- Complex Motion Control Applications: Resolvers are favoured in complex motion control applications due to their high accuracy and ability to provide absolute position feedback. This makes them essential in areas like satellite tracking, defence systems, and aviation.
- Transition from Encoders: In certain applications, resolvers are replacing traditional encoders due to their durability and the absence of sensitive electronics, making them suitable for environments with high levels of dust, moisture, or electromagnetic interference.
- Rise in Electric Vehicles: The growth of the electric vehicle market has spurred the demand for position and speed sensing technologies, as they are crucial for motor control and overall vehicle performance. Resolvers are being considered for electric vehicle powertrains due to their durability and accuracy.
- Aerospace and Defence: The aerospace and defence industries often require sensors that can withstand extreme conditions and provide accurate data for critical applications. Resolvers find applications in aerospace for tasks like navigation, radar systems, and missile guidance.
- Renewable Energy Applications: The growing emphasis on renewable energy sources, such as wind turbines and solar tracking systems, relies on precise position and angle feedback for optimal energy capture. Resolvers are sought after in these applications due to their reliability and ability to operate in harsh outdoor conditions.
- Advancements in Resolver Technology: Ongoing technological advancements are leading to the development of more compact, accurate, and cost-effective resolver solutions. Improved manufacturing processes, higher resolution options, and integration capabilities with digital interfaces are expanding the potential applications and attractiveness of resolvers in various industries.
Resolver Market: Partnership and Acquisitions
- Nidec and Embraer: In 2023, Japan’s Nidec Corporation and Brazil’s Embraer announced an agreement to establish a joint venture company, called Nidec Aerospace LLC (hereunder “JV”), to develop Electric Propulsion Systems for the aerospace sector.
- Nidec Acquisition of MS-Graessner GmbH & Co. KG: In 2018, Nidec Corporation acquired MS-Graessner, a German manufacturer of high-precision gears and drive systems. The Company has been actively engaged in manufacture, sales and after-sales services associated with gearboxes through its subsidiary, Nidec-Shimpo.
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Resolver Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Resolver Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The COVID-19 pandemic disrupted global supply chains, leading to shortages of components and materials required for resolver manufacturing. This resulted in production delays and increased lead times for these devices.
- Reduced Industrial Activities: Many industries experienced slowdowns or temporary closures during lockdowns, leading to decreased demand for industrial automation components like resolvers. As a result, the resolver market faced a decline in orders and sales.
- Resumption of Industrial Activities: As economies reopen and industrial activities resume, the demand for automation and motion control solutions, including resolvers, is expected to rebound. Industries will require these devices for various applications, contributing to market recovery.
- Renewed Emphasis on Automation: The pandemic highlighted the importance of automation in maintaining operational continuity. Industries are likely to accelerate their adoption of automation technologies, including resolvers, to improve efficiency, reduce reliance on manual labour, and mitigate future disruptions.
- Technology Upgrades: The recovery phase could witness an increased interest in upgrading technology. Companies may invest in more advanced and accurate resolver solutions to enhance their equipment’s performance and gain a competitive edge.
- Shift Towards Renewable Energy: The push for sustainable practices remains strong post-pandemic. As industries focus on renewable energy solutions, the demand for resolvers in applications like solar tracking systems and wind turbines could increase, driving market growth.
- Digital Transformation: The pandemic accelerated digital transformation efforts across industries. As companies modernize their operations and incorporate Industry 4.0 principles, the demand for advanced motion control and feedback systems like resolvers is likely to grow.
- Innovation and Customization: To cater to evolving industry needs and emerging applications, resolver manufacturers may focus on innovation and customization. Developing specialized resolver solutions for niche markets and unique applications can spark renewed interest and drive market recovery.
List of the prominent players in the Resolvers Market:
- Honeywell International Inc.
- Moog Inc.
- Nidec Corporation
- Kollmorgen Corporation
- TE Connectivity Ltd.
- Renishaw plc
- Tamagawa Seiki Co. Ltd.
- Dynapar Corporation
- BEI Sensors (a subsidiary of Sensata Technologies)
- AMCI (Advanced Micro Controls Inc.)
- Others
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