by Resolvers are rotary transformers that are used to sense angular position and direction of shafts or other rotating systems. They are used in various industrial applications such as industrial robotics, motor controls, automated machinery, and motion control systems. Resolvers offer higher accuracy and reliability as compared to optical encoders. Their dust-proof and water-proof construction makes them ideal for harsh industrial environments. Moreover, resolvers do not require batteries or power supplies and operate on AC excitation signals, eliminating need for maintenance and replacement of power sources.
The global Resolvers Market is estimated to be valued at US$ 970 million in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Increased adoption of industrial automation in sectors such as automotive, semiconductor, food & beverages, and packaging is estimated to drive the demand for precision motion control components such as resolvers. Resolvers offer robustness and suitability for high vibration environments in automated machinery. Their maintenance-free operations reduce downtime of automated production lines. Thus, the growing industrial automation presents lucrative opportunity for the resolvers market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low. High capital requirement for establishing manufacturing plants and existing customer loyalty towards prominent brands act as entry barriers.
Bargaining power of buyers: High. Large number of resolvers suppliers provides buyers with negotiating power regarding pricing and product customization.
Bargaining power of suppliers: Moderate. Presence of alternative component suppliers balances the industry dynamics.
Threat of new substitutes: Low. Resolvers have strong product differentiation with applications in aircraft systems, factory automation, and medical equipment leaving low scope for substitutes.
Competitive rivalry: Intense. Major players compete on the basis of product performance, technical support, and pricing.
SWOT Analysis
Strengths: Wide application base and dominance of established brands ensure stable demand. Leading suppliers have strong R&D capabilities to develop customized solutions.
Weaknesses: High dependency on aerospace and industrial sector business cycles make demand volatile. Pricing pressure from cost-sensitive segments.
Opportunities: Growth in robotics and automation adoption in manufacturing. Adoption of resolvers in new domains like renewable energy and EV motors presents scope.
Threats: Trade restrictions and geopolitical tensions affecting sourcing and supply chains. Competition from low-cost Asian suppliers.
Key Takeaways
The Global Resolvers Market Demand is expected to witness high growth over the forecast period supported by Industrial automation and robotics growth. The North American region currently dominates the market owing to presence of major aviation and automotive manufactures. However, Asia Pacific is poised to be the fastest growing market led by developing economies focusing on domestic manufacturing.
Key players operating in the resolvers market are 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. Major players are focusing on new product development and expansion in emerging markets to gain market share. For instance, in 2022 Moog launched new bearingless digital sensor resolver to provide high reliability in critical aircraft applications.
The trend of motor and motion control integration is prompting resolver manufacturers to offer customized solution with integrated connectivity and data collection capabilities. Adoption in newer applications like renewable energy generation and high precision medical devices will further support market growth over the forecast period.
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Source: Coherent Market Insights, Public sources, Desk research
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