July 24, 2024
Resolvers Market

The global Resolvers Market Growth is Accelerated by Increasing Demand from Oil & Gas Industry

Resolvers are rotating position sensors that are used for precise angular position measurements in various industrial applications such as motor control, robotic control, aerospace systems, medical devices, and positioning tables. Resolvers help determine the position, location, and velocity of electrical or electro-mechanical systems and are widely used as feedback devices for industrial motors and drivetrains. The rising demand for automation and remote operation in industrial processes is fueling the adoption of resolvers.

The global Resolvers Market is estimated to be valued at US$ 970 Mn 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 key trends:
Increasing demand for precision rotation sensing from the oil & gas industry has been a key trend propelling the growth of the resolvers market. Resolvers are used in several oil & gas applications such as automation of drilling activities, monitoring of pumping systems, control of pipeline valves, and measurement of tank levels. They help improve the efficiency of operations by enabling remote monitoring and control. Furthermore, the growing need for offshore oil exploration has bolstered the adoption of resolvers in applications such as remotely operated underwater vehicles (ROVs) and dynamic positioning systems, which require high-accuracy angular position feedback. Stimulated by rising energy demand worldwide, the oil & gas industry is expected to continue investing heavily in automation and remote sensing technologies, thus driving the demand for resolvers over the forecast period.
Segment Analysis
The global resolvers market is dominated by industrial applications segment. This segment accounted for around 55% share of the overall market in 2023. High usage of resolvers in industrial motors and motion control systems such as robots, conveyors, CNC machines, and printing presses has been driving the growth of this segment. Adoption ofresolversfor feedback applications in industrial machinery ensure smooth functioning with high accuracy.

Key Takeaways
The Global Resolvers Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis
Asia Pacific is currently the fastest growing as well as dominant regional market for resolvers. Countries such as China, Japan, India are major industrial economies with large manufacturing industries. Growing industrial automation in these countries along with expansion of related end-use industries has been propelling the demand forresolversin Asia Pacific.

Key players
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, Maxon Group, Bevone, Danaher Corporation, Kollmorgen, TE Connectivity, ALXION, Micronor, Elmo Motion Control, Electro-Sensors, Siko GmbH.

The global resolvers market players are focusing on new product launches and expansion in emerging markets to gain higher market share.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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