Increase in Establishment of Nuclear Power Plants to Fuel Radiation Hardened Motor Controller and Motor Drive Market Growth During Forecast Period
According to our latest study, "Radiation Hardened Motor Controller and Motor Drive Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type and Application," the market was valued at US$ 84.95 million in 2023 and is expected to reach US$ 111.38 million by 2031; it is estimated to record a CAGR of 3.4% from 2023 to 2031. The report includes growth prospects owing to the current radiation hardened motor controller and motor drive market trends and their foreseeable impact during the forecast period.
A global rise in energy demand, driven by population growth and industrialization, necessitates the expansion of energy production and distribution infrastructure. Nuclear power can provide a significant portion of the electricity needed to support this demand, contributing to a reliable power supply. Energy security is a fundamental factor driving the global expansion of nuclear power. Nations seek diverse and reliable energy sources to reduce their dependence on fossil fuels, ensuring a stable energy supply for economic progress and national security. Nuclear power provides a steady and consistent energy source that is relatively unhindered by price fluctuations and supply disruptions compared to fossil fuels. A few of the countries in North America and Western Europe have witnessed a limited growth rate in electricity generation capacity, especially nuclear energy, for many years. On the other hand, governments of certain Asian countries are implementing plans to establish new nuclear power plants to meet their clean electricity needs. According to the World Nuclear Association, there are 148 nuclear reactors in operation across the world, and 39 are under construction; approximately two-thirds of the reactors under construction worldwide are located in Asia.
Radiation Hardened Motor Controller and Motor Drive Market Analysis — by Region
Radiation Hardened Motor Controller and Motor Drive Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Motor Controller and Motor Drive), Motor Drive (AC Drive, DC Drive, and BLDC), Application (Space Exploration, Military and Defense, Nuclear Power Plants, and Others), and Geography
Radiation Hardened Motor Controller and Motor Drive Market 2031
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Source: The Insight Partners Analysis
Electronic components and devices are exposed to many types of radiation in nuclear power plants. Radiation-hardened motor controllers and motor drives are utilized in these applications to lower the level of damage, in turn avoiding malfunction or complete failure. Thus, the growing establishment of nuclear power plants bolsters the radiation hardened motor controller and motor drive market growth.
Microchip Technology Inc., MACCON GmbH & Co. KG, Renesas Electronics Corporation, STMicroelectronics, Texas Instruments Incorporated, Data Device Corporation, Power Device Corporation, Frontgrade Technologies, ESI Motion, Motiv Space Systems Inc., TTM Technologies Inc., and Micross Components, Inc. are among the major players profiled in the radiation hardened motor controller and motor drive market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The report includes the radiation hardened motor controller and motor drive market forecast by type and application. Based on type, the market has been segmented into motor controller and motor drive. The motor drive segment held a larger radiation hardened motor controller and motor drive market share in 2023.
The geographic scope of the radiation hardened motor controller and motor drive market report focuses on North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Taiwan, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). North America held a significant radiation hardened motor controller and motor drive market share. In addition to North America, Asia Pacific and Europe, respectively, dominated the global market in terms of revenue share. Further, Asia Pacific is expected to record the highest CAGR in the radiation hardened motor controller and motor drive market during the forecast period.
Increasing investments in satellite projects are driving the aerospace industry in North America, which creates the demand for radiation-hardened motor controllers and drives. The region focuses on satellite technology to enhance global communications, aid more precise navigation systems, and improve data collection process efficiencies. Thus, rising space budget allocations, along with the surge in satellite launches, favor the radiation hardened motor controller and motor drive market progress in North America.
In Europe, the European Space Programme strives to improve aspects such as earth observation, satellite navigation, connectivity, and space research and innovation by facilitating the launch of space projects. A subsequent rise in the launch of new satellites and investments creates the demand for radiation-hardened motor controllers and motor drives for the deployment of robots in space applications. STMicroelectronics NV operates as a prominent radiation hardened motor controller and motor drive market player in Europe
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