Global Servo Motors & Drives Market Trends, Industry Analysis
According to IMARC Group latest published report, titled “Servo Motors and Drives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” that the global servo motors and drives market size reached US$ 12.2 Billion in 2022. Looking forward, the market expected to reach US$ 16.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.
Servo motors and drives are critical machinery that is widely used for precise position control and automation across various industries. These automated linear or rotary actuators consist of a combination of electronic parts, including the AC and DC motors. These components are commonly operated in a closed-loop mechanism to register the position feedback and control the rotational speed of the machinery. These motors and drives are employed as an amplifier to control the amount of current that is being transferred to the motor. They are also widely utilized for minimizing errors, incorporating precise dimensional tolerance, offering advanced design methods, and reducing the overall cost of manufacturing. Consequently, they are used across the healthcare, automotive, semiconductor and electronics, and chemicals and petrochemicals industries for vast application segments.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Servo Motors and Drives Market Trends:
The global market is primarily driven by the growing automation across various industrial processes to achieve high production outputs with reduced labor costs and production wastages. This has led to the rising deployment of servo motors and drives across the industrial sector, thereby providing a thrust to the market growth. Along with this, the advent of industry 4.0 is expected to create numerous growth opportunities in the market.
The rising integration of industry 4.0 technology with existing processes aids in optimizing all the aspects of manufacturing processes and supply chain. It provides the players with real-time data and insights that are expected to boost the efficiency and overall profitability of their operation. This has enabled numerous players to replace conventional motors with servo motors and drives in an attempt to streamline business operations and improve production. Furthermore, several players are now employing industrial robots for numerous applications, including assembly, pick-up and manufacturing applications, across diverse industry verticals. They are further utilizing iron alloys to make lightweight gear systems for servo motors that can be used in remotely assisted products, such as drones and small-sized robots.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global servo motors and drives market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, voltage range, system, communication protocol and end use industry.
Breakup by Product Type:
Servo Motors
AC Servo Motor
DC Brush Less Servo Motor
Brushed DC Servo Motor
Linear Servo Motor
Servo Drives
AC Servo Drive
DC Servo Drive
Adjustable Servo Drive
Others
Breakup by Voltage Range:
Low Voltage
Medium and High Voltage
Breakup by System:
Linear System
Rotary System
Breakup by Communication Protocol:
Fieldbus
Industrial Ethernet
Wireless
Breakup by End Use Industry:
Machine Tools
Packaging
Robotics
Semiconductors
Electronics
Rubber and Plastics
Others
Breakup by Region:
Asia Pacific
Japan
China
South Korea
India
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
North America
United States
Canada
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being ABB Ltd., Bosch Rexroth AG, Delta Electronics, Inc., Emerson Electric Co., Fanuc Corporation, Mitsubishi Electric Corporation, Nidec Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yaskawa Electric Corporation
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