The servo motors and drives market is expected to grow at a compound annual growth rate of 6.01% over the period 2020 to 2027.
Servo motors and drives are used in every bit of machinery that requires precise position control. The increasing adoption of automation in various end-user industries is expected to be one of the prime drivers of the growth of the market during the forecast period. Servo motors and drives serve the purpose of automation, which in turn is used in industrial processes to reduce cost and errors while improving accuracy and efficiency.
Growing demand for energy-efficient solutions and technological advancement are a pair of key factors driving the growth of this market. Servo motors and drives help in boosting the production capacity of industries like semiconductors, automotives, and packaging, among others. Lightweight machines, new trends in robotics, and reduced size of machines provide a good opportunity for the growth of servo motors and drive the market. In addition, due to intense competition, different firms are adopting different strategies to improve their margins. Large enterprises look for strategic partnerships, including mergers and acquisitions and joint ventures, to boost their market share. For instance, in June 2019, Mitsubishi Electric Corporation, invested to take an equity stake in a Singapore-based linear servo motor and linear stages Akribis Systems Pte Ltd (Akribis) to strengthen its industrial automation solutions in the global market. The market also witnesses collaborative efforts by market players to accelerate the design and servo motors and drives. Like, in November 2019, STMicroelectronics, a global semiconductor leader, and Maxon, a leading precision-motor provider are working together to accelerate the design of robotics applications and industrial servo drives. The advent of industrial 4.0 and expanding manufacturing facilities in developing regions will also widen the growth opportunities for vendors and manufacturers over the forecast period. However, the lack of skilled workforce involved in the whole value chain, coupled with the high prices associated with it, is expected to restrain the growth of the market in the coming years.
Automotive is having a significant share in the market
By application, automotive is expected to hold a significant share in the market owing to the expanding automotive industry and increasing adoption of servo motors. Today’s, automotive manufacturers are aiming to upgrade systems by adding inspection and networking capabilities and have a competitive edge over their competitors. The material handling and packaging industry is anticipated to witness substantial growth on account of the growing need for motion control components in motors and drives industries. Also, servo motors and drive decrease downtime, provide better diagnostic tools, and provide smooth accelerations and decelerations with very fast movements. Such functions are critical in packaging machines as they increase their overall efficiency and provide a longer life for machines with less cost of repair.
The Asia Pacific is witnessing exponential growth during the forecast period
Geographically, Asia Pacific is expected to be one of the fastest-growing markets during the forecast period due to initiatives being taken by various governments toward the manufacturing sector. In the North American region, the United States holds a significant share on account of expanding the automotive industry in the country which is creating an ample number of opportunities for servo motors and drive vendors and manufacturers in the coming years. Although in recent years, according to the International Organization of Motor Vehicle Manufacturers (OICA), automotive production in the United States has decreased from 11,066,432 in 2013 to 9,167,214 in 2021, it is expected to grow during the forecasted period
Major players in the servo motors and drives market have been covered along with their relative competitive positions and strategies. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered, along with the recent developments of these important players in the servo motors and drives market.
Recent development and expansions
The COVID-19 pandemic caused a disruption in global industrial production. Steel is a common raw material in servo motors. Several disruptions in the steel industry hampered the production of servo motors. China is a major steel producer. Every year, the country produces half of all steel in the world. During the pandemic, the Chinese government-imposed factory closures and trade restrictions, which hampered steel production.
|Growth Rate||CAGR of 6.01% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, Offering, Material, Application, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Mitsubishi Electric Corporation, Danaher Corporation, FANUC (Acquired by Life Robotics), Siemens AG, Galil Motion control, Yaskawa Electric Corporation, Bosch Rexroth, ABB Ltd|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the servo motors and drives market?
A1. The servo motors and drives market is expected to grow at a CAGR of 6.01% over the forecast period.
Q2. What is the base year considered in the servo motors and drives market report?
A2. 2020 has been taken as the base year in the servo motors and drives market report.
Q3. How is the servo motors and drives market segmented?
A3. The servo motors and drives market has been segmented by type, offering, material, application, and geography.
Q4. Which region holds the largest market share in the servo motors and drives market?
A4. The North American region holds a significant share in the servo motors and drives market on account of expanding the automotive industry in the region.
Q5. What factors are anticipated to drive the servo motors and drives market growth?
A5. The increasing adoption of automation in various end-user industries is expected to be one of the prime drivers of servo motors and drives market growth.
Mitsubishi Electric Corporation
FANUC (Acquired by Life Robotics)
Galil Motion control
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