The servo motors and drives market is expected to grow at a CAGR of 6.01% over the forecast period 2020 to 2027.
Machines that need precise position control typically use servo motors and drives. Electric servomechanisms are driven by specifically engineered devices called servo motors and drives, which have a wide range of applications in numerous industry sectors. These high-power devices enable higher device performance, assisting in boosting the effectiveness of semiconductor power devices. They are used in a closed-loop system that employs position feedback to control the rotational speed, and they include both AC and DC motors. Currently, servo motors are typically employed in large industrial applications for control needs. They employ derivative control algorithms (proportional-integral), which allow the engine to be swiftly brought into place by being able to adjust the shaft's speed. Speed and position sensing are features of servo motors used in industrial applications.
The market is expanding as a result of the rising demand for energy-efficient products and the development of new technologies. The manufacturing capacity of various industries, including semiconductors, automobiles, and packaging, is increased due to servo motors and drives. Reduced machine size, new robotics trends, and lightweight machines offer servo motors a strong potential to grow and drive the industry. Additionally, due to fierce competition, various businesses are implementing various strategies to increase their margins. Industrial robots are frequently employed in manufacturing, sorting, and assembling processes. The connection between the magnets and the winding is made possible by rotary servo motors, which also have the advantages of high-resolution accurate feedback, high torque density, and low energy consumption. The development of the industry is also being aided by these and other technical breakthroughs, such as the incorporation of artificial intelligence (AI) and the Internet of Things (IoT) into connected devices.
In automobiles, servo motors and drives are used in systems for anti-lock brakes, fuel injection, and cruise control. Furthermore, robots are widely used in automotive assembly lines for tasks including material handling, automated chassis assembly systems, and painting, among others. The logistics sector is gaining from the use of automation solutions, which are made possible by servo motors and drives, while the automobile industry pushes forward with the adoption of automation technology to increase productivity. In recent years, automakers have automated their factories in an effort to decrease the number of issues on the shop floor, increase productivity, and lower operating expenses. Collaborative robots, or "co-bots," are used at the factories of Ford, Mercedes-Benz, GM, and BMW. The market for servo motors and drives is being driven by numerous organisations that have been identified to follow suit by automating their facilities in order to improve returns and efficiency.
The demand for industrial robots in the automotive industry is primarily driven by the increasing adoption of automation in manufacturing processes as well as the inclusion of digitalization and AI.
According to a 2021 report by the Advanced Robotics for Manufacturing, a Department of Defense (US) agency, experts predict that up to 75% of vehicles will be produced by robots by the year 2025. The market for servo motors and drives in the automotive industry is therefore expected to grow over the projected period as a result of this increased adoption of automation and robotics.
Key market developments
New product offerings, research and development, increased mergers and acquisitions, and market investment will thereby increase the demand for servo motors and drives. For instance,
The Asia-Pacific region is expected to hold a significant share of the market in the coming years
Due to the multiple government-led initiatives aimed at the manufacturing sector, Asia-Pacific is anticipated to have one of the fastest-expanding economies during the projection period. Positive economic prospects and expanding manufacturing sectors in India, South Korea, China, Indonesia, Japan, and several other nations in the Asia-Pacific region are principally responsible for the market expansion for servo drives and motors. Companies in the region are introducing new products and expanding their operations. For instance, Yaskawa Electric Corporation, a Japanese company, stated that in August 2020, the total number of AC servo motor shipments had reached 20 million. Additionally, this dominance is due to quick industrialization, the expanding semiconductor industry, expanding automotive and other industries, rising government initiatives, and funding for numerous projects for smart and digitalized infrastructure.