Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of “Servo Motors and Drives Market – which is forecasted from 2020 to 2027”.
The prime factors propelling the growth of the Servo Motors and Drives Market are the rising adoption of renewable energy sources, and the growing use of traction locomotives.
As per the report, the Servo Motors and Drives Market is expected to grow at a steady pace during the forecast period.
Every piece of machinery that requires precise position control uses servo motors and drives. During the projected period, one of the key drivers of market growth is the growing adoption of automation across several end-user industries. Automation is used in industrial processes to lower costs and errors while increasing precision and efficiency, which is the goal of servo motors and drives.
Automation and rising demand for energy-efficient products are two major factors propelling the development of this market. The manufacturing capacity of various industries, including semiconductors, automotive, and packing, is increased thanks to servo motors and drives. Thus, these benefits to the end-user industry are fueling the market for servo motors and drives during the forecast period.
The servo motors and drives market has been categorized based on type, offering, material, application, and geography.
By type, the servo motor and drive market has been classified based on AC Servo motor/drive, DC servo motor/drive, and brushless DC motor. Furthermore, based on the offering, the classification has been done into motor components, drive components, and software.
Additionally, by material, the segmentation has been done into stainless steel and others.
Based on application, the servo motor and drive market is divided into automotive, semiconductor and robotics, food processing, healthcare, packaging, and material handling. Due to the growing automotive industry and rising servo motor use, the automotive segment is anticipated to account for a sizeable portion of the market.
Geographically, the Asia-Pacific region is witnessing lucrative growth opportunities owing to the various government initiative taken toward the manufacturing sector. Furthermore, in the North American region, the United States holds a significant share owing to its expanding automotive industry in the country which is fueling the servo motors and drive market.
As a part of the report, the major players operating in the Servo Motors and Drives Market, that have been covered are Mitsubishi Electric Corporation, Danaher Corporation, FANUC (Acquired by Life Robotics), Siemens AG, Galil Motion Control, Yaskawa Electric Corporation, Bosch Rexroth, and ABB LTD.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/servo-motors-and-drives-market
This analytics report segments the Servo Motors and Drives market on the following basis:
- By Type
- AC Servo Motor/Drive
- DC Servo Motor/Drive
- Brushless DC motor
- By Offering
- Motor Components
- Drive Components
- By Material
- Stainless steel
- By Application
- Semiconductor and Robotics
- Food Processing
- Material Handling
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- South Korea
- North America