Servo Motors and Drives Market size was valued at over USD 14 billion in 2020, and the yearly installation is anticipated to exceed 25 million units by 2027. Improved specifications comprising AI integration and quicker response time when compared to traditional units accompanied by industry automation are set to augment the product penetration over the forecast period.
Rising government inclination towards attaining digitalization across developed & developing nations along with escalating funding for construction development will further complement the business scenario. The increasing industry preference to attain high speed & precise operation of the motor system will boost the usage of servo motors & amplifiers. Moreover, technological advancement coupled with regulatory tax rebate policies focusing on the reinforcement of operational updates is set to enhance the market growth.
The outbreak of COVID-19 led to halted business operations owing to the imposition of lockdowns and curfews across different countries. The coronavirus spread was declared as a pandemic and a global health risk by WHO in March 2020, which resulted in restriction on public movement by major economies. Additionally, companies offering work from home coupled with restraint on labor movement became a driving force to increase industry automation, thereby enhancing the business landscape.
|Market Size in 2020:||14.41 Billion (USD)|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||5.4%|
|2027 Value Projection:||21.86 Billion (USD)|
|Historical Data for:||2017 to 2027|
|No. of Pages:||608|
|Tables, Charts & Figures:||883|
|Segments covered:||Category, Drive, Voltage, Application, Region|
|Pitfalls & Challenges:|
Technical advancement coupled with its ability to offer quicker control response is set to sway the digital servo motors and drives industry share
The digital servo motors and drives market revenue will witness a substantial CAGR of around 5% from 2021 to 2027. These digital systems are projected to grow on account of shifting consumer preference toward units facilitating improved holding power and faster control response. The capability to offer voltage pulses to the motor at a comparatively higher frequency will allow faster motor response to the commands; thereby, fueling the product demand.
Frequent power cuts and blackout in developing nations will stimulate the urgency to install DC servo motors and drives
Wide applicability of DC servo systems across low to medium level applications demanding low to moderate power output is set to fuel the market expansion. These systems are capable of offering efficiency up to 90% at lighter power load, boosting the commercialization of these systems. Furthermore, the elevated demand for continuous power supply for a short time period during a blackout or emergency is set to boost the system penetration. Improvised programming software integrated with the systems including AI & IoT technologies will spur the industry potential
The AC servo motors and drives market is projected to register approximately 5% CAGR through 2027. These systems have the capability to tackle high current surges and operate independently from the electricity source and have simpler operations as compared to available alternatives, which will complement the market revenue. In addition, the rising implementation of these units is driven by their demand in heavy-duty uses including robotics and automation.
Rising regulatory inclination along with growing awareness toward energy-efficient products will upsurge the low voltage servo motors & drive industry demand
The implementation of favorable regulatory policies to achieve energy efficiency accompanied by substantial upgrades in conventional equipment and machinery across small and medium businesses will drive the low voltage servo motors and drives market statistics. For instance, the European Union energy efficiency directive orders its state members to set the national efficiency targets of reaching 32.5% reduction in the overall energy consumption by 2030. The implementation of these policies is set to drive the deployment of energy-efficient systems for various applications demanding low voltage, encouraging the market expansion.
The heightened requirement for automation across the oil & gas industry to mitigate the chances of possible human errors will strengthen the industry dynamics
The elevated oil & gas (O&G) exploration ventures by developing economies accompanied by enhanced machinery will propel the installation of servo amplifiers and motors in oil field service. These systems are also adopted across the O&G industry in conveyors, pumps, extruders, centrifuges, metering, blowers, and mixers with an aim to reduce the possibility of human error. They can be operated in compressed oil at the maximum depth of 3 kilometers, which will further stimulate the growth of servo motors and drives market.
The wide spread of the pandemic has stalled industry operations owing to restriction on labor and public movement, increasing the urgency to adopt automation in manufacturing plants. Increasing efforts to achieve maximum functionality of electrical systems coupled with improved life span and increased productivity will amplify the product demand in the semiconductor industry. These systems find their utility in various wafer manufacturing and processing systems for cost-efficient product solutions to generate better performance.
Formulation of energy-efficient directives is set to propel the Servo motors and drives market forecasts across Europe
Germany servo motors and drives market value exceeded USD 440 million in 2020 as a result of engineering environment and advanced mechanization in the country. As per the World Economic Forum, in 2018, Germany ranked first for developing new & innovative technologies, and it spends approximately 2.9% share of its GDP in R&D activities, yearly. The escalating implementation of technologically advanced units that aid in amplifying the operational feasibility will boost the business scenario. The rising industry inclination toward digitalization on account of initiation of Industrial Revolution 4.0 in line with the increasing urgency for precise motion control is set to drive the product deployment.
Competitive market share
The major industry players are targeting backward integration in order to maintain their quality standards and enhance market share. The prominent participants in the servo motors and drives industry comprises of Siemens, Mitsubishi, Schneider Electric, Rockwell Automation, Fuji Electric, Yaskawa, ABB, Bosch Rexroth, Hiconics, Hitachi, Delta Electronics, Estun automation, Kinco Automation, Danfoss, ESR Pollmeier, ADVANCED Motion Controls, Ingenia Cat S.L.U, Nidec Motor Corporation, Heason, Elmo Motion Control, KEB Automation, Baumüller, Kollmorgen, Allied Motion, Fanuc Corporation, Emerson Electric, and Anaheim Automation amongst others.
Servo motors and drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2017 to 2027, for the following segments:
- AC Drive
- DC Drive
- Oil & gas
- Metal Cutting & Forming
- Material Handling Equipment
- Packaging and Labeling Machinery
- Medical Robotics
- Rubber & Plastics Machinery
- Extreme Environment Applications
- Semiconductor Machinery
- The above information has been provided for the following regions and country:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America