Home > Energy, Mining, Oil & Gas > Servo Motors and Drives Market
Servo Motors and Drives Market Size By Category (Digital, Analog), By Drive, By Application (Oil and Gas, Metal Cutting & Forming, Material Handling Equipment, Packaging and Labeling Machinery, Robotics & Others), & Forecast, 2023-2032
- Report ID: GMI5079
- Published Date: Feb 2023
- Report Format: PDF
Industry Statistics
Servo Motors and Drives Market size valued at USD 17 billion in 2022 and is projected to expand at 6.5% CAGR between 2023 and 2032.
Introduction of energy-efficient equipment into various industrial activities to raise production output and speed up operations will boost the market growth. A servo motor can rotate parts of a machine with high efficiency and great precision. Industries are adopting advanced motor control systems to achieve precise & quick industrial operations. Efforts to accelerate digital transformation across many corporate sectors across both developed and emerging economies would favor the industry expansion.
To get more details on this report: Request Free Sample PDF
Rapid shift towards Industry 4.0 and automation could intensify the deployment of servo motors and drives. Businesses specializing in the automation sector are introducing new products and services to meet user requirements. For instance, in June 2022, Siemens introduced Xcelerator, a new digital business platform that features a portfolio of IoT-enabled hardware and software, and a marketplace to increase productivity and innovations.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | 17.7 Billion (USD) |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 6.8% |
| 2032 Value Projection: | 34 Billion (USD) |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 580 |
| Tables, Charts & Figures: | 997 |
| Segments covered: | Category, Drive, Application |
| Growth Drivers: | |
| Pitfalls & Challenges: |
To get more details on this report: Request Free Sample PDF
The high initial cost of servo motors and drive units, as well as innovations in alternate motors and drive technologies, particularly in the fields of AC and DC motors and drives, may restrain the servo motors and drives market progression. The industrial sector of the U.S. is witnessing the launch of new and advanced AC motors.
Growing performance of digital servo motors and drives
To get more details on this report: Request Free Sample PDF
The digital servo motors and drives market is predicted to observe around 6% growth rate through 2032, owing to the shift toward advanced control systems. Consumers are quickly shifting towards novel units with better control capabilities and high holding power. To meet these requirements, industry players are launching new products. In March 2021, Yaskawa launched AC Servo Drive Σ-X Series, which will improve customer value by offering the best motion performance and digital data solutions in the industry.
Introduction of advanced AC drives to fuel business growth
The servo motors and drives market from the AC drive segment will register over 7% gains during 2023 to 2032. AC drive units successfully manage large current surges, raised torque, high operating speeds, and steady & fewer noise functions, among other considerations. These features will influence product adoption, generating demand for AC drives.
New product launches with a focus on quality enhancement are expected to promote industry development in the coming years. For instance, in February 2021, Trio Motion Technology, an Estun Group member, launched a new servo drive and motor combination, DX4 servo drive and MX. The drive operates at 200V AC and its power extends from 50W to 3kW.
Rising inclination toward automation to spike product demand in the robotics sector
Servo motors and drives market from the robotics application is slated to exhibit a CAGR of 8% during the forecast timeline. The use of automation can improve production quality and output time while minimizing risks in industrial operations. Automation systems often include robots that incorporate servo motors and drives to increase their operational flexibility through precise angular movements. To support this shift, companies in the industrial automation space are launching new robotic solutions. In January 2023, Celera Motion launched the world’s smallest servo drive named the Denali Series which will be employed across a range of robots like surgical robots, industrial grippers, service robots, and more.
Demand for energy-efficiency across North America to encourage product uptake
To get more details on this report: Request Free Sample PDF
North America servo motors and drives market size dominated around USD 4 billion in 2022. Factors such as strict regulations to improve energy efficiency and security, quickly rising energy consumption, and expanding industrial automation and robotics will propel the regional market revenue.
In June 2022, the U.S. Energy Information Administration (EIA) stated that the industrial sector's overall energy consumption in 2021 was 25.9 quadrillion British thermal units (Btu), or over 35.2% of the nation's total energy consumption. Rising energy prices combined with continuous plans for reducing production costs, raising profits, and accelerating technological advancements will the industry deployment.
New mergers and acquisitions to foster industry growth
Some of the leading companies operating in the servo motors and drives market include Siemens, Hitachi, KEB Automation KG, Schneider Electric, Kollmorgen, Mitsubishi Electric Corporation, Bosch Rexroth AG, NIDEC Corporation, ESR Pollmeier GmbH, Rockwell Automation, Inc., Yaskawa Electric Corporation, ABB, ESTUN AUTOMATION CO., LTD, Danfoss, ADVANCED Motion Controls, Aerotech, Inc., Ingenia Cat S.L.U., Heason, and Delta Electronics, Inc.
The introduction of new product and solution portfolios, backward and forward integration, and the expansion of production facilities, among other initiatives, have been made by industry participants. For example, in September 2022 Bosch Rexroth AG announced that it will acquire Elmo Motion Control Ltd., a motion control business with its headquarters in Israel. It is anticipated that the acquisition will expand the company's product line and aid it in strengthening its position in the automation, smart factory, and robotics industries.
Impact of the COVID-19 pandemic on the servo motors and drives market
The COVID-19 pandemic led to the halting of all manufacturing and production activities which led to major product shortages and business losses. The market was adversely affected on account of the pandemic as there was a major gap in the demand and supply of components. The shortage of raw materials and the disruption of the trade cycles impacted the industry demand. However, with the restrictions being lifted and several sectors focusing on automation, the adoption of servo motors and drives is set to increase in the coming years.
This servo motors and drives market research report include in-depth coverage of the industry with estimates & forecasts in terms of “Units” & “USD Million” from 2018 to 2032 for the following segments: Click here to Buy Section of this Report
Market, By Category
- Digital
- Analog
Market, By Drive
- AC Drive
- DC Drive
Market, By Application
- Oil and gas
- Metal Cutting & Forming
- Material Handling Equipment
- Packaging and Labeling Machinery
- Robotics
- Medical Robotics
- Rubber & Plastics Machinery
- Warehousing
- Automation
- Extreme Environment Applications
- Semiconductor Machinery
- AGV
- Electronics
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Norway
- Sweden
- Denmark
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Philippines
- Indonesia
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- Jordan
- Iran
- South Africa
- Nigeria
- Egypt
- Algeria
- Latin America
- Brazil
- Argentina
- Chile
Frequently Asked Questions (FAQ) :
