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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, 2024-2032

  • Report ID: GMI5079
  • Published Date: Feb 2023
  • Report Format: PDF

Servo Motors and Drives Market Size

Servo Motors and Drives Market was valued at USD 18.8 billion in 2023 and is projected to expand at 6.7% CAGR between 2024 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.

Serve Motors and Driver Market

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.

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.

Servo Motors and Drives Market Analysis

Servo Motors and Drives Market Share, By Category

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.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of serve motors and drives crossed USD 18.8 billion in 2023 and is expected to record nearly 6.7% gains through 2032, says this GMI report.

The digital servo motors and drives segment is set to witness over 6% CAGR between 2023 and 2032 due to the shift toward advanced control systems.

The robotics application segment is poised to register more than 8% CAGR through 2032 owing to the adoption of automation for improving production output.

Siemens, KEB Automation KG, Schneider Electric, Mitsubishi Electric Corporation, Bosch Rexroth AG, ABB, and Delta Electronics, Inc., among others are some of the key players in the servo motors and drives industry.

Motors and Drives Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 22
  • Tables & Figures: 997
  • Countries covered: 32
  • Pages: 580
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