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Servo Motors and Drives Market Size
Servo Motors and Drives Market was evaluated at USD 18.8 billion in 2023 and is projected to experience a CAGR of 6.7% between 2024 and 2032.
Growing inclination towards the deployment of highly energy efficient devices across various industrial operations to enhance the productivity and operations speed to boost the servo motors and drives industry. Moreover, introduction of new initiatives to flourish manufacturing and processing industries across geographies will amplify the demand for these systems. For instance, as per the data updated by the World Bank in May 2024, the total value added across the manufacturing sector globally equaled around USD 16.19 trillion in 2022 experiencing above 18.4% increment over a couple of years from USD 13.57 trillion in 2020.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 18.8 Billion |
| Forecast Period: | 2024-2032 |
| Forecast Period 2024-2032 CAGR: | 6.7% |
| 032 Value Projection: | USD 34 Billion |
| Historical Data for: | 2021-2023 |
| No. of Pages: | 120 |
| Tables, Charts & Figures: | 52 |
| Segments covered: | Category, Drive, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Servo Motors and Drives Market Trends
The market is projected to observe significant expansion on account of the favorable initiatives by the emerging economies as well as developed countries to boost digital transformation across different business areas. In addition, rapid transition towards automation across industrial operations will further boost the market growth.
For instance, in June 2022, Siemens introduced Siemens Xcelerator, and open digital business platform to support transformation across various size buildings, industries, mobility, and grids with an aim to boost productivity and innovations. Moreover, growing inclination to boost digitalization & automation across different operations to unveil new opportunities for market expansion.
Servo Motors and Drives Market Analysis
Based on category, the industry is primarily categorized into analog and digital. Digital servo motors and drives industry is projected to cross USD 15 billion by 2032 owing to the transition towards advanced systems backed by the rapid shift in customer adoption pattern towards innovative units with enhanced control capabilities and high holding power. Rapidly increasing investments towards expansion of manufacturing industries, growing investments across industrial automation, and positive outlook towards integrating energy efficient technologies will unveil new opportunities across the industry landscape.
AC drive units are projected to observe a growth rate of over 6.5% through 2032 owing to enhanced operational characteristics to effectively handle high current surges, elevated torque, high operating speeds, and less noise functions. Moreover, rapid technological advancements along with the encouraging administrative policies emphasizing on reinforcements of operations will further complement the AC servo motors & drives market growth. For instance, in September 2022, Kollmorgen introduced a new line of enhanced performance brushless AC servo motors named as EKM series. The new product is specifically designed to withstand extreme environment conditions and deliver various advantages including high speed ratings up to 8000 RPM, efficient environmental sealing, high power & torque density, and high voltage insulation of 480 VAC.
Asia Pacific servo motors and drives market is set to cross USD 13.8 billion by 2032 owing to growing investments towards expanding the manufacturing & process industries coupled with rising investments across research & development initiatives. Favorable initiatives by the emerging economies to boost digital transformation coupled with the integration of technological advancements to monitor the performance in real-time areas will boost the industry landscape.
For instance, in September 2023, Japan based Panasonic Corporation introduced the industry’s one the leading AI equipped servo system diminishing the human functioning time by 90%. The company’s MINAS A7 family servo system delivers precise tuning work, enhanced energy savings, highly accurate control, and was set to be launched in January 2024 in Japan, with a global release shortly after.
Servo Motors and Drives Market Share
Various-scale product manufacturers are actively operating across the servo motors and drives industry in different geographies. The industry players have introduced different initiatives including launch of new product & solution portfolios, backward & forward integration, and expansion of manufacturing facilities, among others. Moreover, Key players in the industry consisting of Siemens, ABB, Danfoss, Yaskawa Electric, Rockwell Automation, Schneider Electric, and Fuji Electric, among others, are actively competing on various fronts including technological advancements, product quality, pricing strategies, and customer service.
Servo Motors and Drives Market Companies
Key industry participants that are actively participating across the industry includes:
- ABB
- ADVANCED Motion Controls
- Allied Motion, Inc.
- Baumüller
- Bosch Rexroth AG
- Danfoss
- Delta Electronics, Inc
- ESTUN AUTOMATION CO., LTD
- Fuji Electric Co., Ltd.
- Hitachi
- Ingenia Cat S.L.U.
- KEB Automation KG
- Kollmorgen
- Mitsubishi Electric Corporation
- NIDEC CORPORATION
- Panasonic Corporation
- Rockwell Automation, Inc.
- Schneider Electric
- Siemens
- YASKAWA ELECTRIC CORPORATION
Servo Motors and Drives Industry News
- In January 2024, Applied Motion Products, Inc. launched an extension to its SV200 line of servo drives called M5 Servo Drive Series. The new product is designed to deliver a wide range of power from 200 W to 3,000 W while equipped with enhanced safety function to provide various advantages including precise motion control, smooth motion, high throughput, and customized OEM solutions, among other features.
- In May 2023, Siemens introduced a new servo drive system called Sinamics S200, designed for a range of precise applications primarily across the electronics, battery manufacturing, and other industries. The system includes robust servo motors, accurate servo drive, and accessible cables, covering a power range of 0.1 -1kW at 200V along with 0.2 - 7kW at 400V to deliver high dynamic performance for applications demanding speed & torque precision.
The servo motors and drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units and USD Million” from 2021 to 2032 for the following segments:
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Market, By Category
- Digital
- Analog
Market, By Drive
- AC drive
- DC drive
Market, By Application
- Oil & gas
- Meta 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
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