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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.
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 Attribute | Details |
---|---|
Base Year: | 2023 |
Motors and Drives Market Size in 2023: | USD 18.8 Billion |
Forecast Period: | 2024 – 2032 |
Forecast Period 2024 – 2032 CAGR: | 6.7% |
2024 – 2032 Value Projection: | USD 34 Billion |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 580 |
Tables, Charts & Figures: | 997 |
Segments covered: | Category, Drive, Application |
Growth Drivers: | |
Pitfalls & Challenges: |
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.