Servo Drive Market size to exceed $9bn by 2026
Published Date: August 18, 2020 Authors: Ankit Gupta, Asmita Semwal
Servo Drive Market size is set to exceed USD 9 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Ongoing industry automation along with increasing focus of emerging economies toward digitalization will spur the servo drive industry outlook. Rising Foreign Direct Investments (FDIs) focused at industry expansion across developing nations by several national and global organizations including World Bank Group will propel the business development. Ability to facilitate speedy operations with elevated accuracy is further set to fuel the product adoption.
Analog servo drives will grow on account of its ability to consume minimal energy
Analog servo drive market will experience a substantial growth owing to its ability to operate up on a minimal power input. These drives offer low jitter at standstills and their ability to function independently of torque amplifier while facilitating uniformity, in turn driving the market trends. Low speed functioning and application across low voltage operations including metrology and medical equipment is anticipated to complement the business scenario. In addition, surging proclivity of end users toward cost efficiency and simple setup when compared to their digital substitutes will enhance the industry statistics.
Medium voltage servo drive industry will witness growth on account of their wide usability across diverse industrial establishments
Medium voltage servo drive market is set to experience a substantial growth on account of wider range of applications across the construction, power, metals and oil and gas industries. Robust industry development along with ongoing advancement in smarter technologies including integration of IoT and AI will complement the industry growth. Availability of tax rebates and subsidies on technically advanced systems coupled with pressing government focus toward achieving energy efficiency is further anticipated to fuel the industry dynamics.
The metal cutting industrial application is poised to grow at over 5% through 2026
The metal cutting industrial application will witness over 5% CAGR between 2020 and 2026, owing to resurgent demand for accuracy and its ability to provide enhanced control system. Independency from human interference along with stringent labor safety acts in industries will stimulate the business growth. Moreover, rising consumer preference toward advanced integrated technologies comprising of artificial intelligence will complement the servo drive market trends.
Browse key industry insights spread across 475 pages with 797 market data tables & 33 figures & charts from the report, “Servo Drive Market Statistics By Drive (AC, DC), Category (Digital, Analog), Voltage (Low, Medium), Application (Oil & Gas, Metal Cutting, Metal Forming, Material Handling Equipment, Packaging and Labeling, Robotics, Rubber & Plastics Machinery, Semiconductor Machinery, Other Industries), Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020–2026” in detail along with the table of contents:
Shifting focus of developing nations toward achieving digitalization will propel the industry forecasts
For Asia Pacific, Japan is anticipated to fuel the industry growth on account of ongoing investments in technology development and R&D sector. Availability of FDIs and government incentives centered at driving technical upgrades along with rising consumer awareness toward high-tech products will enhance the overall industry outlook. Moreover, increased application of these units across Japan’s major industries including automobiles, electronics and semiconductors amongst others will positively influence the servo drive market scenario.
Eminent manufacturers operating across the servo drive market include Toshiba Corporation, Yaskawa Electric Corporation, Schneider Electric, Hiconics Eco-energy Technology, Danfoss, Mitsubishi Electric Corporation, Hitachi, Siemens, Delta Electronics, Kinco Automation, Rockwell Automation, Fuji Electric, ABB, Bosch Rexroth AG and Estun Automation. Surge in technological innovations coupled with growing joint ventures & M&A’s are some of the considerable initiatives commenced by key market players to withstand a competitive edge over other industry participants. The major participants are further aiming toward integration of high-end technologies with their products in order to fuel their market share.
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