Servo Motors and Drives Market to exceed 25mn Units by 2027
Published Date: July 28, 2021 Authors: Ankit Gupta, Asmita Semwal
Servo Motors and Drives Market size is set to exceed an annual installation of 25 million units by 2027, as reported in the latest study by Global Market Insights Inc.
Continuous efforts toward industry automation coupled with emerging economies focusing more on digitalization will sway the servo motors and drives industry landscape. Increasing Foreign Direct Investments (FDIs) to boost industry expansion across developing countries through different global and national organizations, such as World Bank Group, are set to augment product installation. These units can facilitate faster operations with enhanced accuracy, which will further drive the market scenario.
Elevated consumer inclination toward cost-efficient and simpler structures will enhance the demand for analog servo motors & drives
Analog servo motors and drives market will gain an appreciable momentum owing to their important feature to operate on nominal power input. These units also offer low jitter during standstills accompanied by their capability to operate independently of torque amplifier, thus facilitating uniformity and escalating business expansion. Low-speed applications & functioning across low-powered operations that include metrology and medical equipment will further stimulate product adoption.
The medium voltage servo motors and drives industry is set to experience growth owing to its wide utility across various industrial establishments
Medium voltage servo motors and drives market is witnessing wider applicability across construction, metals, power, and oil & gas industries. Robust infrastructural development coupled with ongoing technological advancements in smart technologies, such as integration of AI and IoT, is set to complement the industry statistics. The availability of incentives, subsidies, and tax rebates on innovative systems along with the escalating government emphasis on attaining the goal of energy efficiency will further influence market forecasts.
Government initiatives to reduce human dependency will result in the adoption of advanced control systems in metal cutting & forming applications
The metal cutting & forming industrial segment is anticipated to record over 4.5% CAGR through 2027 owing to the burgeoning need for accuracy along with the capability to offer an improved control system. The rising focus on reducing human dependency coupled with the implementation of strict industry labor safety acts is set to stimulate industry share.
Browse key industry insights spread across 608 pages with 833 market data tables & 50 figures & charts from the report, “Servo Motors and Drives Market Statistics By Category (Digital, Analog), Drive (AC Drive, DC Drive), Voltage (Ultra-Low, Low, Medium), Application (Oil & 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), Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Establishing targets to achieve digitalization will drive product deployment in developing nations
In Asia Pacific, Japan is estimated to witness significant growth owing to ongoing public & private investments in research & development and the technology development sector. Various policies that ease the availability of FDIs and regulatory incentives focused on boosting technical advancements in line with accelerating consumer awareness for high-tech products are set to enhance industry potential. In addition, the escalating utility of these systems across the nation’s major industries including electronics, automobiles, and semiconductors will strengthen the servo motors and drives market size.
The major key participants operating across the servo motors and drives market include Siemens, Schneider Electric, Mitsubishi, Rockwell Automation, Yaskawa, Fuji Electric, ABB, Hiconics, Bosch Rexroth, Hitachi, Estun automation, Delta Electronics, Kinco Automation, ADVANCED Motion Controls, Danfoss, Aerotech, Nidec Motor Corporation, Servotronix Motion Control, Heason, KEB Automation, Elmo Motion Control, Baumüller, Allied Motion, Kollmorgen, Fanuc Corporation, Emerson Electric and Adtech (Shenzhen) Technology amongst others.
A surge in technological innovations and growing joint ventures & M&As are some of the considerable initiatives commenced by key market players to gain a competitive edge over other industry participant. The major participants are further aiming to integrate high-end technologies with their products to fuel their market share.
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