Home > Pressrelease > Servo Motors and Drives Market worth over $34 Bn by 2032
Servo Motors and Drives Market worth over $34 Bn by 2032
- Published Date: February 15, 2023
Servo Motors and Drives Market size is set to surpass USD 34 billion by 2032, according to a new research report by Global Market Insights Inc.
The introduction of advanced equipment across manufacturing facilities to boost productivity will favor industry growth. Key suppliers and manufacturers of servo motors and drives are constantly working on introducing highly effective product lines with optimized functions and features. For instance, in July 2022, Kollmorgen debuted its TBM2G line of frameless servo motors in a lightweight and compact package. The aim was to deliver the best performance possible for robot-ready applications like aerospace, medical, collaborative, and defense. Rapid technological innovation and supportive government measures to bolster industrial operations will push the industry development.
High demand for energy-efficient analog servo motors
Analog servo motors and drives market is expected to account for a decent revenue share during the forecast period owing to the emerging demand for energy-efficient machine components. The demand for these motors is projected to increase due to features like their cost-efficiency, low energy consumption, simpler construction, and low-noise operations, among other aspects. Its ability to operate without a torque amplifier and by the reduced jitter when standstill will foster adoption rate of these motors.
Wide-range application of DC drives in speed control systems
In terms of drive, the servo motors and drives market from DC drive segment is predicted to exhibit lucrative growth by 2023. Simple integration across a variety of applications and the ability to manage relatively higher power outputs are some of the key features of these drives. DC servo motors are made to run quickly, quietly, and efficiently at high speeds under mild load situations, up to 90% of the time, making them an attractive option over AC motors and drives. Expanding application scope of DC motors in speed control systems would stimulate segment growth. In November 2021, Goonhill Earth Station, one of the world’s premium space communication gateways, upgraded its deep-space satellite dish using Sprint Electric’s digital DC drives that allow the full four-quadrant operation, accurate current, and speed control.
Browse key industry insights spread across 580 pages with 967 market data tables & 33 figures & charts from the report, “Servo Motors and Drives Market Size By Category (Digital, Analog), By Drive (AC Drive, DC Drive), By Application (Oil and 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), COVID- 19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Emerging trend of warehouse automation
Servo motors and drives market size from the warehousing application is anticipated to reach approximately USD 1.6 billion by 2032. Modern warehouses are now using lifting machines and robots to handle both light and heavy-weight goods safely and at different speeds. Servo motors and drives are commonly used in automatic warehouse systems, such as conveyors, shuttles, and palletizers, to efficiently control the timeline for product delivery and storage in a secure setting.
Companies in the warehouse sector are partnering with tech companies to use advanced machines that are operated using servo motors. Take for instance, In 2022, U.S.-based materials handling software company Dematic announced its strategic partnership with Dexterity, a warehouse robotics provider, to offer full-task robotics in line with its Dematic intelligent automation solutions.
Advancements in manufacturing technology across Europe
Europe servo motors and drives market is poised to observe more than 7% CAGR between 2023 and 2032 on account of the paradigm shift toward the use of industrial automation solutions to increase productivity and flexibility. Rapid use of sophisticated machine infrastructure across manufacturing plants to improve the efficiency and use of technologically innovative systems will propel product uptake. Furthermore, the presence of leading servo motors and drives manufacturers and suppliers across the region will accelerate the business growth.
Business development initiatives by key industry players
Key companies working across the global servo motors and drives market include Siemens, ESR Pollmeier GmbH, Hitachi, Schneider Electric, Mitsubishi Electric Corporation, Kollmorgen, Bosch Rexroth AG, YASKAWA ELECTRIC CORPORATION, Allied Motion, Inc., ABB, Ingenia Cat S.L.U., ESTUN AUTOMATION CO., LTD, Danfoss, Aerotech, Inc, Heason, Delta Electronics, Inc, KEB Automation KG, Baumüller, and Fuji Electric Co., Ltd.
New product launches and business development initiatives is aiding these firms to expand their market presence. For instance, in December 2022, Siemens unveiled a new line of Simatic micro-drive units which is easy to integrate with a variety of 24-48 V extreme low voltage EC motors. The new servo product line is made to be as flexible as possible for a variety of uses, including automated guided vehicles (AGVs), storage facilities, conveyors, assembly equipment, and many other processes.
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