According to the latest report by IMARC Group, titled "Servo Motors and Drives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global servo motors and drives market reached a value of US$ 12.3 Billion in 2020. Servo motors and drives are critical machinery that is widely used for precise position control and automation across various industries. These automated linear or rotary actuators consist of a combination of electronic parts, including the AC and DC motors. These components are commonly operated in a closed-loop mechanism to register the position feedback and control the rotational speed of the machinery. These motors and drives are employed as an amplifier to control the amount of current that is being transferred to the motor. They are also widely utilized for minimizing errors, incorporating precise dimensional tolerance, offering advanced design methods, and reducing the overall cost of manufacturing. Consequently, they are used across the healthcare, automotive, semiconductor and electronics, and chemicals and petrochemicals industries for vast application segments.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Servo Motors and Drives Market Trends:
The global market is primarily driven by the growing automation across various industrial processes to achieve high production outputs with reduced labor costs and production wastages. This has led to the rising deployment of servo motors and drives across the industrial sector, thereby providing a thrust to the market growth. Along with this, the advent of industry 4.0 is expected to create numerous growth opportunities in the market. The rising integration of industry 4.0 technology with existing processes aids in optimizing all the aspects of manufacturing processes and supply chain. It provides the players with real-time data and insights that are expected to boost the efficiency and overall profitability of their operation. This has enabled numerous players to replace conventional motors with servo motors and drives in an attempt to streamline business operations and improve production. Furthermore, several players are now employing industrial robots for numerous applications, including assembly, pick-up and manufacturing applications, across diverse industry verticals. They are further utilizing iron alloys to make lightweight gear systems for servo motors that can be used in remotely assisted products, such as drones and small-sized robots. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 5.2% during 2021-2026.
- On the basis of the product type, the market has been divided into servo motors (AC, DC brushless, brushed DC and linear servo motors) and servo drives (AC, DC, adjustable and other servo drives).
- Based on the voltage range, the market has been classified into low voltage, and medium and high voltage.
- On the basis of the system, the market has been bifurcated into linear and rotary system.
- Based on the offering, the market has been categorized into hardware, and software and services.
- On the basis of the communication protocol, the market has been segmented into fieldbus, industrial ethernet and wireless.
- Based on the end use industry, the market has been divided into automotive, oil and gas, healthcare, packaging, semiconductor and electronics, chemicals and petrochemicals, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include ABB Ltd., Bosch Rexroth AG, Delta Electronics, Inc., Emerson Electric Co., Fanuc Corporation, Mitsubishi Electric Corporation, Nidec Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yaskawa Electric Corporation.
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