Servo Motors and Drives Market: Introduction
Servo motors and drives refers to equipment that control the movement of machines in the industries. These are a combination of several electronic components constititing DC and AC motors. Servo motors and drives perform the functions of an amplifier and take control signals in order to amplify it and give out a reasonable amount of voltage and current of the motor. These are mainly required for the machines and devices that require intricate position control like robotics, camera focus, conveyor belts etc.These are useful in
Industrial and manufacturing sectors are getting highly dependent on servo motors and drives as it simplifies the manufacturing activities leading to amplified productivity. The market for servo motors and drives is forecasted to achieve a remarkable growth rate through 2030. The latest advancements in technologies and government regulations and policies are responsible for the growing CAGR rate of this market globally.
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Key Drivers
Adoption of latest technologies and the need for automation in industrial sector to reduce errors and production costs is creating demand for servo motors and drives, resulting in accelerated growth of this market. The growing preference of modern companies to provide efficient equipments and services to the customers in order to remain competitive are predicted to drive the market growth of servo motors and drives. The recent trend of industries 4.0 is attracting all the industries to replace the traditional motors with servo motors and drives that improves the efficiency, productivity and operations pushing the global sales of this market.
Key Restraints
Although servo motors and drives are highly effective, the high initial cost of investment continues to be a detterent. End-users are aware of the benefits of servo motors and drives, considering the current climate, investment has remained sluggish. Further, requirement of skilled workers to run the automated machines and equiments is a barrier restraining the market growth as the skilled labors charge extra labor cost in comparison to normal and low skilled workers.
COVID 19 Impact
Servo motors and drives market witnessed slow market growth and several other disruptions due to COVID 19 outbreak. Many regions of North America such as U.S. and Canada faced high decline in the market growth which was reduced to a great extent. Sales of servo motors and drives in many countries of Asia Pacifc, such as Japan and India also witnessed a decline in 2020. As of now, the conditions are getting stable again and it is expected that the market for servo motors and drives will again gain momentum and will rise at a steady CAGR during the assessment period.
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Region-Wise Forecast
The market for servo motors and drives is anticipated to achieve a steady CAGR rate through the forecasted period. North America is holding the major share of this market. It continues to grow at a high CAGR, with US accounting for the bulk of revenue share. North America is expected to face high demands for servo motors and drives in the coming years.
Asia Pacific is experiencing a boom in the market growth due to growing investment in the manufacturing industries in China, India and Australia. The adoption of advanced technologies such as artificial intelligence, machine learning, robots etc are further creating significant possibilities of market growth in Asia Pacific regions.
Furthermore, Europe and Latin America are expected to experience stable growth rate in the market on account of rising demands for automation services and solutions to achieve substantial growth rate.
Market Segmentation:
By Type:
- Servo Motors
- Servo Drives
By Voltage Range:
- Low voltage
- Medium voltage
- High voltage
By End-use Industry :
- Automotive and transportation industry
- Textile industry
- Petrochemicals industry
- Packaging industry
- Printing and paper industry
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Competitive Landscape:
The prominent players in servo motors and drives market are Yaskawa Electric, Siemens AG, Mitsubishi Electric, Schneider Electric, Rockwell Automation, ABB Nidec corporation, Fuji Electric, Delta Electronics, FANUC Corporation, Sanyo Denki , Danaher Corporation, Kinco Corporation, Galil Motion Control etc.
These market players are concentating on continuous improvements in their operations to capture market share and maintain their global presence. For instance, Sanyo Denki has developed Sanmotion K DC servo motors with improved accuracy and energy-saving features. They also have developed compactand high response R1 AC servo motors to remain competitive and lead the market.
In addition to that, Altra Industrial Motion Corporation has introduced a variety of stainless steel servo motors to be used in meat processing industries for sanitation purposes.
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Key Q&A
What is the servo motors and drives market size?
The global servo motors and drives market is valued at nearly USD 12.5 billion in 2020. The market is set to grow at a CAGR of over 5% through 2030
Which is the largest market for servo motors and drives?
The US is the largest market for servo motors and drives. Other prominent markets include China, France, UK, GCC, and India.
Why are permanent magnet brakes preferred for servo motors and drives?
Permanent magnet brakes are lightweight, and as industries are making a shift toward lightweight components, demand for these types of breaks is increasing.
Which industry creates maximum value for servo motors and drives?
The automotive industry is the largest buyer of servo motors and drives. Owing to a blip in the last couple of years, demand has remained muted; however, long-term prospects remain positive
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