Servo Motors Market Poised for Remarkable Growth, Expected to Surpass US$ 37.37 Billion by 2033, According to Persistence Market Research
The Servo Motors Market is poised to grow at an 8.1% CAGR by 2033, driven by the increasing adoption of automation in various industries, leading to enhanced efficiency, cost reduction, and widespread applications, particularly in high-tech industrial gadgets.
New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Servo motors and drives are essential components of motion control systems that are used across various industries such as packaging, semiconductors, robotics, medical devices, and more. The global servo motors and drives market has undergone substantial growth over the past few decades owing to the rising adoption of automated systems and motion control applications across industries.
As per industry analysis, the global servo motors and drives market was valued at around US$ 15,936.5 million in 2022 and is projected to grow at a CAGR of over 8.1% from 2023 to 2033 to reach around US$ 37,374.0 million by 2033. The growth can be attributed to factors such as increasing investments in industrial automation, rising focus on energy efficiency, and surging adoption of servo systems in automotive applications.
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Servo Motors and Drives Market Report Scope:
Report Coverage | Details | |
Market Revenue 2023 | US$ 15,936.5 Million | |
Estimated Revenue 2033 | US$ 37,374 Million | |
Growth Rate – CAGR | 8.1% |
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Forecast Period | 2023-2033 | |
No. of Pages | 250 Pages | |
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Top 10 Market Dynamics and Key Trends:
The servo motors and drives market is experiencing significant dynamics and trends that are shaping its trajectory. Here are the top 10 market dynamics and key trends for the servo motors and drives market:
Industry 4.0 Integration: The increasing adoption of Industry 4.0 principles is driving the demand for advanced motion control systems, with servo motors and drives playing a crucial role in smart manufacturing.
Rising Automation: As industries continue to automate processes for efficiency and precision, the demand for servo motors and drives is growing across various sectors, including automotive, aerospace, and electronics.
Energy Efficiency: With a focus on sustainability, energy-efficient servo motors and drives are gaining popularity. Manufacturers are emphasizing the development of high-efficiency systems to reduce energy consumption and operational costs.
Miniaturization: The trend towards smaller, compact machinery is fueling the demand for miniaturized servo motors and drives, particularly in industries where space is a critical factor.
Integration of Advanced Technologies: Integration of technologies such as artificial intelligence and machine learning is enhancing the capabilities of servo motors and drives, enabling predictive maintenance and optimizing performance.
Emergence of Smart Manufacturing: The advent of smart manufacturing practices, including predictive maintenance and real-time monitoring, is boosting the adoption of intelligent servo motor and drive solutions.
Robotics Boom: The rapid growth of the robotics industry is a key driver for the servo motors and drives market. Servo systems are crucial for precise motion control in robotic applications.
Increasing Demand in Emerging Markets: Growing industrialization in emerging markets is creating new opportunities for servo motor and drive manufacturers as these regions invest in modernizing their manufacturing processes.
Customization and Modular Solutions: Manufacturers are offering customizable and modular servo motor and drive solutions to meet specific industry requirements, providing flexibility and scalability to end-users.
Collaborative Robots (Cobots): The increasing use of collaborative robots in various industries is driving the demand for servo motors and drives that enable precise and safe collaborative operations.
In summary, the servo motors and drives market is evolving rapidly, driven by Industry 4.0, automation, energy efficiency, and technological advancements. Manufacturers are focused on providing innovative, compact, and intelligent solutions to cater to the diverse needs of different industries.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at - https://www.persistencemarketresearch.com/market-research/servo-motors-drives-market.asp
Major Segments of Servo Motors and Drives Industry
The Servo Motors and Drives Market is characterized by diverse segmentation across various parameters, reflecting the wide array of applications and technologies within the industry.
Product Type: The market is segmented by product type into Linear Servo Motors and Rotary Servo Motors. Rotary Servo Motors further classify into Positional Rotation Type and Continuous Rotation Type, catering to different mechanical requirements.
Technology: In terms of technology, the segmentation includes Single Axis Servo System, Pulse Duty Servo Drive, Continuous Duty Servo Drives, and Multi Axis Servo System. These distinctions account for variations in the operational characteristics and complexity of servo systems.
Application: The market caters to a broad spectrum of applications, encompassing Remotely Controlled Toys, Robotics, Electronic Devices, Medical Devices, Printing and Packaging Equipment, CNC Machines, and other Industrial Machinery and Equipment. Each segment addresses specific needs within these industries.
Motor Configuration: The Motor Configuration segment includes AC Servo Motors, categorized into Induction Type and Synchronous Type, and DC Servo Motors, further divided into Brushless DC Motors, Separately Excited DC Motors, and Permanent Magnet DC Motors. This segmentation allows for a targeted approach to different motor technologies.
Rated Power Capacity: The market is segmented based on Rated Power Capacity, ranging from 400−750 W to 50−100 KW. This classification ensures that products cater to the power requirements of diverse applications, from smaller electronic devices to heavy-duty industrial machinery.
Major Players in Servo Motors and Drives Market:
The global servo motors and drives market is a highly competitive landscape with several established and emerging players vying for market share. Here are some of the major players, along with their logos and brief descriptions:
1. Yaskawa Electric Corporation (Japan):
A leading player in the market, Yaskawa Electric is known for its high-precision and reliable servo motors and drives. They offer a wide range of products for various applications, including robotics, machine tools, and industrial automation.
2. Siemens AG (Germany):
A technology powerhouse, Siemens offers a comprehensive portfolio of servo motors and drives under the Sinamics brand. They are known for their innovative solutions and focus on energy efficiency.
3. Mitsubishi Electric Corporation (Japan):
Another Japanese giant, Mitsubishi Electric is a major player in the servo motors and drives market. They are known for their expertise in motion control technology and offer a wide range of products for various industrial applications.
4. Rockwell Automation, Inc. (US):
A leading industrial automation company, Rockwell Automation offers a variety of servo motors and drives under the Allen-Bradley brand. They are known for their rugged and reliable products, well-suited for harsh industrial environments.
5. Schneider Electric (France):
A global leader in energy management and automation, Schneider Electric offers a wide range of servo motors and drives under the Lexium brand. They are known for their energy-efficient solutions and focus on sustainability.
6. ABB Ltd. (Switzerland):
A global industrial technology leader, ABB offers a variety of servo motors and drives under the ACS and DCS brands. They are known for their focus on innovation and their comprehensive suite of automation solutions.
7. Delta Electronics Inc. (Taiwan):
A leading provider of power electronics and automation solutions, Delta Electronics offers a wide range of servo motors and drives under the Delta ASDA brand. They are known for their cost-effective and energy-efficient solutions.
8. FANUC CORPORATION (Japan):
A world leader in CNC systems and industrial robots, FANUC also offers a range of high-performance servo motors and drives. They are known for their reliability and precision, making them ideal for robotics applications.
9. Nidec Motor Corporation (Japan):
A leading supplier of electric motors, Nidec also offers a variety of servo motors and drives under the Control Techniques brand. They are known for their wide range of products and their focus on custom solutions.
10. Altra Industrial Motion Corp (US):
A leading provider of power transmission and motion control products, Altra Industrial Motion offers a variety of servo motors and drives under the Bosch Rexroth, Nookomatic, and Huco brands. They are known for their expertise in hydraulics and pneumatics, making them a good choice for applications requiring both electric and fluid power.
Recent Developments:
Here are some of the notable recent developments related to servo motors and drives market:
In 2022, Rockwell Automation introduced a new line of motion control equipment including motors, drives and mechanical components under the Intelligent Motion Solutions brand aimed at simplifying and accelerating machine builds.
Mitsubishi Electric launched MELSERVO MR-J5 series of servo drives in 2022 with builtin functional safety capabilities, smart tuning features and OEM customization options to simplify integration.
Yaskawa introduced their sigma-7 series 400V compatible servo drives in 2021 that can withstand high temperatures for use in hot regions. They also launched an Environmental Vision 2050 roadmap.
Schneider Electric expanded their Lexium 32M series of servo drives to include Ethernet/IP, PROFINET and Modbus TCP communication capabilities along with analytics in late 2020.
In 2020, Siemens acquired C&S Electric and Noida-based C&S Electric in line with its electrification, automation and digitalization focus. The deal expands Siemens motion control offerings for key markets.
Challenges and Future Outlook:
Technological Advancements: While technological advancements drive market growth, they also pose challenges. Keeping up with rapid developments in automation, artificial intelligence, and connectivity requires continuous innovation and adaptation from manufacturers in the servo motors and drives market.
Global Supply Chain Dynamics: The servo motors and drives market, like many others, is not immune to the effects of global supply chain disruptions. The industry must navigate challenges such as semiconductor shortages, geopolitical tensions, and the impact of unforeseen events on the availability of critical components.
Opportunities in Emerging Markets: As developing economies invest in industrialization and automation, the demand for servo motors and drives is expected to surge. Manufacturers eyeing growth opportunities must focus on understanding and catering to the specific needs of these emerging markets.
Collaborations and Partnerships: The complexity of modern industrial processes often requires interdisciplinary solutions. Collaborations and partnerships between manufacturers, technology providers, and system integrators are becoming increasingly important to deliver comprehensive and integrated motion control solutions.
Focus on Artificial Intelligence: The integration of artificial intelligence (AI) into motion control systems is a frontier that holds immense potential. Smart servo systems capable of learning and adapting to dynamic production environments are poised to redefine the capabilities of industrial automation.
Key Question Covered in The Report:
What is the current valuation of the global servo motors and drives market, and how has it evolved over the past few decades?
What are the major segments within each category, and how do they cater to different industries and applications?
In which regions is the servo motors and drives market analyzed, and how do regional factors contribute to market dynamics?
Who are the major companies operating in the servo motors and drives market?
What are the top 10 market dynamics and key trends influencing the servo motors and drives market?
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