The market is anticipated to record a CAGR of around 8.56% during the forecast period i.e. 2019-2027.
According to a recently published report by Research Nester on “Servo Motors and Drives Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of servo motors and drives market in terms of market segmentation by types, by voltage range, by communication protocol, brake type, applications and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The servo motors and drives market is segmented by type into AC servo motors & DC servo motors; by voltage range into low voltage & medium voltage; by communication protocol into fieldbus & industrial ethernet; by brake type into with brake & without brake; by applications into machine tools, cut to length application, computerized numerical controllers, motion control, robotics, automated manufacturing, packaging & others and by region. The market is anticipated to record a CAGR of around 8.56% during the forecast period i.e. 2019-2027.
Servo motors and drives are the machineries which are used in order to acquire precise position control. These are used for the purpose of automation of industrial processes. Servo motors and drives have application in sectors such as packaging machines, automobile manufacturing industries, food processing, healthcare industries, semiconductor and robotics.
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On the basis of regional analysis, the servo motors and drives market is segmented into five major regions North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific market is anticipated to witness the highest growth rate in the servo motors and drives market owing to increasing industrial activities coupled with need for fast and accurate motors for higher production output. Such factors are expected to raise the demand in this region. Growing industrialization in developing countries is a major factor driving the market. Factors such as availability of low-cost skilled workforce, administrative setup, favorable business landscape, and attractive foreign policies have enabled manufacturers to shift their business to Asia Pacific.
Industrialization
Globalization and industrialization have generated the need for high production capacity and high qualitative output within a limited time. This has resulted in the demand for automation systems such as servo motors and drives. These motors and drives are used in different application sectors, specifically suited for controlling the movement of machines.
Increased Applications in Industries
Servo motors and drives are the most advanced motion control devices, which incorporate precise dimensional tolerance, high-force magnet materials, and advanced design methods. The increasing demand of servo technology in applications such as packaging, automation, textile, motion control, semiconductors, and electronics has triggered the innovation in the manufacturing of servo systems. Servo technology helps in maintaining a high level of accuracy, reducing labor costs and production wastages, and increasing production output.
However, high costs associated with servo motors and drives are anticipated to be a key restraint for the growth ofservo motors and drives market during the forecast period. It is one of the highly expensive motors as compared to the alternatives such as stepper motors. Further, availability of cheap substitutes such as serviced motors is expected to hamper the demand for servo motors and drives and restrain the growth of the target market.
This report also provides the existing competitive scenario of some of the key players of the servo motors and drives market which includes company profiling of Adtech (Shenzhen) Technology Ltd., Bosch Rexroth AG, Kinco Automation Pvt. Ltd., Yaskawa Electric Corp., Mitsubishi Electric Corp., Siemens AG, Danaher Corporation, FANUC FA, Galil Motion Control and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the servo motors and drives market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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