Servo Motors and Drives Market Share, Size, Trends, Industry Analysis Report, By System Type (Linear and Rotary); By Voltage (Low Voltage, Medium Voltage, High Voltage); By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM3406
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global servo motors and drives market was valued at USD 15.34 billion in 2023 and is expected to grow at a CAGR of 6.3% during the forecast period. The growing popularity of servos across the globe, as it increase productivity, reliability, and machine throughput and are highly equipped to take inputs from controllers and computer sensors makes them a suitable option for executing precise activities including CNC machining, advanced automated manufacturing, and robotics, that are among the key factors driving the global market growth.
Servo motors and drives are essential parts of motion control systems that govern the acceleration, position, and speed of machines and equipment. To be more specific, a servo drive is an electrical device that provides the necessary power and control signals to a servo motor, which is an electric motor designed to provide exact control over its movements.
Servo motors and drives are crucial parts of many businesses that need precise control over their operations because they cooperate in providing motion control systems with increased accuracy and dependability. Components for motion control systems are produced and distributed by the servo motors and drives sector. Applications for these components include robotics, aircraft, industrial automation, and more. Also, it is anticipated that the servo motors and drives market size will grow as a result of the growing need for automation across a range of industries and technical developments that allow for more accurate control and increased efficiency.
The research report offers a quantitative and qualitative analysis of the servo motors and drives market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
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Additionally, the increasing adoption of energy-efficient international standards, inclusion of motor control components in motors, and continuous advancements of automation technology through investing heavily in R&D activities, are also likely to create huge growth opportunities in the near future. For instance, in May 2022, Delta, introduced its high-performance automation systems at the 2022 SPS Italia. It includes the AX-series motion controllers, new ASDA-B3 servo systems, & the DVP50MC motion controller, as per the industry standards.
Moreover, the increasing government involvement in achieving digitization across numerous emerging economies worldwide and rising investment towards building development will enhance the industry growth and demand.
The rise in the industry desire for high-speed and precision motor system operations along with the technological progress with several regulatory tax rebate policies, are also likely to have significant impact on the overall market.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the servo motors and drives market. A significant decline and shutdown in the sales of servo motors and drives especially from countries like China and South Korea due to a highly disrupted supply chain across numerous applications including packaging materials, ingredients, equipment, and other plant supplies. The temporary closure of manufacturing facilities and shortage of raw materials and required workforce has had severe impact on the market.
Industry Dynamics
Growth Drivers
The growing need for motion control systems mainly in the automated production plants across small and medium enterprises, that help in improving the productivity of manufacturing facilities is expected to drive the growth of global servo motors and drives market over the coming years.
In addition, the rising prevalence of servo motors and droves globally, as it offers numerous benefits over traditional or conventional DC motors and steeper motors such as built-in feedback systems and high revolutions per minute, is also positively impacting the market.
Furthermore, the surge in automated systems across a wide range of industries and applications, that led to increased demand for measuring the torque, speed, and position in maintaining the quality and efficiency of various processes coupled with the rising usage of encoders that reduces the number of connections and wire need, are further anticipated create huge potential for the global market.
Report Segmentation
The market is primarily segmented based on system type, voltage, application, and region.
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By System Type |
By Voltage |
By Application |
By Region |
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Rotary segment is expected to hold a significant market share over the forecast period
The rotary segment is expected to hold a significant market revenue share with a healthy rate of growth during the forecast period. The rapid development of direct-drive rotary servo motors across the global that has resulted in the elimination of the need for pulleys, gearboxes, and many other mechanical equipment, which led to faster settling times, better control of load, and reduced energy consumption. As, rotary motors offer numerous benefits including high-resolution precision feedback, low energy consumption, and subsequent torque density, these motors have gained wide traction in applications in food processing, healthcare, packaging, textile, printing, automotive, and transportation.
The linear segment is further anticipated to account for a significant growth rate over the coming years, which is highly accelerated by its ability to improve the overall machine speed and accuracy, simplification of the equipment structure, quiet and clean equipment, and reduce the need for maintaining the equipment. Additionally, it eliminates the need for various elastic components like gearboxes and couplings, that introduce backlash and error in the motion.
Low voltage segment is expected to witness the highest growth
The low voltage segment is expected to grow vastly during the anticipated period, which is highly attributable to its high compatibility in mobile applications which requires high acceleration and breaking processes, improved efficiency, and low noise. Moreover, the ease of operation, low maintenance and setup costs, and high reliability as compared to others available in the market, are some other factors propelling the segment growth.
The extensive growth in the development of residential sectors, & several small industries around the world, have paved the way for low voltage capacity drives. The growth across the oil & gas and petrochemical industries is being used in low voltage drives that are contributing positively towards the segment growth.
Semiconductor & electronics segment accounted for the largest market share in 2022
The growth of the segment can be highly attributable to the growing use of the products in electronic devices, remotely controlled toys, and many other applications coupled with the increasing focus of major manufacturers globally on the integration of innovative solutions in their operations.
The robotics segment is anticipated to grow at a substantial growth rate throughout the projected period, on account of the growing prevalence and use of automation that can improve production quality and output, while reducing the risks in several industrial operations. Moreover, with the increasing number of manufacturing companies focused in utilizing advanced technologies and adopting automation, the demand for industrial robots is likely to grow drastically in the near future.
Asia Pacific region dominated the global market
Asia Pacific region dominated the global market with the highest revenue share in 2022 and is projected to maintain its dominance throughout the forecast period, owing to rapidly ongoing development activities especially in the robotics field in countries like Japan, China, South Korea, and Malaysia along with the rising adoption of various smart manufacturing initiatives for numerous applications. In addition, the rapid rate of industrialization and surge in the number of favorable government initiatives and funding for various projects associated with digitalized and smart infrastructure, are a few other factors fueling the market demand and growth.
North America region is expected to be the fastest growing region over the anticipated period, which is mainly driven by a rise in the number of manufacturing processes, that are increasingly being automated and are requiring accuracy and repeatability. The rapidly emerging demand for energy and surging production and exploration activities coupled with the declining dependence on various coal reserves, are likely to have a positive impact on the regional market growth.
Competitive Insight
Some of the major players operating in the global market include Yaskawa Electric, Mitsubishi Japan, Siemens, Rockwell Automation, Delta Electronics, Kollmorgen Corporation, Parker Hannifin Corporation, Omron Corporation, SEW Eurodrive, Rozum Robotics, ADTECH Technology, Fuji Electric, Schneider Electric, Nidec Motor Corporation, Hitachi Ltd., Fanuc Corporation, ABB, Applied Motor Products, and Nippon Pulse America.
Recent Developments
- In June 2022, Renesas Electronics introduced its new Renesas RZ/T2M motor micro-processor units. These units are highly dedicated to use-cases including AC servo drives & industrial robots, that come with fast & real-time basis motor control capabilities
- In March 2021, Yaskawa Electric, unveiled its new and latest AC servo drives named ‘∑-X Series’, that has been developed to effectively utilize the functions & performance of sensing data. It features the industry’s best motion performance & digital data.
Servo Motors and Drives Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 16.29 billion |
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Revenue forecast in 2032 |
USD 26.54 billion |
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CAGR |
6.3% from 2024– 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024– 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By System Type, By Voltage, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Yaskawa Electric, Mitsubishi Japan, Siemens, Rockwell Automation, Delta Electronics, Kollmorgen Corporation, Parker Hannifin Corporation, Omron Corporation, SEW Eurodrive, Rozum Robotics Inc., ADTECH Technology Co. Ltd., Fuji Electric, Schneider Electric, Nidec Motor Corporation, Hitachi Ltd., Fanuc Corporation, ABB, Applied Motor Products, and Nippon Pulse America Inc. |
Uncover the dynamics of the servo motors and drives sector in 2024 with detailed statistics on market share, size, and revenue growth rate meticulously curated by Polaris Market Research Industry Reports. This all-encompassing analysis extends to a forward-looking market forecast until 2032, complemented by a perceptive historical overview. Immerse yourself in the profound insights offered by this industry analysis through a complimentary PDF download of the sample report.
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FAQ's
The servo motors and drives market report covering key segments are system type, voltage, application, and region.
Servo Motors and Drives Market Size Worth $26.54 Billion By 2032.
The global servo motors and drives market is expected to grow at a CAGR of 6.3% during the forecast period.
Asia Pacific is leading the global market.
key driving factors in servo motors and drives market are rapid industrialization across the emerging economies.
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