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Servo Motor and Drives market Size and Share Report
This growth is primarily driven by the increasing demand for automation and robotics across various sectors, including manufacturing, automotive, and aerospace.
AUSTIN, TX, UNITED STATES, November 8, 2024 /EINPresswire / -- Market Size &
industry Insights
As Per the S&S Insider,“The Servo Motors and Drives Market Size was valued at USD 16.85 billion in 2023, and is expected to reach USD 29.22 billion by 2032, and grow at a CAGR of 6.42% over the forecast period 2024-2032.”
Driving Forces Behind the Growth of the Servo Motors and Drives Market
The Servo Motors and Drives market is witnessing robust growth, primarily fueled by the rapid shift towards industrial automation, which is revolutionizing conventional manufacturing into smart factories. Businesses are increasingly leveraging advanced servo motor technologies to boost precision and efficiency, thereby lowering operational costs and enhancing productivity. Additionally, the rising demand for high-performance applications in robotics and CNC machinery is accelerating market expansion. Furthermore, the emphasis on energy-efficient solutions and stringent governmental regulations on energy usage bolster the adoption of servo motors, recognized for their low energy consumption and high torque capabilities.
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SWOT Analysis of Key Players as follows:
-ABB
-ADVANCED Motion Controls
-Allied Motion Inc.
-Baumüller
-Bosch Rexroth AG
-Danfoss
-Delta Electronics Inc
-ESTUN AUTOMATION CO. LTD
-Fuji Electric Co. Ltd.
-Hitachi
-Ingenia Cat S.L.U.
-KEB Automation KG
-Kollmorgen
-Mitsubishi Electric Corporation
-NIDEC CORPORATION
-Panasonic Corporation
-Rockwell Automation Inc.
-Schneider Electric
-Siemens
-YASKAWA ELECTRIC CORPORATION
Legislative Support Fuels Automation Growth and Servo Motors Market Expansion in U.S. Manufacturing
The surge in automation within US manufacturing significantly drives the growth of the Servo Motors and Drives Market. Unlike standard motors, servo motors provide precise control over position, speed, and torque through a closed-loop system that continuously adjusts to maintain accuracy. Recent legislation, such as the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, has led to increased manufacturing investments, particularly in clean energy and electric vehicles. This legislative support has resulted in substantial construction spending, further boosting demand for servo motors essential for automation. The rise of Industry 4.0 in the US is driving demand for the Servo Motors and Drives market. These systems offer exceptional precision through continuous monitoring, essential for robotics. With 84% of manufacturers planning to enhance factory connectivity, servo motors are crucial for optimizing operations in smart, interconnected factories.
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KEY MARKET SEGMENTS:
By Category
-Digital
-Analog
By Drive
-AC drive
-DC drive
By Application
-Oil & gas
-Meta cutting & forming
-Material handling equipment
-Packaging and labeling machinery
-Robotics
-Medical robotics
-Rubber & plastics machinery
-Warehousing
-Automation
-Extreme environment applications
-Semiconductor machinery
-AGV
-Electronics
-Others
Digital and AC Drives Lead Surge in Servo Motors and Drives Market: A 2023 Overview of Innovation and Growth
In 2023, digital servo motors and drives dominate the market, capturing a 55% share, reflecting a growing customer preference for advanced systems. This trend stems from the demand for enhanced performance and reliability. Industry leaders Siemens and Mitsubishi Electric are at the forefront, developing innovative devices that offer superior control and durability. This shift aligns with broader industry movements towards increased automation and energy efficiency. As manufacturing expands and investments in automation rise, digital servo systems are well-positioned to capitalize on new opportunities, thanks to their advanced capabilities and adaptability to modern production environments.
In 2023, AC Drives led the servo motors and drives market, holding a 56% share due to their enhanced operational features that efficiently manage high current spikes, provide increased torque, high speeds, and reduced noise levels. Additionally, rapid technological advancements and supportive regulatory policies aimed at enhancing operational efficiency will further drive growth in the AC servo motors and drives sector. For instance, in September 2022, Kollmorgen introduced the EKM series, a new line of brushless AC servo motors designed to withstand harsh environments. These motors offer impressive capabilities, including speed ratings of up to 8000 RPM, robust environmental sealing, high power and torque density, and insulation for voltages up to 480 VAC.
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Regional Dynamics in the Servo Motors and Drives Market: Asia Pacific's Leadership and North America's Rapid Growth
In 2023, the Asia Pacific region leads the servo motors and drives market, holding a 38% share, driven by growing investments in manufacturing and process industries, as well as increased funding for research and development. Developing economies are making significant strides in digital transformation, integrating technology upgrades for real-time performance monitoring, which will enhance the industry landscape. For instance, in September 2023, Japan's Panasonic Corporation introduced an advanced AI-equipped servo system that reduces human labor by 90%. The MINAS A7 family servo system features precise tuning, improved energy efficiency, and enhanced control, with a scheduled launch in Japan in January 2024 and a global rollout thereafter.
In 2023, North America emerges as the fastest-growing region in the servo motors and drives market, capturing 25% of the share. This growth is driven by government initiatives in infrastructure development, clean energy investments, and a focus on reshoring manufacturing, which heightens the demand for advanced automation. A notable example is the U.S. commitment to building a domestic semiconductor industry, increasing the need for precise servo systems in chip manufacturing. Major manufacturers like Ford and General Motors are investing heavily in robotic assembly lines that utilize servo systems. Additionally, companies such as Rockwell Automation and Emerson Automation Solutions are innovating eco-friendly servo systems to meet the demand for sustainable manufacturing practices, positioning North America for significant market growth.
Recent Development
-In January 2024, Applied Motion Products, Inc. launched the M5 Servo Drive Series, an extension of its SV200 line, offering a power range of 200 W to 3,000 W with enhanced safety features for precise motion control, smooth operation, high throughput, and customized OEM solutions.
-In May 2023, Siemens unveiled the Sinamics S200 servo drive system for precise applications in electronics and battery manufacturing, featuring robust servo motors and accurate drives across a power range of 0.1-1 kW at 200V and 0.2-7 kW at 400V for high dynamic performance in speed and torque applications.
Key Takeaways
-The Servo Motors and Drives market is set for substantial growth due to rising demand for automation across diverse industries.
-High-performance applications in sectors like manufacturing, robotics, and aerospace are driving market expansion.
-Companies should prioritize innovation and technological advancements to seize emerging opportunities.
-The trend towards digital transformation and energy efficiency is shaping industry standards and customer preferences.
Table of Content - Major Points Analysis
Chapter 1. Introduction
Chapter 2. Executive Summary
Chapter 3. Research Methodology
Chapter 4. Market Dynamics Impact Analysis
Chapter 5. Statistical Insights and Trends Reporting
Chapter 6. Competitive Landscape
Chapter 7. Servo Motor and Drives Market Segmentation, by category
Chapter 8. Servo Motor and Drives Market Segmentation, by Drive
Chapter 9. Servo Motor and Drives Market Segmentation, by Application
Chapter 10. Regional Analysis
Chapter 11. Company Profiles
Chapter 12. Use Cases and Best Practices
Chapter 13. Conclusion
Continued...
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