The servo motors and drives global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Servo Motors and Drives Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The servo motors and drives market size has grown strongly in recent years. It will grow from $15.32 billion in 2023 to $16.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to automation and robotics adoption, demand for high-precision control, rise in factory automation, demand for iot and connectivity, growing emphasis on energy efficiency.
The servo motors and drives market size is expected to see strong growth in the next few years. It will grow to $21.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to green and sustainable manufacturing, rising popularity of electric vehicles, growth of e-commerce and logistics industries, integration of servo systems. Major trends in the forecast period include industry 4.0 integration, renewable energy, edge computing integration, advanced motion control algorithms, development of advanced motion.
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Scope Of Servo Motors and Drives Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Servo Motors and Drives Market Overview
Market Drivers –
Rising automation is expected to propel the growth of the servo motors and drives market. Servo motors and drives are components of automation systems such as robots, conveyor systems, and others in factories. For instance, in 2021, a survey of 250 UK manufacturing companies conducted by ABB Robotics found a change in attitudes towards automation in the country, with 81.2% of companies saying they are considering an investment in robots because of the pandemic. Robots are seen as a potential solution – 48.8% of respondents said they were likely to invest in automation in the next five years, and 50.4% said robots would help them comply with social distancing requirements. Therefore, rising automation is driving the servo motors and drives market.
Market Trends –
Technological advancement is a key trend in the servo motors and drives market. Technological advancements help with the development of the design of the product as well as simplify motion control. For instance, in February 2021, Trio Motion Technology, an India-based high-performance motion control technology, introduced its DX4 servo drive and MX servo motor series to provide high-performance motion control. The DX4 servo drive offers plug-and-play compatibility with controllers and I/O systems, which are all programmed within a single software, Motion Perfect to increase the speed of application development and commissioning for OEMs in industries such as packaging, medical, and robotics. Additionally, the DX4 servo drive is capable of working at 200V AC and power extends from 50W to 3kW with utilizing of EtherCAT communications, the Motion Coordinator range can control up to 128 axes with precision accuracy.
The servo motors and drives market covered in this report is segmented –
1) By Offering: Hardware, Software
2) By Type: Motor, Drive
3) By Voltage Range: Low-Voltage, Medium-Voltage
4) By End User: Automotive, Oil and Gas, Healthcare, Packaging, Semiconductor and Electronics, Chemicals and Petrochemicals
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Regional Insights –
Asia-Pacific was the largest region in the servo motors and drivers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the servo motors and drives market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the servo motors and drives market include Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Fuji Electric Co. Ltd., Yaskawa Electric Corporation, Emerson Electric Co., Rockwell Automation Inc., Estun Automation Co. Ltd., Kinco Automation (Shanghai) Ltd., Danfoss A/S, ESR Pollmeier GmbH, Heason Technology Ltd., Elmo Motion Control Ltd., KEB Automation KG, Omron Corporation, FANUC Corporation, Hitachi Ltd., Oriental Motor USA Corp., Delta Electronics Inc., Panasonic Corporation, Kollmorgen Corporation, Parker Hannifin Corporation, Moog Inc., Nidec Motors & Actuators, Wittenstein Inc., Celera Motion, Harmonic Drive LLC, LinMot USA Inc., Drive System Design Inc., AutomationDirect, Bearing Distributors Inc., Sinotech, Teknic Inc., Applied Motion Products Inc., Anaheim Automation Inc., Advanced Motion Controls
Table of Contents
1. Executive Summary
2. Servo Motors and Drives Market Report Structure
3. Servo Motors and Drives Market Trends And Strategies
4. Servo Motors and Drives Market – Macro Economic Scenario
5. Servo Motors and Drives Market Size And Growth
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27. Servo Motors and Drives Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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