Enjoy complimentary customisation on priority with our Enterprise License!
The servo motors and drives market size is forecast to increase by USD 4.37 billion and is estimated to grow at a CAGR of 5.41% between 2023 and 2028. The market experiences significant expansion, driven by multiple factors. Primarily, the increasing demand for integrated servo motors and brushless motors fuels market growth. These motors offer enhanced precision and energy efficiency, making them indispensable in various industries. Additionally, the industry's focus on energy efficiency and sustainability further propels market growth. Automation is another key trend, with the increasing demand for automated equipment on industrial premises driving the need for advanced motor systems. These factors collectively contribute to the robust growth of the market. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2022.
To learn more about this report, Download Report Sample
The market is characterized by advancements in motor technologies and motion control systems. AC motors, DC motors, and stepper motors are pivotal components in industrial automation, offering precise motion control solutions. CNC machine advancements and reliability improvements enhance manufacturing efficiency, with feedback control systems ensuring accuracy and safety. Electric motor technologies, including servo motors and linear motors, drive high-performance applications in robotics and positioning systems. The increasing demand for integrated servo and brushless motors is notably driving the market growth, although factors such as intense competition from low-cost Asian manufacturers may impede the market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing demand for integrated servo and brushless motors is notably driving market growth. Servo motors and brushless motors are used in a wide range of applications, such as robotics, conveyors, compressors, and material handling equipment, in the process and discrete industries. The extensive use of precision motors in harsh environmental conditions in industrial processes in the oil and gas, power, chemical and petrochemical, and pharmaceutical industries has increased its demand.
Applications such as robotic arms, conveyor belts, metal-cutting machines, textiles, steel processing, and packing require high precision in rotor movement with high speed, hollow shaft, and low vibration. Brushless and servo motors provide controlled torque and precision in angular movement, making applications run smoothly. The growing use of such motors will play a major role in enhancing the growth of the market during the forecast period.
Technological advances and new product developments is the primary trend in the market. These are used in a wide range of industrial applications. With the requirement in new application areas, companies are offering advanced servo systems, which comprise controllers, servo motors, and servo drives, with improved functionality and specialized design. companies are offering ruggedized motors to meet the extreme operating requirement of process industries such as oil and gas and chemical and petrochemical.
Robotics is one area where companies in the market are focusing on finding new growth opportunities. For instance, in April 2022, Kollmorgen Corp. launched the new TBM2G series of frameless servo motors, offering features that streamline the design of collaborative, surgical, aerospace and defense, and other robots while delivering the best performance in a lighter, more compact package. Therefore, such product developments and launches will supplement the growth of the market in focus during the forecast period.
Intense competition from low-cost Asian manufacturers is the major challenge impeding market growth. Asian countries are recognized for the easy availability of low-cost labor, land, and raw materials. Hence, these countries attract substantial investments in the manufacturing sector. However, in the last few years, substantial low-cost imports from China and other Asian manufacturers have entered the American and European markets. Asian companies such as Kollmorgen Corp. manufactures it at a significantly lower cost compared with global companies based in Europe and the Americas. This is because of the availability of low-cost labor and the abundance of resources in Asian countries.
As a result, numerous established companies located in the Americas and Europe have not been able to consolidate their presence in the markets in Asia, Africa, and the Middle East. Asian companies have an advantage in terms of product pricing, thereby giving tough competition to global companies. Global companies need to opt for horizontal integration through M&A to tackle cost-related issues. This will help them increase their market shares and tap unexplored territories. Hence, such factors are hindering the market during the forecast period.
This market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Rozum Robotics - The company offers Servo drives and motor that are equipped with an automatic reset thermal protector which protects against overload. The company is involved in offering products such as robotic arms, frameless motors, and servo motors.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth of the DC servo drives/motors segment will be significant during the forecast period. Developments in the renewable energy sector are leading to the construction of power distribution networks that distribute DC electricity. Most global grid solution providers, such as ABB Ltd. (ABB), offer high-voltage DC systems for the transmission and distribution (T&D) of electricity through the grid. Hence, the demand for medium-voltage DC servo motors is expected to increase in the coming years.
Get a glance at the market contribution of various segments Request a PDF Sample
The DC servo drives/motors segment was valued at USD 6.72 billion in 2018 and continued to grow until 2022. DC servo motors are typically used in applications that require precision control without being secured to an AC power supply, such as in robotic arms, automated guided vehicle (AGV) wheels, industrial automation equipment, printers, indexers, and any other equipment that needs to perform tasks with accuracy and precision. The advent of IoT and machine learning (ML) in the global industrial sector is driving the demand for automation and robotics. This, in turn, will supplement the growth of the market during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
APAC is estimated to contribute 62% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the market in APAC is primarily attributed to the developing aerospace and defense, food and beverages, and automotive industries in the region. The aerospace and defense industry in APAC is expected to record substantial growth during the forecast period. The growth in defense spending will cater to China increasing focus on developing new military capabilities, such as stealth fighters, aircraft carriers, and anti-satellite missiles. China has also entered the commercial aircraft manufacturing sector to meet the domestic as well as global demand for aircraft. This will further drive the growth potential of the market during the forecast period.
In India, the government is taking initiatives to attract foreign direct investment (FDI) in its aerospace and defense industry. For instance, in November 2022, the Karnataka government planned to invest over USD 5.5 billion during 2022-2027 in aerospace and defense manufacturing. Similarly, in November 2022, the Tamil Nadu government planned to invest USD 9.2 billion during 2022-2032 in the industry under the new aerospace and defense industrial policies. Such developments in the regional aerospace and defense industry will drive the growth of the market in focus in the region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
You may also interested in below market reports:
The market is witnessing remarkable growth driven by the increasing demand for flexibility and efficiency across various sectors worldwide. These components play a pivotal role in powering advanced technologies and optimizing operations in modern machinery. With advancements in motion control, the integration of sophisticated sensors and actuators has become essential for enhancing performance. The market, servo drive market, and market collectively contribute to the expansion of the broader electric motors industry. As industries continue to adopt automation and precision control, the demand for servo motor drives is expected to surge, further driving the growth of the market.
Servo actuators, servo amplifiers, and servo controllers optimize servo motor performance, while torque and speed control mechanisms enhance operational capabilities. The industry emphasizes precision motion control innovations, complying with stringent industrial automation safety standards and robotics regulations. Motion control technology integrates closed-loop control and acceleration control for robust industrial automation solutions. The market landscape depends on CNC machine reliability, CNC machines, Feedback control advancements, High-performance motors, Motion control quality, Motor controllers, Robotics industry developments, Rotary motors, Servo accessories, Servo motor reliability, Servo power supplies, and Torque control. The market forecast and analysis indicate growth driven by demand in automotive, aerospace, and manufacturing sectors. Industrial automation advancements and CNC machine tool integration further propel market expansion, supported by ongoing developments in servo drive performance and servo mechanisms. Overall, the Servo Motors and Drives sector continues to innovate, meeting diverse industry needs for reliability, efficiency, and precision in motion control applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.41% |
Market growth 2024-2028 |
USD 4.37 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.03 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 62% |
Key countries |
China, US, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., ADTECH SHENZHEN TECHNOLOGY CO. LTD., Danfoss AS, Delta Electronics Inc., Emerson Electric Co., FANUC Corp., Fuji Electric Co. Ltd., Kollmorgen Corp., Mitsubishi Electric Corp., Nidec Corp., OMRON Corp., Parker Hannifin Corp., Regal Rexnord Corp., Robert Bosch GmbH, Rockwell Automation Inc., Rozum Robotics, Schneider Electric SE, SEW EURODRIVE GmbH and Co KG, Siemens AG, and Yaskawa Electric Corp. |
Market dynamics |
Parent market analysis, Market forecasting, market growth and trends, market forecast, market analysis and report, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.