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The servo motors and drives market size is forecast to increase by USD 3,958.7 million. The market is estimated to grow at a CAGR of 5.16% between 2022 and 2027. The growth of the market depends on several factors, including increasing demand for integrated servo motors and brushless motors, focus on increasing energy efficiency in industries, and increase in demand for automated equipment on industrial premises.
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 2017 to 2021.
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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 2022 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 servo motors and drives 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.
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.
Global Servo Motors and Drives 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. Under this segment, 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 & motor 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 during the forecast period.
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The DC servo drives/motors segment was valued at USD 6,397.12 million in 2017 and continued to grow until 2021. 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.
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APAC is estimated to contribute 60% 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 this 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 servo drives and notor 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 servo motor market, servo drive market, and servo motors 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.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Servo Motors And Drives Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.16% |
Market growth 2023-2027 |
USD 3,958.7 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.86 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 60% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Danfoss AS, Delta Electronics Inc., Emerson Electric Co., FANUC Corp., Fuji Electric Co. Ltd., Kollmorgen Corp., Mitsubishi Electric Corp., Nidec Corp., OMRON Corp., Regal Rexnord Corp., Robert Bosch GmbH, Rockwell Automation Inc., Rozum Robotics, Schneider Electric SE, SEW EURODRIVE GmbH and Co KG, Siemens AG, Yaskawa Electric Corp., ABB Ltd., ADTECH SHENZHEN TECHNOLOGY CO. LTD., and Parker Hannifin Corp. |
Market dynamics |
Parent market analysis, Market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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