Servo Press Market 2022- Global Demand, Sales, Consumption and Forecasts to forecast year 2026
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Persistence Market Research Anticipates a Stunning Growth Rate for the Global Servo Press Market
According to Persistence Market Research, the global market for servo press is expected rise at a high rate in the coming years. The global market is estimated to touch a value of over US$ 3.5 Bn by the end of the assessment year from a value a little under US$ 2 Bn in 2017. This market is projected to expand at a stellar value CAGR of 9.1% throughout the period of assessment.
Increasing Focus by Manufacturers on Reducing Vehicle Weight Expected to Boost the Demand for Servo Press
Automotive sector is a highly lucrative end user of servo press. The global market for servo press has been highly influenced by the growing adoption of servo press in automotive. The increasing sale of automotive and growing vehicle parc have resulted in increasing carbon emissions, consequently making the automotive sector a large contributor to the greenhouse effect. With a view to reduce carbon emissions, several manufacturers are focusing on developing green technologies and vehicles that are fuel efficient. This has spurred the demand for vehicles of light weight. Since recent past, the automotive industry is continually working on the enhancement of the fuel economy by producing light weight vehicles as an attempt to battle global warming. To achieve this, steel with high tensile strength, that enables thin body panels in the vehicle, along with lightweight aluminum alloys are being used on a large scale. This has resulted in the use of servo press to carry out metal forming applications.
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The global market for servo press is segmented on the basis of product type, capacity, end use industry and region.
With respect to region, China is expected to be the largest region and the most lucrative for servo press. China has been witnessing increased adoption of servo press since past years and dominated the global market in 2017. It is expected to continue leading the global market in the coming years with a high market valuation as well as high growth rate during the forecast period. As per this research report, servo press market in China is estimated to touch a value over US$ 1.2 Bn and is projected to expand at a high value CAGR of 10.9% throughout the forecast period. Europe is the second largest with a significant market share and is poised to register high growth rate in the years to follow
With respect to product type, crank type servo press is largely used and the segment is expected to dominate the global market and is the largest with a high market valuation. However, the screw segment is expected to gain high steam in the coming years
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By capacity, the use of large size servo press is expanding at an enormous rate, especially in the automotive industry. The large (> 500 tons) segment is expected to reach a significant market value and is projected to expand at a high value CAGR of 9.2% during the assessment period
By end use industry, the adoption of servo press is largely in the automotive sector, which is highly lucrative and beneficial for the growth of the servo press market. The aerospace sector is also expected to showcase increased inclination towards use of servo press
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