Servo Motors and Drives Market hit USD 13386 million in 2019 and will increase at 3.7% during 2020- 2027 | Size, Share & Report

Servo Motors and Drives Market

The Servo Motors and Drives Market was estimated around USD 13386 million in 2019 and is predicted to grow at a CAGR of of 3.7% during the forecast period (2020-2027).

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The factors driving the growth of Servo Motors and Drives Market includes growing demand for smartphones, home appliances and smart devices, rising popularity of hybrid and electric vehicles, environment regulations imposed by Governments promoting the adoption of servo motors and drives and trending shift towards automation and robotics. According to the report published by Bloomberg, the Global Electric Vehicles Market was estimated around USD 163.01 billion in 2020 and is expected to reach USD 823.75 billion by the end of 2030, growing at a CAGR of 18.2% over the forecast period (2021-2030), which will accelerate the Servo Motors and Drives Market size. Moreover, technological advancements in servo motors, growing adoption of automated guided vehicles, initiation of Industrial Revolution 4.0, rise in the installation of industrial robots and rapid urbanization, are some of the additional factors supplementing the Servo Motors and Drives Market share. In addition, the increasing investments by leading players on research and development, rising disposable incomes, growing population growth rates and improvements in the living standards, are further contributing towards the market growth. 

However, growth of the Servo Motors and Drives Market is hindered due to insufficient availability of skilled workforce.

The leading players operating in the market are Emerson Electric Co., FANUC Corporation, Bosch Rexroth AG, Yaskawa Electric Corporation, Mitsubishi Electric Corporation, KINCO Automation Pvt. Ltd, Delta Electronics, Inc., Siemens AG, Adtech (SHENZHEN) Technology Co. Ltd, Kollmorgen Corporation, ABB Group, Schneider Electric SE, and Rockwell Automation Inc., among others.

Based on Type, the Servo Motors segment is predicted to grow at a significant CAGR during the forecast period

AC servo motors reduces radio frequency noise, provide more torque per weight along with its increasing application in automotive and packaging industries, are propelling growth of the segment.

Based on Industry, the Packaging Industry segment is projected to expand at a remarkable CAGR over the forecast period

Servo motors controls the movement of machines in packaging and growing demand for automated machines, are propelling segment's growth.

Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period

Growing demand for consumer electronics such as smartphones and tablets, Government policies promoting the production of electric vehicles, rapid urbanization, rising per capita incomes and high population growth rates, are augmenting market growth in Asia-Pacific region.

Key Developments

In Mar 2019, Mitsubishi Electric Corporation introduced a new series of servo systems, the General-Purpose AC Servo MELSERVO J5 series (65 models) and the iQ-R Series Motion Control Unit (7 models). These are world-first servo system products on the market, which support the CC-Link IE TSN2 next-generation industrial open network and will contribute to enhanced machine performance and accelerate the advancement of smart factory solutions.
In May 2017, Yaskawa Electric Corporation introduced a new servo motor with a built-in amplifier that is equipped with GaN power semiconductors that offer smaller and more efficient servo drive systems for customer devices and control panels.

Market Segmentation

Segmentation by Offering

Hardware
Sensors
Controller Modules
Encoders
Electronic Amplifiers
Other Components
Software & Services

Segmentation by Type

Servo Motors
AC Servo Motors
DC Servo Motors
Servo Drives
AC Servo Drives
DC Servo Drives
Adjustable Speed Drives

Segmentation by Voltage Range

Low-Voltage Servo Motors and Drives (Up to 690v)
Medium-Voltage Servo Motors and Drives (Above 690v)

Segmentation by Material of Construction (MoC)

Stainless Steel Servo Motors and Drives
Non-Stainless-Steel Servo Motors and Drives

Segmentation by Communication Protocol

Fieldbus
Profibus
Modbus
CC-Link
Devicenet
Canopen
Interbus
Others
Industrial Ethernet
Profinet
Ethernet/IP
EtherCAT
Powerlink
Sercos III
CC-Link IE
Wireless
WLAN
Bluetooth
WiMAX
Wireless Hart
Zigbee
Others

Segmentation by Industry

Automotive & Transportation Industry
Semiconductors & Electronics Industry
Food Processing Industry
Textile Industry
Petrochemicals Industry
Pharmaceutical & Healthcare Industry
Packaging Industry
Printing & Paper Industry
Other Industries

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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