Servo Motors and Drives Market Size to Reach $15.8 billion by 2027 | Yaskawa Electric, Mitsubishi Electric, Siemens, Rockwell Automation, Schneider Electric

According to a research report "Servo Motors and Drives Market by System (Linear, Rotary), Communication Type (Fieldbus, Industrial Ethernet, Wireless), Voltage (Low, Medium, High), Brake Technology, Material, Product Type, End-users, Offering and Region - Global Forecast to 2027" published by MarketsandMarkets, the servo motors and drives market is expected to grow at a CAGR of 5.7% during the forecast period, from an estimated USD 12.0 billion in 2022 to USD 15.8 billion in 2027.

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The rise in the adoption of feedback control systems in industrial operations has increased the demand for motion control systems, which is supported by trends such as Industry 4.0. The rising smart manufacturing initiatives for in various countries for improving reliability and productivity is supporting the growth for servo motors and drives.

Key Market Players

The servo motors and drives market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global servo motors and drives market include Yaskawa Electric (Japan), Siemens AG (Germany), Mitsubishi Electric (Japan), Schneider Electric (France), Rockwell Automation (US), and ABB (Switzerland). Strategies such as product launches, acquisitions, expansions, and investment are followed by these companies to increase their market share.

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Recent Developments

In July 2022, Yaskawa launched JL-L000A communications ASIC for supporting MECHATROLINK-4, which is a new-generation industrial network for achieving four times the transmission efficiency. This communication interface will be compatible with the controllers and servo packs.
In April 2021, Siemens introduced new servo motors to its Sinamics S210 single-cable servo drive system suitable for a wide range of applications, especially for use in the pharmaceutical and food industries.
In October 2021, Rockwell Automation launched an NSF-certified HMI terminal for operators to monitor production and new hygienic servo motors named Kinetix VPH hygienic servo motors for minimizing contamination risks in food and pharmaceutical industries.

Challenges: Shortage of skilled workforce to handle complexities in automated manufacturing facilities

The growing automation has involved new technologies being integrated into manufacturing facilities. This has increased complexities for the industries to hire a skilled workforce to handle the machinery and respond to changes in technologies involved in the facilities. Plex Systems, which is a Rockwell Automation Company, published a report based on the global survey with 321 manufacturers on the "State of Smart Manufacturing" to observe the current challenges and opportunities of the manufacturers in implementing smart manufacturing in their facilities. As per the survey, the shortage of skilled workforce was one of the factors, which is an obstacle for the market to grow. Organizations must provide continuous learning options for the workforce to shift to new modes of operation. This has become the major challenge for the growth of the servo motors and drives market in the automation field.

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"Asia Pacific: The largest and fastest servo motors and drives market"

Asia Pacific is expected to dominate the global servo motors market between 2022-2027, followed by Europe and the North America. The servo motors and drives market in Asia Pacific is undergoing developments in the field of automation mainly in robotics in countries such as Japan, South Korea, and China. In other economies such as India and Indonesia, the robotics industry is in the nascent stage. This trend in the robotics field has increased the demand for servo motors as they are mainly used for motion control purposes in robots for applications such as pick and place operations. The growth of servo motors and drives is supported by the adoption of smart manufacturing initiatives for various applications in the Asia Pacific region.

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