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Servo Motors And Drives Global Market Expected to Reach $21.71 Billion By 2028 with CAGR of 7.0% | Key Players: Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Fuji Electric Co. Ltd.
Servo Motors And Drives Global Market
The Business Research Company presents an extensive market research report on the Servo Motors and Drives Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The servo motors and drives market size has grown strongly in recent years. It will grow from $15.32 billion in 2023 to $16.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to automation and robotics adoption, demand for high-precision control, rise in factory automation, demand for iot and connectivity, growing emphasis on energy efficiency.
The servo motors and drives market size is expected to see strong growth in the next few years. It will grow to $21.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to green and sustainable manufacturing, rising popularity of electric vehicles, growth of e-commerce and logistics industries, integration of servo systems. Major trends in the forecast period include industry 4.0 integration, renewable energy, edge computing integration, advanced motion control algorithms, development of advanced motion.
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Key Market Players:
Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Fuji Electric Co. Ltd., Yaskawa Electric Corporation, Emerson Electric Co., Rockwell Automation Inc., Estun Automation Co. Ltd., Kinco Automation (Shanghai) Ltd., Danfoss A/S, ESR Pollmeier GmbH, Heason Technology Ltd., Elmo Motion Control Ltd., KEB Automation KG, Omron Corporation, FANUC Corporation, Hitachi Ltd., Oriental Motor USA Corp., Delta Electronics Inc., Panasonic Corporation, Kollmorgen Corporation, Parker Hannifin Corporation, Moog Inc., Nidec Motors & Actuators, Wittenstein Inc., Celera Motion, Harmonic Drive LLC, LinMot USA Inc., Drive System Design Inc., AutomationDirect, Bearing Distributors Inc., Sinotech, Teknic Inc., Applied Motion Products Inc., Anaheim Automation Inc., Advanced Motion Controls are prominent players in the industry.
Market Drivers:
Rising automation is expected to propel the growth of the servo motors and drives market. Servo motors and drives are components of automation systems such as robots, conveyor systems, and others in factories. For instance, in 2021, a survey of 250 UK manufacturing companies conducted by ABB Robotics found a change in attitudes towards automation in the country, with 81.2% of companies saying they are considering an investment in robots because of the pandemic. Robots are seen as a potential solution - 48.8% of respondents said they were likely to invest in automation in the next five years, and 50.4% said robots would help them comply with social distancing requirements. Therefore, rising automation is driving the servo motors and drives market.
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https://www.thebusinessresearchcompany.com/report/servo-motors-and-drives-global-market-report
Market Segments Include:
1) By Offering: Hardware, Software
2) By Type: Motor, Drive
3) By Voltage Range: Low-Voltage, Medium-Voltage
4) By End User: Automotive, Oil and Gas, Healthcare, Packaging, Semiconductor and Electronics, Chemicals and Petrochemicals
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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