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Digital Servo Press Market's Robust Growth: Forecasts Show a Climb to $4.39 Billion by 2028, Driven by Expanding Automotive Sector and Rising Electric Vehicle Popularity
Digital Servo Press Market
The digital servo press market has experienced substantial growth, ascending from $2.51 billion in 2023 to an estimated $2.82 billion in 2024, marking a commendable Compound Annual Growth Rate (CAGR) of 12.3%. Projections indicate further expansion, reaching $4.39 billion by 2028 with a CAGR of 11.7%.
Driving Forces:
1. Automotive Industry Demand:
The surge in demand from the automotive industry stands as a pivotal factor propelling the digital servo press market forward. These machines play a crucial role in the high-volume manufacturing and assembly of vehicle components. With global car sales expected to surpass 111 million by 2032, according to LMC Automotive, the automotive sector's reliance on digital servo press machines is driving market growth.
2. Growing Demand for Electric Vehicles (EVs):
The escalating demand for electric vehicles (EVs) is a significant driver fostering the expansion of the digital servo press market. As EV production rises, digital servo press machines become integral for forming precise components essential in electric vehicles. In 2021, electric vehicle sales nearly doubled, reaching 6.6 million, as reported by the International Energy Agency. This surge, with a total of 16.5 million electric vehicles on the road, underlines the pivotal role of digital servo press technology in the EV sector.
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Industry Leaders at the Helm:
Prominent companies shaping the digital servo press market landscape include JANOME Corporation, Promess Incorporated, Kistler Instruments India Pvt. Ltd., and a host of other key players. Their collective efforts contribute to the market's growth and technological advancements.
Innovations Driving Growth:
1. High-Speed and Energy-Efficient Press Machines:
Innovation in product development is a key driver, exemplified by AIDA Engineering Ltd.'s introduction of a 4000 kN 2-point servo press with artificial intelligence learning features. The integration of AI enhances diagnostics, increasing the press's speed and overall productivity, aligning with the industry's demand for energy-efficient and high-speed digital servo press machines.
2. Precision and Performance Enhancements:
Technology advancements, such as Siemens' Sinamics S200 servo drive system, play a vital role in advancing digital servo press capabilities. The SINAMICS S200, tailored for battery and electronics applications, boasts features like a built-in web server, one-button tuning, and integrated safety functions, ensuring optimal performance and ease of use.
Regional Dynamics and Market Segmentation:
Asia-Pacific dominated the digital servo press market share in 2023, with expectations of continued growth, making it the fastest-growing region.
The digital servo press market covered in this report is segmented -
1) By Motor Type: Continuous Rotation, Linear Rotation, Positional Rotation
2) By Force Range: Less than 100KN, 100KN-200KN, More than 200KN
3) By Application: Automotive, Electronics, Aerospace, Other Applications
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Digital Servo Press Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Digital Servo Press Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on digital servo press market size, digital servo press market drivers and trends, digital servo press market major players, market competitors' revenues, market positioning, and digital servo press market growth across geographies. The digital servo press market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the digital servo press market report and tap into segments with the highest growth potential.
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