Global Servo Drives and Motors Market to Reach US$12.4 bn by 2020, Rise in Automotive Industry Drives Growth

Transparency Market Research (TMR) has published a research study on the global market for servo drives and motors, estimating it to expand at a CAGR of 5.60% during the period from 2014 to 2020 and reach a value of US$12.4 bn by the end of the forecast period.The market report, titled “Servo Drives and Motors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, states that the worldwide global servo drives and motors market stood at US$8.3 bn in 2013.

According to the report, the remarkable growth of the automotive industry has propelled the demand for servo drives and motors to a significant extent. Additionally, the technical advancement in servomechanism is likely to stimulate this market extensively during the forecast period.The research report analyzes the global market for servo drives and motors on the basis of type and application. Based on types, the market is broadly classified into servo drives and servo motors. The servo motors segment dominated the global market for servo drives and motors in 2014, accounting for a share of US$6.09 bn in the overall revenue generated.

Further, the servo drives market has been segmented into DC servo drives, AC servo drives, and adjustable speed devices and the servo motors market has been classified into AC servo motors, linear servo motors, brushed DC, and DC brushless in this research report.The report identifies the automotive, food processing, material handling, semiconductor and electronics, and healthcare industries as the prime application areas for servo drives and motors. The demand for servo drives and motors has been the highest from the automotive industry. In 2014, the global servo drives and motors market generated a revenue of US$2.4 bn from the automotive industry, which accounted for a share of more than 25% in the global market.

The increasing sale of electric as well as hybrid vehicles is likely to boost the demand for servo drives and motors in this industry, maintaining its position as the biggest consumer during the forecast period, states the report.

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The North America, Asia Pacific, Europe, and the Rest of the World are the major regional markets for servo drives and motors, states the study. Among these, Asia Pacific is the current market leader and is expected to maintain its dominance over the forecast period. In 2014, this regional market registered the fastest growth and generated a revenue of US$3.7 bn in the overall market. Other regional markets are also projected to post remarkable growth in the coming years, states the report.

Baldor Electric Co. Inc., Siemens, Rockwell Automation Inc., Yaskawa Electric Corp., Schneider Electric S.E., Mitsubishi Electric Corp., Emerson Electric Co., Nidec Corp., Parker Hannifin Corp., and ABB Ltd. are the Key Companies operating in the global servo drives and motors market, states the research study.

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This release was published on openPR.