Servo Motors and Drives Market Forecast to Surpass $15.8 billion by 2027 with a CAGR of 5.7%

According to a new market research report, the global Servo motors and drives market size will grow to USD 15.8 Billion by 2027 from USD 12.0 Billion in 2022, at a CAGR of 5.7% during the forecast period. The increasing demand for smart manufacturing integrated with energy-efficient devices in the industrial sector is an important driver for the servo motors and drives market.

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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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Europe is expected to be the second largest segment in the global servo motors and drives market during the forecast period

The servo motors and drives market in Several European countries align their manufacturing processes with the International Electrotechnical Commission (IEC) standards. The IEC develops international standards for adoption by companies in the field of electrotechnology. These standards ensure that the companies adopt such ways of manufacturing, which lead to the electrical energy optimization of their manufacturing processes. Energy-efficient servo motors and drives ensure that these companies pertain to IEC standards. The role of servo motors and drives in various advanced process control systems and robots to facilitate factory automation has been widely recognized throughout Europe in electronics, automotive, semiconductor, and other industries. Furthermore, various developments in the automotive industry, such as autonomous vehicles, hybrid vehicles, and unmanned ground vehicles (UGV), are expected to increase the demand for servo motors and drives.

This research report categorizes the servo motors and drives market by Offering, Product type, Voltage, System type, Brake technology, Communication type, Material of Construction, End-user and Region
On the basis of offering type:

Hardware
Software and Services

On the basis of product type:

Servo Motors
Servo Drives

On the basis of voltage:

Low Voltage
Medium Voltage
High Voltage

On the basis of by system type:

Linear
Rotary

On the basis of by brake technology:

Spring
Permanent magnet
Others

On the basis of by communication type:

Fieldbus
Industrial Ethernet
Wireless

On the basis of by material of construction:

Stainless steel
Others

On the basis of by end user:

Automotive and transportation
Semiconductor and Electronics
Food Processing
Textile
Petrochemical
Pharmaceutical and Healthcare
Packaging
Printing and Paper
Others

On the basis of region:

Asia Pacific
Europe
North America
Middle East & Africa
South America
The permanent magnet segment, by brake technology, is expected to be the largest servo motors and drives market during the forecast period

The permanent magnet segment has the largest share of the global servo motors and drives market owing to the ease in the operations in the industries. The presence of permanent magnets helps these brakes offer high power density. This makes them useful for applications requiring almost zero backlashes, such as pick-and-place robots and medical applications. The operating principle of permanent magnet brakes helps them resist abrasion making them suitable for robots and handling equipment. These advantages are pushing the permanent magnet segment.

The wireless segment is anticipated to be the fastest-growing servo motors and drives market by communication type, during the forecast period

The wireless segment is expected to be the fastest-growing segment during the forecast period. Technologies such as Bluetooth and WLAN can be easily integrated into industrial systems for secure and reliable communication. These technologies offer benefits such as low setup costs, robustness, reliability, and less power consumption. These benefits offered by wireless communication type are propelling the market growth.

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Objectives of the Study

To define, describe, segment, and forecast the servo motors and drives market size based on offering, product type, voltages, system type, brake technology, communication type, materials of construction, end-user
To provide detailed information on the major drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the servo motors and drives market
To strategically analyze the servo motors and drives market with respect to individual growth trends, prospects, and contributions of each segment to the market
To analyze market opportunities for stakeholders and provide a detailed competitive landscape for market leaders
To forecast the revenue of the market segments with respect to 5 main regions (along with countries), namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa
To strategically profile key players and comprehensively analyze their market ranking and core competencies
To track and analyze competitive developments such as new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions in the servo motors and drives market

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