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Digital Servo Press Market to Grow at a CAGR of 3.6% from 2022 to 2031 - Analysis by TMR
Digital Servo Press Market
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Market Size and Growth
In 2021, the global digital servo press market was valued at US$ 831.5 million. Projections indicate that the market is set to grow at a compound annual growth rate (CAGR) of 3.6% from 2022 to 2031, reaching an estimated value of US$ 1.17 billion by the end of 2031. This growth can be attributed to the rising investment in machinery across various industry verticals, as well as the increasing need for precision and efficiency in manufacturing processes.
Market Segmentation
The digital servo press market can be segmented by type, motor type, and region.
Type: The market is divided into segments based on the press capacity, with the more than 200 KN segment expected to hold the leading share. This is due to the high demand for these presses in the automotive industry for manufacturing components like chassis and body in white (BIW).
Motor Type: The market is classified into positional rotation, continuous rotation, and linear. The linear segment dominates the market due to its lower energy consumption and extensive adoption across multiple end-use industries.
Regional Analysis
Asia Pacific
Asia Pacific held the largest market share of 48.47% in 2021, driven by the flourishing manufacturing sector in countries like China, India, Japan, and South Korea. The region's dominance is expected to continue, supported by significant investments in industrial automation and manufacturing infrastructure.
North America and Europe
North America and Europe are also prominent markets for digital servo presses. The expansion of manufacturing plants in these regions is anticipated to fuel market growth. For example, Schneider Electric's new manufacturing plant in El Paso, Texas, reflects the region's commitment to industrial growth.
South America and Middle East & Africa
While South America has a larger consumer base compared to the Middle East & Africa, the latter is expected to see substantial growth due to increasing investments in the manufacturing sector.
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Market Drivers and Challenges
Market Drivers
The demand for digital servo presses is propelled by several factors:
Growth in the Electronic Industry: The global electronic industry's expansion, coupled with the rising adoption of household electronic devices and smartphones, drives the need for precision manufacturing equipment like digital servo presses.
Rise in Electric Vehicles: The increasing adoption of electric vehicles, driven by rising petroleum prices and advancements in electric vehicle technology, is boosting the demand for digital servo presses in the automotive sector.
Renewable Energy: The shift towards renewable energy sources such as wind, solar, and tidal power also contributes to market growth, as the manufacturing of machinery for these sectors requires digital servo presses.
Market Challenges
Despite the positive outlook, the market faces challenges such as:
High Initial Costs: The high initial investment required for digital servo presses can be a barrier for small and medium-sized enterprises.
Technological Complexity: The complexity of integrating digital servo press technology into existing manufacturing processes can also pose a challenge.
Market Trends
Manufacturers are increasingly focusing on innovation to reduce the number of components in digital servo presses, thereby lowering costs and simplifying setup. This trend is expected to drive market growth by making digital servo presses more accessible to a broader range of industries.
Competitive Landscape
Key players in the global digital servo press market are emphasizing innovations to stay competitive. For instance, Beckwood Press Co. introduced a new product line in September 2022, featuring digital servo presses with fewer components, leading to cost savings and increased throughput.
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Future Outlook
The future of the digital servo press market looks promising, with continued growth anticipated across various industrial sectors. The market is expected to benefit from ongoing advancements in industrial automation and the increasing demand for precision manufacturing.
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