Press release
Servo Motors and Drives Market Size Forecasted To Achieve $22.53 Billion By 2029 With Steady Growth
Servo Motors and Drives
What Is the Servo Motors and Drives Market Size and Projected Growth Rate?
The market for servo motors and drives has seen considerable growth in the past few years. The market value is expected to increase from $16.26 billion in 2024 to $17.42 billion in 2025 with a compound annual growth rate (CAGR) of 7.1%. Factors like implementation of automation and robotics, increasing need for high-precision control, advancements in factory automation, demand for IoT and connectivity, and an increased focus on energy efficiency have stimulated the growth in the historic period.
Anticipated to witness a robust expansion in the forthcoming years, the market for servo motors and drives is predicted to attain a valuation of $22.53 billion by 2029, surging at a compound annual growth rate (CAGR) of 6.6%. This growth during the projection period can be traced back to factors such as the rise of eco-friendly and sustainable manufacturing practices, the burgeoning demand for electric vehicles, expansion of e-commerce and logistics sectors, and incorporation of servo systems. Throughout this forecast period, noteworthy trends include the integration with Industry 4.0, assimilation of renewable energy, the application of edge computing, introduction of innovative motion control algorithms, and the creation of sophisticated motion.
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What Are the Major Segments in the Servo Motors and Drives Market?
The servo motors and drives market covered in this report is segmented -
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
Subsegments:
1) By Hardware: Servo Motors, Servo Drives, Feedback Devices, Accessories
2) By Software: Motion Control Software, Simulation Software, Configuration and Tuning Software, Monitoring and Diagnostic Software
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What Are The Driving Servo Motors and Drives Market Evolution?
The surge in automation is anticipated to fuel the expansion of the servo motors and drives market. These are elements in automation systems such as factory robots, conveyor systems, and so on. For example, in April 2024, as per the International Federation of Robotics, a German company that produces automation machinery, saw a 1% growth in sales in the automotive sector, scoring a record with the installation of 14,678 robots. This followed an exceptional increase of 47% in 2022, which led to the installation of 14,472 units. Consequently, the progressive rise in automation is steering the growth of the servo motors and drives market.
Which Firms Dominate The Servo Motors and Drives Market Segments?
Major companies operating in the servo motors and drives market include 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
What Trends Are Expected to Dominate the Servo Motors and Drives Market in the Next 5 Years?
The advancements in technology are a pertinent trend in the servo motors and drives market. Such advancements are essential for refining the product's design and simplifying motion control processes. To illustrate, Trio Motion Technology, a high-performance motion control technology company from India, launched its DX4 servo drive and MX servo motor series in February 2022. These were designed to enhance motion control performance. The DX4 servo drive provides seamless compatibility with controllers and I/O systems, all programmable within a single software, Motion Perfect. This facilitates a faster development and commissioning process for OEMs operating in packaging, medical, and robotics sectors. Moreover, the DX4 servo drive operates at 200V AC, with power ranging from 50W to 3kW. With the integration of EtherCAT communications, the Motion Coordinator range can proficiently manage up to 128 axes with high precision.
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Which Is The Largest Region In The Servo Motors and Drives Market?
Asia-Pacific was the largest region in the servo motors and drivers market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the servo motors and drives market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Servo Motors and Drives Market?
2. What is the CAGR expected in the Servo Motors and Drives Market?
3. What Are the Key Innovations Transforming the Servo Motors and Drives Industry?
4. Which Region Is Leading the Servo Motors and Drives Market?
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