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Servo Motors and Drives Market Expected to Achieve 6.1% CAGR by 2029: Growth Forecast Insights
Servo Motors and Drives Market
How Large Will the Servo Motors and Drives Market Size By 2025?
The market size for servo motors and drives has seen substantial growth in the past few years. The market is predicted to expand from $16.26 billion in 2024 to $17.16 billion in 2025, with a compound annual growth rate (CAGR) of 5.5%. Factors contributing to the historic period's growth include the adoption of automation and robotics, the demand for high-accuracy control, an increase in factory automation, a rise in IoT and connectivity demand, and a growing focus on energy efficiency.
How Big Is the Servo Motors and Drives Market Size Expected to Grow by 2029?
The market size for servo motors and drives is anticipated to witness significant expansion in the upcoming years, escalating to a value of $21.76 billion in 2029 with a compound annual growth rate (CAGR) of 6.1%. Factors contributing to this growth during the forecast period include green and sustainable manufacturing, the increasing demand for electric vehicles, the expansion of e-commerce and logistics sectors, and the integration of servo systems. Notable trends for the forecast period encompass the integration of Industry 4.0, renewable energy, the incorporation of edge computing, advanced motion control algorithms, and the evolution of advanced motion.
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Which Key Market Drivers Powering Servo Motors and Drives Market Expansion and Growth?
The expansion of the servo motors and drives market is anticipated to be fuelled by the increase in automation. Automation systems such as factory robots and conveyor systems comprise servo motors and drives. For instance, the International Federation of Robotics reported that in April 2024, a German automation machinery production company saw sales in the automotive sector rise by 1% in 2023, hitting a new high with 14,678 robot installations. This followed a substantial 47% increase in 2022, which led to the installation of 14,472 units. As a result, the upward trend in automation is propelling the market for servo motors and drives forward.
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Which Fast-Growing Trends Are Poised to Disrupt the Servo Motors and Drives Market?
The servo motors and drives market is being significantly influenced by technological progress. This advancement in technology not only enhances product design but also simplifies motion control. Illustrating this trend, in February 2022, Trio Motion Technology, a firm based in India specializing in high-performance motion control technology, launched its DX4 servo drive and MX servo motor series, aiming to deliver improved motion control. The DX4 servo drive features plug-and-play compatibility with controllers and I/O systems, all of which can be programmed within a single software, Motion Perfect, thus speeding up application development and commissioning for OEMs in sectors like packaging, medical, and robotics. The DX4 servo drive can operate at 200V AC, and its power ranges from 50W to 3kW. By using EtherCAT communications, the Motion Coordinator series can control up to 128 axes with pinpoint accuracy.
What Are the Emerging 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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Who Are the Global Leaders in the Servo Motors and Drives Market?
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
Which are the Top Profitable Regional Markets for the Servo Motors and Drives Industry?
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.
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