Servo Motors and Drives Market to Record an Exponential CAGR by 2024

Automation in industrial processes has resulted in high throughput, less cost, low errors and less man-power requirement. Thus the automation market has grown leaps and bounds in recent times. Servo motors and drives serve the purpose of automation and thus servo motor market has seen a high growth rate. Technological advancements in servo systems have further led to increased end-user interest. The application areas of servo motors are varied and include packaging machines, automobile manufacturing industries, food processing, health care industries, semiconductors and robotics.

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Servo motors are segmented based on the technology as DC brushless, DC Brushed, AC motors and linear servo motors. Similarly, servo drives are segmented as DC servo drives, AC servo drives and adjustable speed drives. When compared to other competing technologies such as stepper motors, future markets would rely on servo systems to exploit the market opportunities because of its high accuracy and speed. Light weight machines, reduced size, increase in speed and higher torque are providing huge market opportunities. Reduced prices have grabbed the attention of manufacturer’s on the subjects such as advanced design, production techniques and production time.

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Regionally North America, Asia and Europe are largest manufacturers and consumers in servo motor and drive market. USA, China and Germany form occupy more than a third of world servo motor market. Robotics market has grown at a significant rate in recent times and thus presents a huge opportunity for servo motors and drives market. The landscape of competition in this market has an interesting feature, in which a large number of small players have come to fore in recent years. The key participants in this market are Mitsubishi Electric Corporation, Danaher Corporation, ABB, FANUC FA, Siemens AG, Galil Motion Control, General Electric, Bosch Rexroth and Yaskawa Electric Corporation.

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