Servo Motors Drives Market worth USD 18.6 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Servo Motors Drives Market by Product Type (Servo Motors and Servo Drives), by Servo Motor (AC Servo Motors and DC Servo Motors), by Servo Drive (AC Servo Drives and DC Servo Drives), by Servo Motor Type (Linear Servo Motors and Rotary Servo Motors), by Sales Channel (Direct Sales and Indirect Sales), by Power Output (Above 5kW and Below 5kW), by Material (Stainless Steel and Non-stainless Steel), by Voltage (Low Voltage, Medium Voltage, and High Voltage), by End-Users (Machine Tools, Packaging, Electronics & Semiconductor, and Others), by Region – Global Share and Forecast to 2027".

The globalservo motors drive market size is expected to grow from USD 13.6 billion in 2020 to USD 18.6 billion by 2027, at a CAGR of 5.4% during the forecast period. Automation in industries has resulted in high production, high precision, reduced manpower, and low-cost advantages. It uses controlled systems such as robots, IoT, AI, and others to handle various industries' processes and machinery. Servo motors and drive are some of the key related components in the automation industry that have increased the precision and speed of industrial machinery. Earlier, automated machines were used to reduce manpower and increase productivity. Servo motor miniature is used in medical pumps that have specific requirements. Servo drives in motion control systems have been significantly used in MRI and diagnostic imaging systems.

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Global Servo Motors Drives Market Segmentation

The overall servo motors drive market has been segmented into the product type, servo motor, servo drive, servo motor type, sales channel, power output, material, voltage, end-users, and region.

• By Product Type (Servo Motors and Servo Drives)
• By Servo Motor (AC Servo Motors and DC Servo Motors)
• By Servo Drive (AC Servo Drives and DC Servo Drives)
• By Servo Motor Type (Linear Servo Motors and Rotary Servo Motors)
• By Sales Channel (Direct Sales and Indirect Sales)
• By Power Output (Above 5kW and Below 5kW)
• By Material (Stainless Steel and Non-stainless Steel)
• By Voltage (Low Voltage, Medium Voltage, and High Voltage)
• By End-Users (Machine Tools, Packaging, Electronics & Semiconductor, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

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The low voltage segment is estimated to hold the largest market share during the forecast period

The servo motors and drive market by voltage type can be categorized as low, medium, and high. In 2020, the low voltage had a market share of 59.6%, which accounted for the highest market share 2020. Low voltage servo motors and drives are used in brushed and brushless DC motors and brushless AC motors. Favorable government policies to achieve energy efficiency and significant upgrades in conventional machinery across small to medium businesses are expected to boost the market share of low voltage servo drives. The EU energy efficiency directive mandates its member states to form national energy efficiency targets for achieving a 32.5% reduction in overall energy consumption by 2030. The implementation of such policies will fuel the increased adoption of energy-efficient units for applications requiring low voltage. Low voltage servo motors are available for a power range of up to 300W. Robust low voltage servo motors are designed for 24V and 48V voltage ranges.

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The Asia Pacific accounts for the largest market share in servo motors drives market 2020

Based on the regions, the global servo motors drive market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific had a market share of 40.1%. The Asia Pacific accounted for the highest share in the global servo motors and drives market, majorly due to leading manufacturing countries such as China and Japan and rapid growth industrialization in India. The impact of increasing raw material prices is generally passed on to customers. Raw materials procured vary significantly in terms of type and quantity. Regional variation in capacity, price, and availability of raw materials also increases the complexity of procuring raw materials. Since most of the raw materials are imported from the APAC region, trade issues between the US and China are expected to affect the supply chain of the servo motors and drives market. Facility locations and tie-ups with local manufacturers augur well for vendors to scale up their operations and reduce manufacturing time.

Continuous adoption of industrial automation in several countries of APAC and activities such as manufacturing, construction, power generation, and mining are significantly contributing to the growth of the servo motors and drives market in the APAC region. One of the key strategies among vendors for enhanced growth includes increasing funds and expansion in emerging nations in APAC. Therefore, the sale of servo motor and drive in the region is expected to further boost in the forecast period.

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This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategy of the leading companies operating in the servo motors drives the market. It also consists of leading companies such as Siemens AG, Mitsubishi Electric, Schneider Electric, Yaskawa Electric, Rockwell Automation, Nidec Corporation, ABB, Fuji Electric, Delta Electronics, and FANUC Corporation. These market players have focused on acquisitions and expansion to gain a larger market share in the servo motors drive the market.

About Market Statsville Group

Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

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