Servo Motors and Drives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020-2030
Servo Motors and Drives Market: Introduction
Servo motors and drives refers to equipment that control the movement of machines in the industries. These are a combination of several electronic components constititing DC and AC motors. Servo motors and drives perform the functions of an amplifier and take control signals in order to amplify it and give out a reasonable amount of voltage and current of the motor. These are mainly required for the machines and devices that require intricate position control like robotics, camera focus, conveyor belts etc.These are useful in
Industrial and manufacturing sectors are getting highly dependent on servo motors and drives as it simplifies the manufacturing activities leading to amplified productivity. The market for servo motors and drives is forecasted to achieve a remarkable growth rate through 2030. The latest advancements in technologies and government regulations and policies are responsible for the growing CAGR rate of this market globally.
Adoption of latest technologies and the need for automation in industrial sector to reduce errors and production costs is creating demand for servo motors and drives, resulting in accelerated growth of this market. The growing preference of modern companies to provide efficient equipments and services to the customers in order to remain competitive are predicted to drive the market growth of servo motors and drives. The recent trend of industries 4.0 is attracting all the industries to replace the traditional motors with servo motors and drives that improves the efficiency, productivity and operations pushing the global sales of this market.
Although servo motors and drives are highly effective, the high initial cost of investment continues to be a detterent. End-users are aware of the benefits of servo motors and drives, considering the current climate, investment has remained sluggish. Further, requirement of skilled workers to run the automated machines and equiments is a barrier restraining the market growth as the skilled labors charge extra labor cost in comparison to normal and low skilled workers.
COVID 19 Impact
Servo motors and drives market witnessed slow market growth and several other disruptions due to COVID 19 outbreak. Many regions of North America such as U.S. and Canada faced high decline in the market growth which was reduced to a great extent. Sales of servo motors and drives in many countries of Asia Pacifc, such as Japan and India also witnessed a decline in 2020. As of now, the conditions are getting stable again and it is expected that the market for servo motors and drives will again gain momentum and will rise at a steady CAGR during the assessment period.
The market for servo motors and drives is anticipated to achieve a steady CAGR rate through the forecasted period. North America is holding the major share of this market. It continues to grow at a high CAGR, with US accounting for the bulk of revenue share. North America is expected to face high demands for servo motors and drives in the coming years.
Asia Pacific is experiencing a boom in the market growth due to growing investment in the manufacturing industries in China, India and Australia. The adoption of advanced technologies such as artificial intelligence, machine learning, robots etc are further creating significant possibilities of market growth in Asia Pacific regions.
Furthermore, Europe and Latin America are expected to experience stable growth rate in the market on account of rising demands for automation services and solutions to achieve substantial growth rate.
By Voltage Range:
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The prominent players in servo motors and drives market are Yaskawa Electric, Siemens AG, Mitsubishi Electric, Schneider Electric, Rockwell Automation, ABB Nidec corporation, Fuji Electric, Delta Electronics, FANUC Corporation, Sanyo Denki , Danaher Corporation, Kinco Corporation, Galil Motion Control etc.
These market players are concentating on continuous improvements in their operations to capture market share and maintain their global presence. For instance, Sanyo Denki has developed Sanmotion K DC servo motors with improved accuracy and energy-saving features. They also have developed compactand high response R1 AC servo motors to remain competitive and lead the market.
In addition to that, Altra Industrial Motion Corporation has introduced a variety of stainless steel servo motors to be used in meat processing industries for sanitation purposes.
What is the servo motors and drives market size?
The global servo motors and drives market is valued at nearly USD 12.5 billion in 2020. The market is set to grow at a CAGR of over 5% through 2030
Which is the largest market for servo motors and drives?
The US is the largest market for servo motors and drives. Other prominent markets include China, France, UK, GCC, and India.
Why are permanent magnet brakes preferred for servo motors and drives?
Permanent magnet brakes are lightweight, and as industries are making a shift toward lightweight components, demand for these types of breaks is increasing.
Which industry creates maximum value for servo motors and drives?
The automotive industry is the largest buyer of servo motors and drives. Owing to a blip in the last couple of years, demand has remained muted; however, long-term prospects remain positive
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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