Global Servo Motors and Drives Market - 2022-2029

Global Servo Motors and Drives Market - 2022-2029

Market Overview

The global servo motors and drives market size was worth US$ XX million in 2022 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

A servo motor is a rotary and linear actuator that precisely controls angular or linear position, velocity and acceleration. It is comprised of an appropriate motor and a position feedback sensor. It also necessitates a complex controller housed in a separate module. Servo motors consist of stator winding, rotor winding, shaft and encoder. PWM, or Pulse Width Modulation, is a method for controlling servo motors. PWM send erratic-width electric signals to the motor.

The width of the pulse is changed between 1 and 2 milliseconds, which is transferred to the servo motors 50 times per second. Servo motors are economical, lightweight and suitable for high-speed applications. Automotive, oil and gas, chemicals, electronics and pharmaceuticals are major industries that utilize servo motors in various operations.

Market Dynamics

The increasing adoption of automation technologies mainly drives the demand for servo motors and drives. It is the most important driver for the market. The increasing availability of low-cost substitutes is a key factor in limiting the growth of this market.

Increasing adoption of automation technologies across industries

The world's major industries are undergoing a huge technological revolution. Automation is becoming more popular to improve productivity and worker safety. Robotics innovation leads to the creation of servo motors and drives that can accomplish even the most difficult jobs with speed and precision. Industrial manufacturing and warehousing operations are two industries where automation has experienced a significant surge in acceptance.

CNC cutting and milling machines, robotic arms, automatic drilling, grinding and cutting machines utilize servo motors and drives. Servo motors offer optimum process control and are relatively lightweight and economical. Common factory infrastructure such as elevators, material handling equipment and conveyor belts also uses servo motors. With increasing focus on capacity expansion, improved quality and increased production rates, the adoption of automation is expected to continue rapidly among all major industrial verticals. The increasing adoption of automation technologies is a key driver for the growth of the global servo motors and drives market.

The increasing availability of low-cost substitutes

Servo motors and drives have extensive applications in various industrial verticals. The alternating current (AC) servo motor is the most widely used type. It offers precision control and actuation, dynamic torque range and is highly efficient and reliable. However, the servo motor is becoming more expensive due to the higher technical complexity required for modern applications. It has prompted companies to look for more low-cost alternatives.

The brushless DC motor is a low-cost alternative to the AC servo motor. It has a similar construction to an AC servo motor but does not require DC to AC conversion for operation. It requires low maintenance and can be adapted for various industrial and commercial applications. Companies are more likely to adopt low-cost alternatives to implement cost-effective automation solutions. The increasing availability of low-cost alternatives is a key challenge for the growth of the global servo motors and drives market.

COVID-19 impact analysis

The global servo motors and drives market experienced various opportunities and challenges in 2020 during the COVID-19 pandemic. The spread of the pandemic in 2020 disrupted manufacturing activities due to the lockdowns and movement restrictions instituted by governments to curb the rise in cases.

The robotic industry is a hard engineering field where revenue generated from the sale of products and services is used to fund research and development activities. The innovation stemming from research is used to generate value-driven growth. Companies in the sector curtailed their research and development activities due to a fall in revenues caused by the pandemic. Similarly, research and development activities such as field testing and prototyping were affected by the lockdowns and movement restrictions caused by the pandemic. The pandemic also delayed the launch of new products.

The pandemic also presented some unique growth opportunities, particularly in the healthcare and industrial manufacturing sectors. Manufacturing industries engaged in wide-ranging automation to prevent COVID cases among workers from overwhelming and closing factories. The use of robots for various healthcare applications increased due to the pandemic. Modern automation technology hardware relies heavily on servo motors for actuation control.

The COVID-19 pandemic has presented various challenges for the global servo motors and drives market. However, due to the ongoing rapid adoption of automation and new technological innovation, growth opportunities have increased for the global servo motors and drives in the long term. The global servo motors and drives market will continue to grow significantly in the coming years.

Segment Analysis

The global servo motors and drives market is segmented into type, voltage, end-user and regions. The servo motors and drives market is segmented further into automotive, oil and gas, healthcare, packaging, electronics and semiconductors, chemicals and petrochemicals and others. Automotive is leading in this segmentation due to the wide-ranging applications that utilize servo motors.

Servo motors and drives are used to manage vehicle speed in various automobile control systems, including fuel injection, anti-lock brakes and cruise control systems. Manufacturing processes like car body painting, vehicle assembly, material handling, autonomous guided vehicle (AGV) chassis marriage systems and assembly presses require motion control systems with servomechanisms. Servo motors and drives are at the heart of several changes to improve transportation production speed, accuracy, and productivity.

Geographical Analysis

Asia-Pacific has the leading regional share in the global servo motors and drives market. The region accounts for the largest market share globally, primarily due to a large concentration of manufacturing industries. China is one of the largest manufacturing industries globally and is responsible for a hefty share of globally manufactured goods. It has been dubbed the 'factory of the world.' India, Vietnam, Japan, South Korea, Taiwan, Thailand and Malaysia are some other countries in the region with a developed manufacturing industry. Many modern automation technologies in manufacturing utilize servo motors for operation.

Oil and gas are major utilizers of servo motors for efficient operation, particularly oil pumps. Asia-Pacific has some of the largest energy consumers, mainly due to large populations and increasing industrialization. China and India are at the forefront of the global oil demand. The world's largest oil refinery is located in Jamnagar, India.

The chemical and petrochemicals industry uses servo motors in precision pumps for safety purposes. China, Japan, South Korea and Taiwan have large chemical and petrochemical industries. India is also another major regional player in the chemical industry. Servomotors are used extensively in the automotive industry. Servo motors and drives are used in various automobile systems, such as fuel injection, anti-lock brakes and cruise control systems. Many automotive manufacturing equipments, such as painting robots and chassis assemblers, also utilize servo motors and drives. China has the largest automotive industry globally, with more than 26 million passenger and commercial vehicles produced in 2021. Japan, South Korea and India are other countries with well-developed automotive industries.

Asia-Pacific also has some of the largest manufacturers of electronics and semiconductors globally. Servo motors and drives are used in the operation of semiconductor fabrication machinery. China, South Korea and Taiwan have leading electronics and semiconductor industries. Asia-Pacific is expected to retain the largest market share for servo motors and drives in the coming years.

Competitive Landscape

The global servo motors and drives market is competitive due to the availability of a wide variety of servo motors and drives that cater to the requirements of different types of industrial and commercial applications. Some of the major players contributing to the growth in the segment are Siemens, ABB, Nidec Corporation, Bosch Rexroth AG, Yaskawa Electric Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Schneider Electric, Fuji Electric Co., Ltd. and Parker Hannifin Corporation. The major players in the servo motors and drives market adopt several growth strategies such as joint ventures, capacity expansion, the launch of new products and collaborations, along with mergers and acquisitions, thereby contributing to global growth in the industry.

Siemens

Overview: Siemens is an engineering conglomerate that designs and implements power and energy solutions. The company develops and builds fossil fuel power plants and power-generating components and offers gas turbines, steam turbines, generators, gas turbines, steam turbines, compressors, fans, instrumentation and controls, electrical systems, wind turbines, fuel cells, fuel gasifiers, turbochargers and environmental systems.

The company serves power, oil and gas, air separation, building complexes, ceramics, chemicals, food and beverage, manufacturing, marine, metals, pulp and paper, textiles and sugar industries. The company operates globally in various locations, such as Canada, Mexico, the U.S., Brazil, Saudi Arabia, China, and other countries. Siemens was founded by German engineer Werner von Siemens in 1847 and is headquartered in Munich, Germany.

Product Portfolio

SIMOTICS S-1FK2 is the company's series of servo motors and drives for various industrial applications. The servomotor is equipped with a planetary gearbox for precision operation and optimum adaptation of speed to torque ratio during operation.

Key Developments:

In April 2021, Siemens launched Simotics S-1FS2, a new updated version of its servo motor with stainless steel housing and specific features optimized for food, beverage and pharmaceutical applications.

Why Purchase the Report?

Visualize the servo motors' composition and drive market segmentation by the type, voltage, end-user and region, highlighting the critical commercial assets and players.

Identify commercial opportunities in the servo motors and drives market by analyzing trends and co-development deals.

Excel data sheet with thousands of global servo motors and drives market-level 4/5 segmentation data points.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the critical product of all major market players

The global servo motors and drives market report would provide access to an approx.: 58 market data tables, 66 figures and 230 pages.

Target Audience 2022

Servo motors and drives manufacturing companies

Manufacturing companies

Oil and gas companies

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals