Servo Motors and Drives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Servo Motors and Drives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The servo motors and drives market is experiencing significant growth, driven by the increasing adoption across various application-oriented segments. With the market projected to reach $18.59 billion in 2024 and $33.2 billion by 2031, reflecting a CAGR of 8.60%, the shift towards servo motors is streamlining processes and driving overall production efficiency.The automation of industrial processes has led to improved output, reduced costs, and enhanced precision, helping to mitigate regular manual tasks. The automation market's expansion has created numerous opportunities for cutting-edge tools and equipment, prompting sectors to shift from traditional motors to servo motors and drives to streamline processes and boost production.

Servo motors, primarily used in high-tech industrial applications like automation technology, are electrical devices that rotate objects or systems with incredible precision. They are self-contained electrical devices that rotate machine components accurately and efficiently, with the output shaft set to a precise angle. A servo motor comprises four essential components: a combiner motor, a feedback circuit, a controller, and an electronic circuit. These motors operate in a closed-loop system due to the connected feedback mechanism.

Servo drives, also known as amplifiers, amplify the control signal from the controller to provide specific voltage and current to the motor. They offer numerous benefits over conventional DC motors and stepper motors, including built-in feedback systems and high revolutions per minute. The global market for servo motors and drives is studied extensively, providing clients with detailed insights. The broad use of automation is expected to stimulate market growth significantly.

Sales Analysis and Market Outlook

The servo motors and drives market experienced moderate growth in the past few years and is expected to grow at a higher rate in the forecast period due to rising global vehicle demand and production, coupled with the increasing demand for performance improvement and fuel-efficient systems. The initial stage of the COVID-19 outbreak caused significant losses globally, affecting the servo motors and drives market as well. However, the market is now recovering, regaining its position in terms of revenue, GDP, and market player analysis.

Servo motors and drives are widely used across various industries for precise actions controlled by input signals. Multicore servo drives and motors have evolved to be a key component in the industry due to their greater control, better feedback, and increased precision.

Market Drivers

Technological advancements, such as the PLC replacing relay logic, have sparked new growth in industrial automation. The expansion of manufacturing and production facilities worldwide also generates significant growth potential. Servo motors are gaining traction in both new and old industrial facilities, with owners of older plants making agreements with well-known servo motor producers to replace existing systems with servo motors.

The development of service robots for professional use has led to a technological revolution in end-use sectors. The rapid expansion of robot capabilities, driven by advancements in machine learning, artificial intelligence, adaptive computing, and vision systems, is expected to triple the market size. Increased technological improvement in this field has also resulted in the ownership of robots as a service (RaaS). As technological investment improves, the prospects for servo motors are expected to drive market growth.

Market Restraints

Despite their operational superiority, servo motors operate in response to input impulses entered via coding, a computer language, requiring skilled individuals for adjustments. Creating a setup and developing logic for applications controlling multiple servo motors takes more time and space, making servo motor system installation longer than typical motor systems.

Regional Analysis

Europe

Europe holds a dominant market share due to its growing energy demand, exploration and production activities, declining reliance on coal reserves, and initiatives to boost renewable energy penetration. The region's prominence as a production hub for various end-use industries and the increasing global demand for these goods support the adoption of servo drives.

East Asia

East Asia holds a significant market share due to rapid industrialization, oil and gas operations, and infrastructure growth in developed nations. The region's exponential population expansion has driven demand for goods and services across various industry sectors, contributing to market growth. Japan's market is more stable and mature compared to China and South Korea, resulting in moderate growth.

Category-wise Insights

Product Type

Linear servo motors and rotary servo motors are the primary categories. Linear servo motors hold a significant market share due to their higher precision, faster speeds, and maximum acceleration compared to rotary counterparts. Rotary servo motors, known for their high precision and long-term dependability, also hold a substantial market share.

Application

Robotics dominates the application segment, with servo motors used extensively in industrial robots for precise movements. Other significant applications include printing, packaging, electronic devices, medical equipment, CNC machines, and other industrial machinery. These applications have substantial global footprints, driving the demand for servo drives and motors.

Motor Configuration

AC servo motors hold a significant market share due to their versatility in operation, affordability compared to DC servo motors, and lower maintenance costs. The absence of brushes and commutators reduces replacement costs, and the backup system ensures consistent speed operation even in the event of a controller malfunction.

Competitive Analysis

The global servo motors and drives market is highly competitive, with several manufacturers vying for market domination. Market participants employ various expansion strategies, including acquisitions, mergers, and partnerships, to stay ahead. Notable developments include:
• Siemens launching an enclosed IEC motor for industrial and construction applications.
• Mitsubishi Electric Corporation opening a new office in Boston to expand its geographical presence in North America.

Key Companies Profiled
• Siemens AG
• Altra Industrial Motion Corp
• Panasonic Corporation
• Nidec Motor Corporation
• Parker Hannifin Corporation
• Delta Electronics Inc
• Fuji Electric Co
• Hitachi Ltd
• Rozum Robotics Inc
• Mitsubishi Electric Corporation
• Schneider Electric
• FANUC CORPORATION
• Rockwell Automation, Inc
• ABB
• Applied Motion Products
• Baumüller
• Nippon Pulse America, Inc
• YASKAWA ELECTRIC CORPORATION

Key Segments Covered

By Product Type
• Linear Servo Motor
• Rotary Servo Motor (Positional Rotation Type, Continuous Rotation Type)

By Technology
• Single Axis Servo System (Pulse Duty Servo Drive, Continuous Duty Servo Drives)
• Multi Axis Servo System

By Application
• Remotely Controlled Toys
• Robotics
• Electronic Devices
• Medical Devices
• Printing and Packaging Equipment
• CNC Machines
• Other Industrial Machinery and Equipment

By Motor Configuration
• AC Servo Motors (Induction Type, Synchronous Type)
• DC Servo Motors (Brushless DC Motors, Separately Excited DC Motors, Permanent Magnet DC Motor)

By Rated Power Capacity
• 400−750 W
• 750−1 KW
• 1−5 KW
• 5−15 KW
• 15−50 KW
• 50−100 KW

By Region
• North America
• Latin America
• Europe
• East Asia
• South Asia and Pacific
• Middle East and Africa

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