Servo Motors And Drives Market - Forecasts from 2024 to 2029

Servo Motors And Drives Market - Forecasts from 2024 to 2029

The servo motors and drives market is expected to grow at a CAGR of 8.05%, reaching a market size of US$24.206 billion in 2029 from US$16.434 billion in 2024.

Servo motors and drives are used in every bit of machinery that requires precise position control. One of the main factors propelling the market's expansion over the projected period is anticipated to be the growing adoption of automation across various end-user industries. Automation is made possible by servo motors and drives, and this helps industrial processes become more accurate and efficient while also cutting costs and errors. Growing demand for energy-efficient solutions and technological advancement drive this market's growth.

Servo motors and drives help boost the production capacity of industries like semiconductors, automotives, and packaging. Lightweight machines, new trends in robotics, and reduced size of machines provide a good opportunity for this market’s growth. Various firms are choosing distinct ways to enhance their margins due to excessive competition. Large enterprises seek strategic partnerships like mergers, acquisitions, and joint ventures to gain market share. Further, the advent of industrial 4.0 and expanding manufacturing facilities in developing regions will also widen the growth opportunities for vendors and manufacturers over the forecast period. Nonetheless, the market's expansion is anticipated to be constrained by the high costs and shortage of skilled labor throughout the entire value chain.

Servo Motors and Drives Market Drivers:

Increasing demand from the automotive industry

Automotive is expected to hold a significant market share owing to the expanding automotive industry and increasing adoption of servo motors. Modern automakers want to improve their systems to give them a competitive advantage over rivals by incorporating networking and inspection features. The material handling and packaging industry is anticipated to witness substantial growth on account of the growing need for motion control components in the motors and drives industries. Servo motors and drives decrease downtime, provide better diagnostic tools, and provide smooth accelerations and decelerations with very fast movements. Such functions are critical in packaging machines as they increase their overall efficiency and provide a longer life for machines with less cost of repair.

Servo Motors and Drives Market Geographical Outlook

The Asia Pacific is witnessing exponential growth during the forecast period

Asia-Pacific's servo motor and drive market is growing rapidly due to the region's growing industrial base and their integration with automation to boost return on investment. Given its increasing production, sales, and trade of robotic solutions, China is anticipated to dominate the Asia-Pacific market for servo motors and drives. Japan is rapidly adopting the idea of Society 5.0, which introduces the four main stages of human development in the fifth chapter. In this new ultra-smart society, people can experience a greater quality of life through the connection between IoT and everything; every technology works together to make living easy. Regarding their competitiveness strategy, the major market leaders in servo motors and drives are also discussed. Company profiles highlighted here give an overview of various firms’ operations and three-year financial performance and key services and products they provide. Additionally, recent events surrounding the most important people within servo motors & drives are also discussed.

Reasons for buying this report:-

Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub - segments.
Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive Intelligence

Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The Servo Motors and Drives market is segmented and analyzed as follows:

By Type

AC Servo Motor/Drive
DC Servo Motor/Drive
Brushless DC motor

By Offering

Motor Components
Drive Components
Software

By Material

Stainless steel
Others

By Application

Automotive
Semiconductor and Robotics
Food Processing
Healthcare
Packaging
Material Handling

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
South Korea
India
Indonesia
Thailand
Taiwan
South Korea
Others