Servo Motors and Drives Market Size to Reach Revenues of around USD 19 Billion by 2026 - Arizton
CHICAGO, Jan. 27, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global servo motors and drives market report.
The servo motors and drives market is expected to grow at a CAGR of over 5% during the period 2020−2026.
Key Highlights Offered in the Report:
- Japan, Germany, and the US are the major countries creating demand for servo motors and drives as these countries have higher manufacturing in major end-user industries such as machine tools, robotics, and automated tools.
- Increased capital investment in developing countries is expected to allow vendors to invest further in plant expansion and upgradation of manufacturing plants along with investments in automation.
- Major vendors in the market have strong presence in both high-end and low-end servo motors and drives segments. Also, most of the vendors are vertically integrated and provide end-to-end solutions to their customers.
- Price choices of vendors are largely affected by raw material costs and supply chain disruptions. Energy costs and other input costs are also some of the key factors in deciding the overall profit margin.
- The servo motors and drives market is highly raw material intensive with raw materials contributing to over 40%-50% of the overall cost. Thus, any fluctuation in pricing is also a deciding factor in the procurement contract.
- Servo motors are in higher demand currently and is expected to grow further with increase in industrial production at an estimated CAGR of over 6% compared to servo drive at around 4%.
- Besides major vendors in the sector, such as Mitsubishi Electric Corporation, Siemens AG, and others, various smaller brands have gained traction and are expected to do so throughout the forecast period.
- AC servo motors are expected to have the higher market share at around 86% due to its ability to operate with AC current as well as high pick-up frequency with both light and heavy loads during the forecast period.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product type, motor type, sales channel, power output, material, voltage, end-user, and geography
- Competitive Landscape – 12 key vendors and 19 other vendors
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Servo Motors and Drives Market – Segmentation
- Factory automation and robotics application in several commercial and industrial segments are expected to drive the demand for servo motors. Japan, China, the US, and Germany are key countries boosting the growth of servo motors. The market is expected to grow due to an increase in automation and precision techniques.
- Increased application of servo motors in the packaging and medical sectors is expected to drive linear servo motors' growth. These motors provide high speed, longer strokes, and accuracy. The demand for linear servo motors was slightly high in 2020 as the demand in Europe, North America, and APAC increased.
- Above 5kW servo motors and drives are governed by strict energy-efficiency legislation globally, especially in developed countries. These machines hold the highest revenue share in the market and are expected to accelerate further at the highest CAGR during the forecast period.
Servo Motors and Drives Market by Product Type
- Servo Motor
- AC
- DC
- Servo Drive
- AC
- DC
Servo Motors and Drives Market by Motor Type
- Linear
- Rotary
Servo Motors and Drives Market by Sales Channel
- Direct Sales
- Direct to OEMs
- Direct to End-users
- Direct to System Integrators
- Indirect Sales
- Distributor to OEMs
- Distributor to End-users
- Distributor to System Integrators
Servo Motors and Drives Market by Power Output
- Above 5kW
- Below 5kW
Servo Motors and Drives Market by Material
- Stainless Steel
- Non-stainless Steel
Servo Motors and Drives Market by Voltage
- Low
- Medium
- High
Servo Motors and Drives Market by End-User
- Machine Tools
- Packaging
- Electronics & Semiconductor
- Robotics
- Automotive
- Metal Processing
- Warehousing
- Oil & Gas
- Paper Industry
- Aerospace & Defence
- Food & Beverages
- Textiles
- Printing
- Pharmaceutical
- Woodworking
- Power Generation
- Others
Servo Motors and Drives Market – Dynamics
Servo motors and drives are some of the major components used in the industry to enhance the precision and speed of robots in industrial applications. Thus, the increased demand for robots has boosted the growth of the servo motors and drives market globally. Robotic applications are in high demand in manufacturing units and in the medical industry. Servo motors and drives are solely responsible for a robot's movement in any industrial application. Hence, their precision is quite important. These motors change the direction and angle of different parts of a robot in a particular direction. Servo motors can travel at speeds of around 900 mm/s and are ideal for short-stroke movements such as bending and gripping and are thus used in several industrial and commercial applications.
Key Drivers and Trends fueling Market Growth:
- Industrial Revolution 4.0
- Growth in CNC Machine Market
- Advancements in Automation Industry
- Demand from Medical Applications
Servo Motors and Drives Market – Geography
The APAC servo motors and drives market is expected to grow at a significant rate during the forecast period, owing to increased demand from countries such as China, Japan, and India. South Korea and Australia are emerging markets for the production and consumption of servo motors and drives. 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 include increasing investments and expansion in emerging nations in APAC. Hence, the sale of servo motors and drives in the region is expected to further boost in the forecast period.
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Servo Motors and Drives Market by Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- APAC
- China
- Japan
- South Korea
- India
- Australia
- Latin America
- Brazil
- Mexico
- Chile
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Turkey
- Rest of the Middle East
Major Vendors
- Emerson
- Siemens
- Rockwell Automation
- ABB
- Mitsubishi Electric
- Delta
- Fuji Electric
- Yaskawa
- Sanyo Denki
- Parker Hannifin
- Allied Motion
- Nidec
Other Prominent Vendors
- Ametek
- ARC Systems
- Bonfiglioli
- Oriental Motor
- Schneider Electric
- Callan Technology
- Panasonic Industry Europe
- Sew-Eurodrive
- FANUC
- Bosch Rexroth
- Kollmorgen
- HNC Electric
- Moog
- Tamagawa Seiki
- GSK CNC Equipment
- Infranor
- KEB Automation
- Beckhoff
- TECO Electro Devices
Explore our industrial machinery profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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