Selbyville, Delaware, July 29, 2021 (GLOBE NEWSWIRE) --
The servo motors and drives market is set to surpass USD 21.86 billion by 2027, as reported in the latest study by Global Market Insights Inc. Robust construction development along with rising funding toward industrialization and commercialization in developing nations is set to influence the market share over the projected timeframe.
Technological upgrades accompanied by the thriving need for industrial automation for smooth operational flows will boost product installation. Increased government focus toward attaining energy efficiency has resulted in the availability of subsidies and rebates, thus pushing the deployment of IoT integrated systems across emerging economies. Such factors will further positively impact the industry dynamics.
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Most investors are promoting digitalization along with an ongoing focus toward smart city projects to reduce human dependency is set to propel the deployment of AC servo drives & motors. Shifting industry focus toward better precision-powered operations and enhanced system control along with major features to control higher current surges are set to complement product penetration.
Some major findings of the servo motors and drives market report include:
- Favourable government rebates and subsidies pertaining to energy efficiency innovations and upgrades in servo systems will spur market growth.
- Continuous demand for these units owing to rising industrial automation coupled with an increased focus on technological advancements will propel the industry outlook.
- Accelerating consumer awareness and shifting preference toward AI-integrated technologies that support remote monitoring are set to augment the adoption of robotic units.
- Eminent manufacturers operating across the servo motors and drives market include Yaskawa Electric, Fuji Electric, Siemens, Schneider Electric, and Rockwell Automation.
Browse key industry insights spread across 608 pages with 833 market data tables & 50 figures & charts from the report, “Servo Motors and Drives Market Share By Category (Digital, Analog), Drive (AC Drive, DC Drive), Voltage (Ultra-Low, Low, Medium), Application (Oil & Gas, Metal Cutting & Forming, Material Handling Equipment, Packaging and Labelling Machinery, Robotics, Medical Robotics, Rubber & Plastics Machinery, Warehousing, Automation, Extreme Environment Applications, Semiconductor Machinery, AGV, Electronics), Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/servo-motors-and-drives-market
Improved product specifications and accessibility to government rebates & subsidies are driving industrial operational upgrades, which in turn, will amplify business expansion in packaging & labelling applications. A strong market competition owing to rising consumer preference for high-end technical systems and rising dependency on integrated technologies are pushing manufacturers to offer energy-efficient products. Moreover, stringent health & safety standards followed by heightened export potential of numerous nations in line with a reduction in human errors will influence the industry statistics.
U.S. held over 70% revenue share of the North America servo motors and drives market in 2020. The regulatory authority and industries are making joint efforts to strengthen the automation and robotics sector, thereby fuelling product adoption. According to the International Federation of Robotics, in 2019, annual installation of industrial robots across the U.S. accounted for 33.3 thousand units. The magnified deployment of robots is set to boost the regional servo motors and drives industry demand.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.