Pune, India, July 26, 2021 (GLOBE NEWSWIRE) -- The global servo drive market size is projected to reachUSD9.31 Billionby 2027, exhibiting a CAGR of 6.4% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Servo Drive Market, 2020-2027”. As per the report, the value of the market stood at USD 6.72 billion in 2019. Servo motors are highly popular in applications where precise position control is highly required. Hence, they are extensively utilized in robotic vehicles, metal cutting machines, antenna positioning systems, and oil & gas exploration equipment. Key enterprises are developing high-performance drives for such applications. For instance, in February 2021, Mitsubishi introduced a new series of servo drives, namely, MELSERVO MR-J5. The products under this series will help improve the performance of the motor.
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List of Key Companies Covered in this Market Report:
- Rockwell Automation (United States)
- Anaheim Automation Inc. (United States)
- WEG (Brazil)
- ABB (Switzerland)
- Nidec Motor Corporation (United States)
- Siemens (Germany)
- Danfoss Drives (Denmark)
- Fuji Electric (Japan)
- Schneider Electric (France)
- Yaskawa America, Inc. (United States)
- Toshiba International Corporation (United States)
- Mitsubishi Electric Automation, Inc. (United States)
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2021 to 2028 CAGR | 6.4 % |
| 2028 Value Projection | USD 9.31 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 6.72 Billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 230 |
| Segments covered | Drive; Voltage ; End-User ; Regional |
| Growth Drivers | Increasing Energy Demand & Rising Populations to Create Lucrative Opportunities. Focus on Improving Operational Efficiency Will Drive the Adoption. |
| Pitfalls & Challenges | Additional and Complex Equipment Required to Ensure Safety and Higher Cost of System May Hinder Growth |
The manufacturing industry is one of the many sectors that have been negatively affected by the COVID-19 pandemic. The total shutdown of production units worldwide has left machinery stagnant across verticals. This has had a severe impact on this market. Based on our analysis, the market showcased a huge decline of -10%, holding a market value of USD 6.04billion in 2020.
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Market Segmentation
We have categorized the market on the basis of drive, voltage, end user, and region. In terms of drive, the market is divided into AC drive and DC drive. On the basis of voltage, it is bifurcated into low (up to 1kV), medium (1kV-6.6kV), and high (above 6.6kV). Based on end user, it is fragmented into automotive, healthcare, industrial machinery & equipment, semiconductors & electronics, printing & packaging equipment, and others. Based on region, the market is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
What Does the Report Offer?
The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types. Apart from this, the report contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.
Drivers & Restraints
High Demand for Energy Backed by Increasing Consumption to Drive Growth
As the world population is increasing consistently, the demand for energy is also surging at a similar pace. For instance, as reported by the International Energy Agency, the global consumption of energy will increase by 50% between 2005 and 2030. The high rate of consumption from developed regions coupled with the emerging demand from developing countries is compelling the oil and gas industry toward efficient exploration. The increasing exploration activities are estimated to drive global servo drive market growth. In addition, the surging adoption of energy-efficient equipment from the manufacturing industry owing to stringent regulations from governments worldwide regarding energy saving is anticipated to propel the demand for these drives.
However, a servo motor comprises several parts for installation including a control circuit, amplifier, encoder, and other components. These aspects add a huge amount to the overall cost, making its usage quite expensive. This may hinder the market growth during the forecast period.
Regional Insights
Increasing Infrastructure Development to Help Asia Pacific Dominate
The market value of Asia Pacific was USD 2.16billion in 2019. The region is expected to dominate the servo drive market share owing to the increasing infrastructure development in major countries, such as India and China. For instance, in February 2021, the Government of India announced the expansion of the National Infrastructure Pipeline (NIP) while announcing the 2020 budget. The program was launched by the government in December 2019 and is estimated to expand from 6,835 projects to 7,400 projects.
The market in North America is projected to exhibit promising growth during the forecast period. The increasing focus on renewable energy including solar and wind is one of the key factors accelerating the demand for servo drives in the region.
Competitive Landscape
Key Enterprises Offering Compact Drives with High Performance to Find New Applications
Prominent manufacturers operating in the servo drive market are focusing on reducing the size of their motors and drives while optimizing their speed, precision, and efficiency. This will enable them to utilize the products in compact locations. For instance, in February 2021, Celera Motion, a leading motor component manufacturer based in the U.S. announced the launch of its new captain series. The series comprises cutting-edge transistor technology that offers high power in a compact profile.
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Industry Developments:
In December 2020, OMRON introduced a new range of servo drives and motors in its latest 1S series. The motors offered in this series ensure optimum motion safety and offer reduction in commissioning time.
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Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Servo Drive Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Servo Drive Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Drive
- AC Drive
- DC Drive
- Market Analysis, Insights and Forecast – By Voltage
- Low (up to 1kV)
- Medium Voltage (1.1-6.6kV)
- High Voltage (Above 6.6kV)
- Market Analysis, Insights and Forecast – By End-User
- Automotive
- Healthcare
- Industrial Machinery & Equipment
- Semiconductors & Electronics
- Printing & Packaging Equipment
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- North America Servo Drive Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Drive
- AC Drive
- DC Drive
- Market Analysis, Insights and Forecast – By Voltage
- Low (up to 1kV)
- Medium Voltage (1.1-6.6kV)
- High Voltage (Above 6.6kV)
- Market Analysis, Insights and Forecast – By End-User
- Automotive
- Healthcare
- Industrial Machinery & Equipment
- Semiconductors & Electronics
- Printing & Packaging Equipment
- Others
- Market Analysis, Insights and Forecast – By Country
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- U.S. Market Analysis, Insights and Forecast – By End-User
- Automotive
- Healthcare
- Industrial Machinery & Equipment
- Semiconductors & Electronics
- Printing & Packaging Equipment
- Others
- Canada Market Analysis, Insights and Forecast – By End-User
- Automotive
- Healthcare
- Industrial Machinery & Equipment
- Semiconductors & Electronics
- Printing & Packaging Equipment
- Others
- U.S. Market Analysis, Insights and Forecast – By End-User
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