Pune, India, March 16, 2021 (GLOBE NEWSWIRE) -- The global AC servo motors and drives market size was USD 6.80 billion in 2019. The global impact of COVID-19 has been unprecedented and staggering, with the AC servo motors and drives witnessing a positive impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth of 1.20% in 2020.
The global AC servo motors and drives market size is expected to showcase considerable growth by reaching USD 10.79 billion by 2027 while exhibiting a CAGR of 6.64% between 2020 and 2027. This is attributable to the increasing adoption of robots and smart machines that will propel the demand for advanced AC servo motors and drives worldwide. Fortune Business Insights in its latest report, titled, “AC Servo Motors and Drives Market Size, Share & COVID-19 Impact Analysis, By Product Type (Servo Motors (Synchronous and Induction) and Servo Drives), By Voltage Range (Low Voltage, Medium Voltage, and High Voltage), By Phase Type (Two-Phase and Three-Phase), By Communication Protocol (Fieldbus, Industrial Ethernet, and Wireless), By End-Use Industry (Aerospace & Defense, Automotive and Transportation, Semiconductor and Electronics, Printing & Packaging, Food & Beverage, Chemicals and Petrochemicals, and Others), and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 6.80 billion in 2019.
COVID-19 Impact: Halted Industrial Operations Affecting Market Growth
The lockdown announced by the government agencies has halted several industrial activities leading to supply disruption. Moreover, limited availability of workforce and decreased demand is hampering the growth prospects of several industries. However, the situation post-pandemic is likely to favor the market growth with the resumption of industrial operations by implying the stringent regulations set by the government to contain the spread of the novel coronavirus.
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List of the Companies Profiled in the Global AC Servo Motors and Drives Market:
- ABB Group (Switzerland)
- Delta Electronics, Inc. (Taiwan)
- FANUC Corporation (Japan)
- Fuji Electric Co., Ltd. (Japan)
- Kollmorgen Corporation (The U.S.)
- Mitsubishi Electric Corporation (Japan)
- Nidec Corporation (Japan)
- Rockwell Automation, Inc. (The U.S.)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Yaskawa Electric Corporation (Japan)
The AC servo system that includes AC servo motors and drives is typically a closed-loop system that utilizes position feedback to control the motion, speed, and final position of the machines. Additionally, AC servo drive is a type of electric amplifier that is primarily used to control AC servo motors.
What does the Report Provide?
The global market for AC servo motors and drives report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Adoption of Industrial Robots to Augment Growth
As per the International Federation of Robotics, globally in 2019, about 373,240 industrial robot units valued at USD 13.8 billion were installed across several industrial applications. Out of it, 28% of robots were installed in the automotive industry and 24% in the electronics industry. The growing demand for industrial robots to speed up the industrial processes is expected to boost the demand for advanced AC servo motors and drives globally. Furthermore, the surging demand for innovative AC servo systems that provide smoother, flexible, and longer operational capability is anticipated to contribute to the global AC servo motors and drives market growth in the forthcoming years.
SEGMENTATION
Low Voltage Held 45.2% AC Servo Motors and Drives Market Share in 2019
Based on voltage range, the low voltage segment is expected to showcase considerable growth in the forthcoming years. This is ascribable to factors such as the growing utilization of low voltage servo motor for mobile robot application. The low voltage servo motor requires a low maintenance cost. The segment held a market share of about 45.2% in 2019.
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REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant; Growing Number of Manufacturing Industries to Aid Growth
Among all the regions, Asia-Pacific is expected to hold the highest position in the global AC servo motors and drives market in the forthcoming years. This is ascribable to factors such as the growing number of manufacturing units in countries such as South Korea, China, and Japan that will boost the adoption of advanced AC servo motors and drives in the region.
The market in Rest of the World is anticipated to experience significant growth backed by the growing adoption of industrial automation in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Significant Investment by Eminent Companies to Strengthen Their Market Positions
The global market is consolidated by the presence of major companies focusing to maintain a stronghold by investing in the development of innovative AC servo systems. In addition to this, other key players are adopting strategies such as merger and acquisition, facility expansion, and collaboration that will favor the market growth in the forthcoming years.
Key Industry Development:
- April 2020 – Mitsubishi Electric Corporation launched advanced MELSERVO-J5 Series of AC servo motors, amplifiers, and motion control units. The new series, according to the company, offers high flexibility, efficiency, performance, and reliability. Moreover, it is generally designed to be adopted for industrial applications such as material handling, packaging, and printing.
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Detailed 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 Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Qualitative Insights
- Impact of COVID-19 on the AC Servo Motors and Drives Market
- Supply Chain Challenges
- Steps Taken by the Industry/Government/Companies to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities due to COVID-19 Outbreak
TOC Continued…!
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