Chicago, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Servo Motors and Drives Market size is projected to grow from USD 12.0 billion in 2022 to USD 15.8 billion by 2027, at a CAGR of 5.7% according to a new report by MarketsandMarkets™. The rising trends of automation and Industry 4.0, are improving the productivity and reliability of production processes in industries of various countries is driving the market for servo motors and drives.
The rise in smart manufacturing initiatives to improve reliability and increase productivity in industrial processes is supporting the growth of the Servo Motors and Drives Market in various countries. In Asia pacific is expected to be the largest market for servo motors and drives owing to the growing industrialization and the need to achieve high efficiency in industrial processes, which creates a high demand for servo motors and drives in the region. This has made various end-user companies across the world take smart manufacturing initiatives such as introducing industrial robots, and industrial IoT (IIoT) in their business operations.
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174 – Tables
68 – Figures
250 – Pages
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The permanent magnet segment, by brake technology, is expected to be the largest Servo Motors and Drives Market during the forecast period
The permanent magnet segment has the largest share of the global Servo Motors and Drives Market owing to the ease in the operations in the industries. The presence of permanent magnets helps these brakes offer high power density. This makes them useful for applications requiring almost zero backlashes, such as pick-and-place robots and medical applications. The operating principle of permanent magnet brakes helps them resist abrasion making them suitable for robots and handling equipment. These advantages are pushing the permanent magnet segment.
The wireless segment is anticipated to be the fastest-growing Servo Motors and Drives Market by communication type, during the forecast period
The wireless segment is expected to be the fastest-growing segment during the forecast period. Technologies such as Bluetooth and WLAN can be easily integrated into industrial systems for secure and reliable communication. These technologies offer benefits such as low setup costs, robustness, reliability, and less power consumption. These benefits offered by wireless communication type are propelling the market growth.
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Europe is expected to be the second largest segment in the global Servo Motors and Drives Market during the forecast period
In this report, the Servo Motors and Drives Market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period.
The Servo Motors and Drives Market in Several European countries align their manufacturing processes with the International Electrotechnical Commission (IEC) standards. The IEC develops international standards for adoption by companies in the field of electrotechnology. These standards ensure that the companies adopt such ways of manufacturing, which lead to the electrical energy optimization of their manufacturing processes. Energy-efficient servo motors and drives ensure that these companies pertain to IEC standards. The role of servo motors and drives in various advanced process control systems and robots to facilitate factory automation has been widely recognized throughout Europe in electronics, automotive, semiconductor, and other industries. Furthermore, various developments in the automotive industry, such as autonomous vehicles, hybrid vehicles, and unmanned ground vehicles (UGV), are expected to increase the demand for servo motors and drives.
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Key Market Players
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Servo Motors and Drives Market. These include including Yaskawa Electric (Japan), Mitsubishi Electric (Japan), Siemens (Germany), Rockwell Automation (US), and Schneider Electric (France). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.
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