Sep 08, 2023

Servo Motors and Drives Global Market Report 2023

NEW YORK, March 3, 2023 /PRNewswire/ -- Major players in the servo motors and drives market are Siemens, Mitsubishi, Schneider Electric, ABB, Fuji Electric, Yaskawa, Emerson Electric, Rockwell Automation, Estun automation, Kinco Automation, Danfoss, ESR Pollmeier, Heason, Elmo Motion Control, KEB Automation, Allen Bradley, and Omron Corporation.

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The global servo motors and drives market grew from $14.69 billion in 2022 to $16.68 billion in 2023 at a compound annual growth rate (CAGR) of 13.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The servo motors and drives market is expected to grow to $28.2 billion in 2027 at a CAGR of 14.0%.

The servo motors and drivers market consists of sales of collaborative robotics, conveyor belts, automatic door openers.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

The servo motors and drives includes manufacturing of servo motors and drives.Servo motors or linear or rotary actuators that help enable control of linear and angular acceleration, positioning, and velocity, made in brush and brushless types.

Servo drives are also called servo amplifiers; these devices have the ability to take a low power command signal from a motion controller and turn it into high power current/voltage. Servo motors and drives are most commonly utilized in the manufacturing industry for production line robots that help create cars and airplanes that need high repetition yet precise welding, drilling, fastening, sealing, dispensing, and rigid manufacturing.

Asia-Pacific was the largest region in the servo motors and drivers market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the servo motors and drives report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of servo motors and drives are motor and drive.Motors are rotary or linear actuators that allow control of both linear as well as angular acceleration, velocity, and positioning.

They are available in both brush and brushless types, however brushless is today's preferred version.Servo motors have different voltage ranges that include low-voltage and medium-voltage.

The various end users are automotive, oil and gas, healthcare, packaging, semiconductor and electronics, and chemicals and petrochemicals. The market has two types of offerings: hardware and software.

Rising automation is expected to propel the growth of the servo motors and drives market.Servo motors and drives are components of automation systems such as robots, conveyor systems, and others in factories.

For instance, in 2021, a survey of 250 UK manufacturing companies conducted by ABB Robotics found a change in attitudes towards automation in the country, with 81.2% of companies saying they are considering an investment in robots because of the pandemic. Robots are seen as a potential solution – 48.8% of respondents said they were likely to invest in automation in the next five years, and 50.4% said robots would help them comply with social distancing requirements. Therefore, rising automation is driving the servo motors and drives market.

Technological advancement is a key trend in the servo motors and drives market.Technological advancements help with the development of the design of the product as well as simplify motion control.

For instance, in February 2021, Trio Motion Technology, an India-based high performance motion control technology, introduced its DX4 servo drive and MX servo motor series to provide high performance motion control.The DX4 servo drive offers plug-and-play compatibility with controllers and I/O systems, which are all programmed within single software, Motion Perfect to increase the speed of application development and commissioning for OEMs in industries such as packaging, medical, and robotics.

Additionally, DX4 servo drive is capable of working at 200V AC and power extends from 50W to 3kW with utilising of EtherCAT communications, the Motion Coordinator range can control up to 128 axes with precision accuracy.

In November 2021, Allied Motion Technologies Inc., a US-based company operating in motion control products and systems acquired ORMEC Systems Corporation for an undisclosed amount. Through this acquisition, Allied Motion Technologies Inc. aims to strengthen its integrate motion controllers and servo drives product portfolio. ORMEC Systems Corporation is an a US-based company operating in motion control systems integrate motion.

The countries covered in the servo motors and drives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The servo motors and drives market research report is one of a series of new reports that provides servo motors and drives market statistics, including servo motors and drives industry global market size, regional shares, competitors with a servo motors and drives market share, detailed servo motors and drives market segments, market trends and opportunities, and any further data you may need to thrive in the servo motors and drives industry. This servo motors and drives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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