According to a recently published report by Research Nester on “Servo Motors and Drives Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of servo motors and drives market in terms of market segmentation by types, by Voltage Range, by Communication Protocol, Brake Type, Applications and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The servo motors and drives market is segmented by type into AC Servo Motors & DC Servo Motors; by Voltage Range into Low Voltage & Medium Voltage; by Communication Protocol into Fieldbus & Industrial Ethernet; by Brake Type into With Brake & Without Brake; By Applications into Machine Tools, Cut to Length Application, Computerized Numerical Controllers, Motion Control, Robotics, Automated Manufacturing, Packaging & Others and by region. The servo motors and drives market are anticipated to record a CAGR of around 8.56% during the forecast period i.e. 2019-2027.
Latest technologies with advanced equipment have become the necessary part of engineering industries. Modern companies are now focused on providing efficient equipment and services to their consumers. Additionally, the demand for new engineering tools is increasing owing to increasing demand for automation.
On the basis of regional analysis, the servo motors and drives market are segmented into five major regions which includes North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific market is anticipated to witness the highest growth rate in the servo motors and drives market owing to rapidly increasing automobile industry, rise in industrial sector and growing investment in the manufacturing industry in developing nations such as China and India in this region.
Automation & Virtual Workforce
Virtual workforce has expanded the horizons for new robotization advancements for business change. With increasing interest for virtual workforce universally, especially in innovation and business procedure administrations, computerization along with programming can recover data and structure assembly processes efficiently. Additionally, rising application of artificial intelligence in industry is anticipated to propel the growth of servo motors and drives market.
Advancement in Technologies
Manufacturers are increasingly focused on providing efficient equipment and services to their consumers. Innovative manufacturing technology and technical advancement in automotive industry are expected to drive the market for servo motors and drives. Servo drives, controllers, and motors are expected to witness a high demand across the globe, as they help enhancing the efficiency of production and manufacturing facilities in the automotive industry.
However, high cost of automation and robots are anticipated to be a key restraint for the growth of servo motors and drives market during forecast period. The high initial investment of automation and robotic technology, requirement for frequent maintenance and requirement for skilled workers to run the programs of automated parts of machines is expected to pose as a restrain to the demand for servo motors and drives.
This report also provides the existing competitive scenario of some of the key players of the servo motors and drives market which includes company profiling of Adtech (Shenzhen) Technology Ltd., Bosch Rexroth AG, Kinco Automation Pvt. Ltd., Yaskawa Electric Corp., Mitsubishi Electric Corp., Siemens AG, Danaher Corporation, FANUC FA, Galil Motion Control and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the servo motors and drives market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.