Servo motors and drives are utilized for automation in industries. They are used to decrease the error and cost for manufacturing. Recent development in automation technology results in improving the rate of manufacturing. Reduced size of machine and increase in torque are helping in improvising the operation of drive motor industries. In addition, increase in adoption of servo motors and drives for application in newer industrial vertical, and emerging economies such as China, India and others, are expected to create new opportunities for global servo motors and drives market. Further, with the development in business operations, there is an enormous interest among industrialists about automation services and solution for business progression. Growing demand for latest technologies and increasing use of automation is anticipated to foster the growth of servo motors and drives market over the forecast period (2019-2027).
The servo motors and drives market is anticipated to record a CAGR of around 8.56% over the forecast period. The market is segmented by type into AC servo motors and DC servo motors, by voltage range into low voltage and medium voltage, by communication protocol into fieldbus and industrial ethernet, by brake type into with brake and without brake, by applications into machine tools, cut to length application, computerized numerical controllers, motion control, robotics, automated manufacturing, packaging and others. Automated manufacturing segment is anticipated to capture the largest market share in servo motors and drives market on account of increasing automation solution and services across industries. CLICK TO DOWNLOAD FREE SAMPLE
Modern companies are now focused on providing efficient equipment and services to their consumers. Rapid changes in terms of manufacturing technology, innovation, and technical advancement in automotive industry are expected to drive the market for servo motors and drives. There is a high demand for servo drives, controllers, and motors across the globe, as they help enhancing the efficiency of production and manufacturing facilities in the automotive industry. Manufacturers such as Sanyo Denki has developed Sanmotion K DC Servo Motors with improved accuracy and energy-saving features and has also developed compact and high-response R1 AC servo motors. The new models achieve best-in-class for torque performance and high efficiency, therefore improving device speed and contributing to energy savings.
The demand for new engineering tools is increasing owing to increasing demand for automation. Rising demand for advanced robotic systems with latest technologies is expected to propel the growth of servo motors and drives market around the world.
Virtual workforce has expanded horizons for new automation advancements for business change. According to the International Federation of Robotics, the industrial robot sales grew by 114% between 2013 and 2017. 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.
High cost of modern technologies is a major concern nowadays. Every manufacturer is focused towards size and design of equipment. Initial investment of servo motor and drives is high and it requires skilled workers to run the programs of automated parts of machines. With the rise in initial cost of parts, servo motor manufacturing companies are taking appropriate steps to minimize the initial investment. Moreover, regular maintenance of the technical equipment results in increasing the cost. High cost of automation is amidst the key factors which is restraining the growth of servo motors and drives market across the globe.
Our-in depth analysis of the servo motors and drives market includes the following segments:
On the basis of regional analysis, the servo motors and drives market are segmented into five major regions North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America region accounts for the largest market share for servo motor and drives market. Growing industrialization is the major driver for servo motors market in this region. Factors such as the favorable business landscape and administrative setup, attractive foreign policies, and availability of low-cost skilled workforce have forced manufacturers to expand their servo motor business operations. This expansion in the manufacturing process will bolster market growth in this region during the forecast period.
Asia Pacific market is anticipated to capture the highest growth rate in the servo motors and drives market owing to growing investment in the manufacturing industry in developing nations such as China, and India in this region. With growing demand for automation services and solutions, market of Asia Pacific is expected to observe a substantial growth over the forecast period.
The market of North America is expected to witness a high demand for servo motors and drives on account of machine learning, robots and artificial intelligence.
The servo motors and drives market is further classified on the basis of region as follows:
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