Increasing automation across various industries, including manufacturing, automotive, and robotics, which demands precise and high-performance motion control solutions to enhance efficiency and productivity is expected to drive market expansion in the near future at a CAGR of 6.20% during the forecast period 2023 to 2032.
Market Research Future (MRFR) has published a cooked research report on the “Global Servo Motors and Drive Market” that contains information from 2018 to 2032. The Servo Motors and Drive market is estimated to register a CAGR of 6.20% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Servo Motors and Drive market— Yaskawa Electric Corp., Mitsubishi Electric Corp., Siemens AG, Schneider Electric, Rockwell Automation, Inc., ABB Ltd, Delta Electronics, Inc., FANUC Corporation, Kollmorgen (Altra Industrial Motion Corp.), Bosch Rexroth AG (Robert Bosch GmbH).
The global Servo Motors and Drive market is accounted to register a CAGR of 6.20% during the forecast period and is estimated to reach USD 20.27 billion by 2032.
Servo motors and drives play a pivotal role in delivering the required accuracy and speed control, enabling automation systems to perform complex tasks with precision. As industries seek to optimize their operations and reduce human intervention, the demand for servo motors and drives rises, as these components are essential for maintaining consistent and controlled movements in machinery and robots. This growing reliance on automation to meet the demands of modern production processes propels the servo motors and drives market forward.
The global Servo Motors and Drive market has been segmented based on type, voltage range and end user.
On the basis of type, the market is segmented into Motor and Drive. The motor segment was attributed to holding the largest market share in 2022, due to their compatibility with digital control systems and their ability to provide smooth and accurate motion.
Based on gasifier application, the global Servo Motors and Drive market has been segmented into Low Voltage, Medium Voltage and High Voltage. The medium voltage segment was expected to hold the largest market share in 2022, due to its versatility and widespread application across various industries.
Based on gasifier application, the global Servo Motors and Drive market has been segmented into Automobile, Electronic Assembly, Healthcare, Packaging, Semiconductor and Electronics, Chemical and Petrochemicals. The automobile segment was expected to hold the largest market share in 2022, due to the increasing integration of advanced automation and robotics in automotive manufacturing.
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The global Servo Motors and Drive market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Servo Motors and Drive market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Servo Motors and Drive market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Servo Motors and Drive market comprises of Middle East, Africa, and Latin America.
The largest market share for Servo Motors and Drive was maintained by the North American regional sector. This increase is attributed to the region's robust manufacturing sector, which is increasingly adopting automation to enhance production efficiency and maintain competitiveness. The demand for advanced motion control solutions is fueled by industries such as automotive, aerospace, and electronics, which rely on servo motors and drives for precise and high-performance machinery operation. Additionally, the growing emphasis on energy efficiency and sustainability in industrial processes is encouraging the adoption of servo motors and drives.
Moreover, the Europe market has been persistently growing over the forecast period. The demand for Servo Motors and Drive is driven by the region's strong industrial base and the increasing adoption of automation and robotics across various industries, aiming to enhance manufacturing efficiency and product quality. Additionally, stringent energy efficiency regulations and the emphasis on reducing carbon emissions in Europe contribute to the demand for servo motors and drives.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period due to the region's expanding manufacturing sector, automation initiatives in industries, and the increasing adoption of advanced machinery and robotics, all of which require precise motion control solutions to enhance production efficiency and quality. Additionally, the growing demand for energy-efficient and high-performance automation systems further fuels the adoption of servo motors and drives across various applications in the Asia Pacific region.
Furthermore, the rest of the world's Servo Motors and Drive market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's increasing industrialization and modernization efforts, as well as the growing adoption of automation solutions in various sectors such as manufacturing, energy, and infrastructure development.
Key Findings of the Study