The global servo motors and drives market is expected to grow at a significant rate, owing to their wide application in the robotics industry, medical facilities, and other industries. The increasing use in the robotics and automation industries is expected to boost servo motors and drives the market growth. AC servo motors are expected to witness higher demand than DC servo motors due to their dynamic and efficient features. AC servo motors are expected to have a larger market share during the forecast period due to their ability to operate with AC current as well as high pick-up frequency with both light and heavy loads. Owing to the growth of automated applications in end-user industries such as machine tools, packaging, robotics, electronics, and semiconductors, the global servo motors and drives market is expected to witness growth in the coming years.
GLOBAL SERVO MOTORS AND DRIVES MARKET: KEY HIGHLIGHTS
- The servo motors market is expected to observe an incremental growth of USD 3 billion by 2026 on the increased application in machine tools, packaging, factory automation, and printing industries.
- The linear segment is likely to observe a revenue share of USD 7 billion by 2026 due to high durability and the demand for precise positioning controls.
- The revenue share of stainless steel servo motors and drives is projected to reach over USD 13 billion by 2026.
- The machine tools segment is expected to contribute a revenue of over USD 6.7 billion by 2026.
- Europe is expected to grow at the highest CAGR during the forecast period because of the rapidly increasing industrialization and industrial production growth.
GLOBAL SERVO MOTORS AND DRIVES MARKET SHARE & SEGMENTATION
Factory automation and the application of robotics in several commercial and industrial segments are likely to drive the demand for servo motors. Japan, China, the US, and Germany are key countries boosting market growth. The market trend is expected to grow due to an increase in automation and precision techniques. A key driver for AC servo motors growth is advanced microprocessor technology and permanent magnet development for these machines. Growth in smart factories with IoT and AI, and other automated systems has increased thereby, driving the demand for servo motors.
The consumption of servo drives has increased and doubled in the last 5–6 years due to the increased capital investment in automation across the globe. AC servo drives are expected to witness high demand as they can accelerate, decelerate, and can break in any rotational direction, which is a major advantage compared to DC. Moreover, the increased use of drives in heavy-duty applications, comprising automation and the industrial robots is expected to increase demand. AC drives offer high current flow, which is expected to drive market growth.
Increased application in the packaging and medical sectors is expected to drive linear servo motor growth. The growing demand for components with integrated power and high-resolution precision feedback is expected to boost the growth of the rotary servo motor market during the forecast period.
Stainless steel servo motors and drives are expected to have a larger market share due to their increased application in various end-user applications, longer lifespan, and better performance. Packaging, pharmaceuticals, food preparation, bakery machines, and meat processing units are some major end-users of stainless steel motors and drives. However, the rise in steel prices and disruptions in production has escalated the demand for non-stainless-steel based motors and drives.
Low-voltage machines are expected to account for the highest revenue share of over USD 11 billion by 2026. Favorable government policies aiming to achieve energy efficiency, coupled with significant enhancements in conventional machinery in small to medium businesses are expected to boost the demand for low-voltage models. The medium voltage range motors segment is going to witness the fastest growth during the forecast period. Developing markets with continuing demand for infrastructure development and increasing automation boosts the demand for medium-voltage servo systems and drives.
Above 5kW servo motor controls and drives hold the highest revenue share in the market and are expected to accelerate further at the highest CAGR during the forecast period. Below 5kW, motors and drives are expected to grow at a CAGR of over 6% and to register a revenue share of approx. USD 8 billion by 2026. Several government regulations, including the necessity to operate below 5kW with frequency inverters, are expected to hamper the production of below 5kW motors.
The increasing demand for a better relationship between people and businesses for better trust globally is boosting the direct sales of servo motors and drives. Direct to OEM sales channel to remain the dominant channel by contributing highest revenue chunk in the global market. The wide distribution network expanding customer base, and increasing market knowledge and demand insights through distributors and vendors will boost the distributors to end-user sales channel during the forecast period. Analysts at Arizton forecast that the distributor to end-user sales medium will post the highest CAGR during the forecast period.
The servo motors and drives market in the pharmaceutical end-user segment will witness the highest growth CAGR during the forecast period, followed by the robotics end-user segment. The machine tools market remains the dominant end-user with the largest revenue share. Motors are important components in any machine tool industry since industrial machinery works mainly with the help of motors. Thus, further development and investment in the market is expected to drive the servo motors and drives demand, during the forecast period.
The APAC market is expected to reach around USD 7 billion by 2026, growing at a CAGR of over 5%. The Asa Pacific region accounts for the highest servo motors and drives market share and is expected to grow significantly by 2026. The major factors driving the demand in the region are rapidly increasing factory automation and robotics in the region. In some developed countries, the demand from several industry end-users is expected to grow during the forecast period.
The report also includes the market size of the following countries:
- South Korea
- Rest of Latin America
- Saudi Arabia
- Rest of the Middle East
Emerson, Siemens, Rockwell Automation, ABB, Mitsubishi Electric, Delt, and Fuji Electric are the key market players. They have a strong presence in both high-end and low-end product segments. Also, most vendors are vertically integrated and providing end-to-end solutions to their customers. Vendors in the market are expanding their presence through partnerships, investments, and mergers and acquisitions. Several vendors are focusing on innovation in production technologies to provide various products and efficiency in the global servo motor and drive the market.