The increased demand for robots is boosting the growth of the global servo motors and drives market.
According to the latest Arizton's market research report, the global servo motors and drivers market size to reach approximately USD 19 billion by 2026, growing at a CAGR of over 5% during the forecast period.
Global Servo Motors and Drivers Market Growth Analysis
Servo motors and drives are some of the major components used in a industry to enhance the precision and speed of robots in industrial applications. Thus, the increased demand for robots is boosting the growth of the global servo motors and drives market. Servo motors and drives are solely responsible for a robot’s movement in any industrial application, hence their precision is quite important. These motors change the direction and angle of different parts of a robot in a particular direction. Medium voltage AC servo drives are expected to witness higher growth compared to low voltage drives as there has been increased demand from end-user industries such as mining, metal, and power generation. Rising demand for servo drives in automotive industrial operations for high-speed production and precision is expected to increase the market demand.
What’s Trending in the Market?
- On an average, a servo motor in the APAC region costs around USD 80–1,100 and a servo drive costs around USD 50–700. Overall, the cost of a servo system costs approximately USD 130¬1,700.
- Owing to the exponential advancements made in various industrial and commercial applications, servo motors and drives are expected to witness the highest demand in the robotics industry.
- In the recent years, data centers have witnessed demand for servo drives in various IoT-based applications.
Servo motors can travel at speeds of around 900 mm/s and are ideal for short-stroke movements such as bending and gripping and are thus used in several industrial and commercial applications. Rapid growth in the concept of Industry 4.0 has also created opportunities for automation in several industries. As servo motors and drives provide higher efficiency, high speed, better feedback, and controlled operation compared to other motors, they are increasingly used in the automation industry.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product type, motor type, sales channel, power output, material, voltage, end-user, and geography
- Competitive Landscape – 12 Key Company Profiles and 19 Other Prominent Vendors
Is APAC Region Leading the Global Servo Motors and Drivers Market?
APAC is considered to have highest growth in terms of industrial development, digital & technological transformations, as well as economy growth. The global servo motors and drives market is expected to grow due to increased production and development of factory automation. It is expected that in the coming years Asia’s industrial sector will be leading in the global market in almost all the sectors from the internet to trade, and many others. Massive investments in industrial automation to enhance the operations of the manufacturing industry is driving the growth of the servo motors and drives market in the region. This has led to increasing industrialization in the region along with the rising use of robots in various industries to achieve high productivity and efficiency.
Strategies Adopted by Players in the Global Servo Motors and Drives Market
The global servo motors and drives market players are focusing on efficient innovations in production technology. Companies are expanding their market presence through partnerships, investments and merger and acquisitions. The global servo motors and drives market vendors are expected to invest in research and development of products and services through acquisitions and other investments that are anticipated to increase significant revenue and affect profitability. Although the market is characterized by the presence of diversified international and regional suppliers with international players increasing their market footprint, it is becoming increasingly difficult for regional suppliers to compete with them, particularly in terms of features such as quality, technology, and price.
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