Servo Motors and Drives Market

Servo Motors and Drives Market Highlights

The global servo motors and drives market is expected to cross a value of USD 20.6 billion by the end of 2032. The market was valued at USD 12.4 billion in 2023 and is expected to expand at a CAGR of 6.1% between 2024-2032.

• Over the mid-term, the growing number of initiatives for smart manufacturing is the primary factor anticipated to drive the global servo motors and drives market.
• Primary restraint factor are the major factors to challenge the market growth.
• The Asia Pacific servo motors and drives market is projected to dominate the global market.

Servo Motors and Drives Market Outlook

An essential component of motion control systems, servo motors and drives are used to precisely control the speed, position, and torque of machinery and equipment. Servo motors are designed to provide precise control over speed, position, and torque, making them ideal for applications requiring high accuracy and responsiveness. On the other hand, servo drives are electronic devices that supply power to servo motors and regulate their operation.

Our researchers at KD Market Insights forecasts that the market growth for servo motors and drives is majorly attributed to the growing number of initiatives for smart manufacturing. With the increasing adoption of industry 4.0 technologies and advancements in industrial IoT, the integration of servo motors and drives with these platforms is on the rise. Smart servo systems that are equipped with IoT connectivity and predictive maintenance capabilities allow business organization to monitor their business processes in real-time, and also allow remote diagnostics, and optimization of motor performance, which ultimately enhances business productivity and uptime. Yaskawa Electric, Mitsubishi Electric, and Siemens are some of the significant parties in the global market for servo motors and drives.

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Servo Motors and Drives Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global servo motors and drives market are:

• Growing Adoption of Automation in Industries: With rapid shift towards industry 5.0, businesses are rapidly focusing upon adopting automated processes by deploying articulated robots. These automated transformations that are witnessed in manufacturing, automotive, electronics, and healthcare sector, is thereby expected to drive the demand for servo motors and drives, and in turn, contribute to the market growth. According to our analysis, the revenue generated from industry 5.0 is projected to touch USD 491.3 billion by 2032.
• Surge in Need for High-Precision Motion Control: Several end-use industries, such as semiconductor manufacturing, aerospace, and precision machining, require high-precision motion control for several processes where precision is critical. Servo motors and drives offer superior accuracy, repeatability, and responsiveness for such applications, as a result of which, the demand for these components among these end-users are increasing rapidly.

Which Probable Factors Could Hamper the Growing Servo Motors and Drives Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of servo motors and drives are:

• High Cost of Product: One of the primary barriers to entry in the servo motors and drives market is the relatively high initial investment required for purchasing and installing servo systems. The costs associated with servo motors, drives, controllers, feedback devices, and installation can be significant, particularly for small and medium-sized enterprises (SMEs) with limited capital budgets.
• Complications Associated with Integration of These Components: Servo motor systems often require specialized knowledge and expertise for integration, setup, and commissioning. Designing and configuring servo systems to meet specific application requirements can be complex and time-consuming, requiring expertise in motion control, electrical engineering, and programming. Such a factor is therefore expected to hinder the growth of the market in the coming years.

How is the Global Servo Motors and Drives Market Segmented?

Our experts at KD Market Insights have segmented the global servo motors and drives market as:

What are the Probable Factors Influencing the Asia Pacific Servo Motors and Drives Market Forecast?

The Asia Pacific servo motors and drives market is majorly driven by the robust industrialization in the region, supported by the expansion of the manufacturing sectors, such as automotive, electronics, machinery, and consumer goods. Besides this, the surge in focus of the governments and private sector entities on investing heavily in upgrading their existing infrastructure is also poised to contribute to the market growth in the region.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific servo motors and drives market growth:

• Fanuc Corporation
• Panasonic Corporation
• Omron Corporation
• Toshiba Corporation
• Fuji Electric Co., Ltd.

Which Key Players Top the Global Servo Motors and Drives Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global servo motors and drives market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with servo motors and drives market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global servo motors and drives market share:

• Yaskawa Electric
• Mitsubishi Electric
• Siemens
• Schneider Electric
• Rockwell Automation
• ABB
• NIDEC
• Delta Electronics
• FANUC
• Fuji Electric
• Kollmorgen Corporation
• Parker Hannifin Corporation
• Omron Corporation
• SEW Eurodrive
• LENZE
• Bosch Rexroth AG
• WEG
• AMETEK
• Rozum Robotics Inc.
• ADTECH Technology Co. Ltd

What are the Recent Developments Observed in the Servo Motors and Drives Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global servo motors and drives market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Yaskawa shared that they have launched the JL-L000A communications ASIC that would support the MECHATROLINK-4 industrial network, designed to achieve transmission efficiency by 4 times.

Further, Siemens announced that it has launched Sinamics S210, the new single-cable servo drive system. This new servo motor is designed for use in a wide range of applications, especially in the pharmaceutical and food industries.