Servo Motors And Drives Market Report
Servo Motors and Drives Market, by Offering (Software and Services, Hardware), Communication Protocol (Industrial Ethernet, Fieldbus, Wireless), Material of Construction (Others, Stainless steel), Industry (Packing, Petrochemicals, Textile, Automotive and Transport, Pharmaceuticals and Healthcare, Printing and Paper, Food Processing, Semiconductors, Electronics and Others) Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027
Servo motors and drives are majorly used to attain position control to account system disturbances and errors in gadgets such as, robotics, automation, conveyor belts, conveyor belts and many others which can be used for both independent and synchronised controls. Servo motors are small, energy efficient and has remote control facilities. So, we can generally observe their use in cars, robots, and aeroplanes.
Servo Motors and Drives Market Analysis:
Servo motor is an actuator that controls the linear or angular positions which is either linear or rotary. Servo drive is the amplifier device that provides power to the servo motors. These are also mostly used in the paper, printing, and food processing.
Automation in industries to enhance the efficiency is the major driving factor
The progressing technological updates, for instance, the integration of motion control parts in motor and drives is predicted to drive the market in the forecast period. The developing utilization of automation in different organisations is predicted to drive the growth of the market over the forecast period. Despite, the accessibility of a substitute in the market is potentially impeding the growth in the market. Besides, the rising inclination towards IoT is probably going to offer various chances for the markets to attain profits. Progression and quickly developing automation sector, convenience, integration of movement control parts in engines and drives, switching to energy effective global standards, and rules on energy efficiency is predicted to be the one of the major driving factors for the servo motors and drives.
High costs for skilled labours and expensive initial investments are predicted to be the biggest restraints
Increased expenditure on present-day technologies is a significant concern these days. Each manufacturer is particular about the size and equipment design. The Starting investment in servo motors and drives is high and requires skilled labourers to run the automated machines. With an increase in initial investment for parts, servo motors fabricating companies are finding a way to limit the incurred costs. Moreover, maintenance support of the equipment will furthermore raise the expense. Significant expense of automation is the key variable which is controlling the development of servo engines and drives market over the globe.
Increase in technological advancements possess a greater opportunity for investors in servo motors and drives market
Wireless devices, green energy automobiles and encoders in the economies like Japan, China, and India is predicted to create more investment opportunity in the forecast period. The rising economic development and higher infrastructure facilities in the Asia Pacific region possess a lucrative opportunity for the investors to invest in the forecast period.
Servo Motors and Drives Market, by Offering:
Hardware segment accounts for the highest share in the market
The hardware segment is predicted to have the highest market share in the forecast period. The growth of hardware segment is due to the international utilization of servo motor and drive parts, quick development and headways in modern robotization. Moreover, the expanding usage of advancements, for instance, Cloud computing, AI, and Internet of Things (IoT) AI, have supported the market development for servo motors and drives. Additionally, improvement of low inactivity and exceptionally unique servo engines is additionally anticipated to drive their market all around.
Servo Motors and Drives Market, by Communication Protocols:
Fieldbus is anticipated to be dominating the market in the forecast period
The Fieldbus segment predicted to have the highest market share in the servo motors and drives market. Fieldbus profits by diminished wiring as it conveys through a solitary link, bringing about high system speed. Fieldbus requires low investment, low operation, and low maintenance cost, high network productivity, and high productivity of plant machinery is predicted to drive the segment in the forecast period. Instances of Fieldbus has variants like PROFIBUS, INTERBUS, MODBUS, CC-Link, DeviceNet, FOUNDATION Fieldbus, and CANopen. The CC-Link finds its use in IoT systems due to its IE time-sensitive networking. DEVICENET is used in conveyors, motors, and sensors due to its utility for information network and device-level control.
Servo Motors and Drives Market, by Construction material:
Aluminium and carbon steel dominate the market in terms of their usage and will continue to grow further
The aluminium and carbonated steel segment is predicted to have the highest market share for the servo motor and drives in the forecast period. The minimal effort of the servo motors and drives fabricated utilizing these materials has prompted their market development. Servo motors and drives developed from non-hardened steel material can withstand high-pressure washdown, dust, and erosion. This has expanded the selection of servo motors and drives with aluminium lodging, which is Teflon covered and hard coat anodized, in different businesses is predicted to boost the segment in the forecast period.
Servo Motors and Drives Market, by Industry:
Transportation and automation are anticipated to be lucrative in the forecast period
The transportation segment is predicted to have the highest market share in the forecast period. Due to Fuel infusion frameworks, stopping automation, voyage control frameworks, and pedal frameworks, to control the speed of vehicle it is predicted to drive the segment in the forecast period. The advancements and adoption of hybrid, electric and autonomous vehicles are anticipated to stimulate the growth in the forecasted period. Movement control frameworks having servo instruments likewise discover use in assembling forms, for instance, painting, vehicle gathering, material dealing with, Automated guided vehicle (AGV) undercarriage frameworks. Servo motors and drives are vital to different changes that are planned for improving the speed, profitability, accuracy of assembling in the automation business. Servo systems improve the coordination and supply chain management through their utilization in Robotics and different control systems, accordingly, driving their growth in the transportation industry.
Servo Motors and Drives Market, by Region:
Asia pacific is the larger contributor for the economy and will increase the market demand in the forecasted period
Asia-Pacific region market is predicted to have the highest growth rate in the forecast period. Increased investment in industrial automation in the manufacturing sector to improve the operations in the Asia Pacific region is anticipated to lead the servo motors and drives market at a progressive rate in the forecasted period. The growth is attributable to certain factors such as utilization of bots and rapid industrialisation to attain efficiency and productivity. Adoption of DC servo motors and drives in recent times is due to demand for energy efficient automobiles, for instance, electric vehicles which are in alignment with the pollution norms set by the governments in the Asia Pacific region. The increase in demand for consumer electronics, including smartphones, wearable devices, smart home devices, home appliances has resulted in the transformation to flexible flowline manufacturing processes, that includes the use of robot arms, which is anticipated to drive the demand for servo motors and drives in this region.
Key Players in Servo Motors and Drives Market:
The major key players in the market are ABB Ltd., Yaskawa Electric Corporation, Schneider Electric, Siemens AG, Mitsubishi Electric Corporation, Rockwell Automation Inc., Delta Electronics, Inc., FANUC Corp., Kollmorgen Corp., and Bosch Rexroth AG. To increase the customer base, they are focusing on strategies such as partnerships, mergers, and acquisitions.
Historical Market Estimations
Base Year for Market Estimation
Forecast timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Offering
Segmentation by Communication protocol
Segmentation by Industry
Segmentation by Material of Construction
Key Countries Covered
U.S., Canada, Germany, UK, France, Italy, Spain, Africa, Russia, Japan, China, India, South Korea Latin America, Middle East and Africa
Key Companies Profiled
Q1. Which are the leading companies in the servo motors and drives market?
A. Mitsubishi Electric corp., Siemens AG, and Yaskawa Electric Corp. are the leading companies in the servo motors and drives market.
Q2. Which region possesses greater investment opportunities in the coming future?
A. The Asia-Pacific region market possesses great investment opportunities for the investors to witness the most promising growth in the future due to better infrastructure and growing economies.
Q3. What are the strategies opted by the leading players in this market?
A. New product development to attain the competitive edge, Mergers, and acquisitions for the expansion of the customer base.