Global Servo Motors and Drives Market set to grow to USD 21.5 billion by 2033
From GlobeNewswire: 2024-07-12 21:00:00
The Global Servo Motors and Drives Market is set to grow from USD 12.9 billion in 2023 to USD 21.5 billion by 2033, with a projected CAGR of 5.24%. Servo motors and drives play a crucial role in automation, manufacturing, and robotics industries worldwide, fueling market growth. Funding challenges hinder small and medium-sized firms from investing in Industry 4.0 technology. As automation and robotics find broader acceptance across industries, the demand for servo motors and drives is on the rise. The market is expanding due to the surge in online retailing and the growing need for automated logistics and storage solutions. The servo motors segment is expected to dominate the market over the projected timeframe, offering precise control and enhanced accuracy in various applications, including robots and manufacturing machinery. DC and AC variants of servo motors cater to different requirements – DC motors are preferred for accuracy in tasks such as robotics, conveyor systems, and operations requiring precision, while AC motors provide superior torque and speed control. The low voltage segment is anticipated to lead the market, catering to applications with modest power needs due to its operation at voltages below 600 volts. The rotary system segment is projected to hold the largest share in the market, playing a vital role in tasks that require precise rotation, such as controlling CNC machines and robotic arms. Asia Pacific is expected to lead the global servo motors and drives market, fueled by the rapid industrialization and expansion of manufacturing sectors across countries like China, India, South Korea, and Japan. North America is forecasted to witness robust growth in the global servo motors and drives market, driven by the increasing demand for energy and initiatives to boost the use of renewable energy sources, along with a thriving manufacturing sector. Major vendors in the market include ABB Ltd., Bosch Rexroth AG, Delta Electronics, Inc., Emerson Electric Co., and more. Yaskawa introduced the JL-L000A communications ASIC in July 2022, enabling MECHATROLINK-4, a next-generation industrial network aiming for four times the transmission efficiency. The Global Servo Motors and Drives Market offers numerous opportunities for market players, investors, end-users, and government authorities, along with consulting and research firms. The market is segmented based on product type, voltage range, system, and region, providing a comprehensive analysis from 2023 to 2033.
Read more at GlobeNewswire: Global Servo Motors and Drives Market Size To Worth USD