Global servo motors and drives market projected to reach $21.44 billion by 2031 with a CAGR of 5.8%
From GlobeNewswire: 2025-03-25 07:20:00
According to a report by The Insight Partners, the global servo motors and drives market is growing, reaching $14.41 billion in 2024 and projected to hit $21.44 billion by 2031, with a CAGR of 5.8%. The surge in demand for industrial automation solutions and product development is driving this growth.
Technological innovations like AI are revolutionizing servo motors and drives, enhancing their capabilities for real-time optimization and predictive maintenance. This technology can increase operational efficiencies and reduce downtime, leading to optimized performance in dynamic environments.
The high demand for industrial automation solutions is boosting the adoption of servo motors and drives, especially in tasks requiring precise motion control. These components are crucial in applications like CNC machines, conveyor systems, and robotic arms, ensuring high levels of precision and speed control.
Asia Pacific led the servo motors and drives market in 2024, followed by North America and Europe. Asia Pacific is expected to have the highest CAGR in the market in the coming years. The market is segmented based on components, product types, brake technology, and industry verticals.
Key players in the servo motors and drives market include ABB Ltd, Siemens AG, and Fanuc Corp, among others. These companies are focusing on new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
ABB recently launched the ACS8080, a medium voltage air-cooled drive that aims to bring reliability, performance, and flexibility to industrial applications. With over 50 years of experience, this drive is designed for optimal performance with up to 98% efficiency, showcasing innovative motor control and digital capabilities. Fuji Electric Co., Ltd. has launched the industrial drives FRENIC-GS series, which reduces power loss and increases data transmission, aiding decarbonization and digital transformation in material and assembly processing industries. The new motor control technology, MP3C, enhances efficiency, reduces harmonic distortions by 50%, and improves dynamic performance and robustness compared to classic control.
A servo motor is a specialized motor used for precise motion control, enabling accurate positioning and smooth movement. Advancements in AI-powered servo motors, integration of IoT, AI, and ML, along with rising demand for customized products, compact designs, and next-gen drives, are driving growth in the servo motors and drives market. The report by The Insight Partners offers valuable insights for stakeholders to navigate the evolving market landscape.
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