Rising factory automation across several markets is responsible for the continued growth on the servo motors and drive market, according to a new report by Persistence Market Research. The firm said the market is expected to surpass $12 billion by the end of this year, with a global market value of $28 billion by the end of 2029, representing about an 8% compound annual growth rate.
The company said the robotics segment is likely to hold a significant share across the globe, “due to the unprecedented developments in the robotics industry and heavy adoption of robotic techniques in various end-use industries.” Other industries expected to grow sales of servo motors and drives include the food & beverage industry (“playing a vital role to make accurate packages of foods or cold drinks”), and the printing and packaging equipment segment. Sales are also expected to gain healthy traction in the pulp & paper industry, and textile, among others, the group said.
Breaking down the servo motors market
The report breaks down the servo motors and drives markets by technology, product type, motor configuration, and region, as follows:
- By technology: The report segments into single-axis servo systems and multi-axis servo systems. Single-axis servo systems are expected “to attract end users and is likely to witness more traction in the servo motors and drive markets,” Persistence Market Research said. “The reasonable cost and efficient performance of single-axis servo systems is likely to play a pivotal role for the substantial growth in the market of single-axis servo systems.”
- By product type: The report segments the market into linear servo motors and rotary servo motors, saying both segments will have about equal sales, with linear servo motors “gaining a slight edge” in terms of market share.
- By motor configuration: The market is segmented into AC motors and DC motors. Within the AC servo motors, the market is categorized into industrial type and asynchronous type. The DC servo motors are categorized into brushless DC motors, separately excited DC motors, and permanent magnet DC motors. The firm said AC servo motors are more likely to be preferred in the market, “due to its ability to operate with the AC current,” as well as its ability to pick up light loads and heavy loads frequently. Almost 75% of the market is estimated to be held by the AC servo motors and drives around the world, the company added. “Meanwhile, synchronous AC motors are going to be the top choice of customers among other offerings of servo motors.” On the DC servo motors and drives market, all three sub-segments are expected to attract the target customers in the market, the firm said.
- By rated power capacity: The firm said the market is segmented into 400-750 W, 750 W-1kW, 5-15 kW, 15-50 kW, and 50-100 kW. The firm said servo motors and drives in the 750 W-1kW segment will remain the “paramount share holder” in the market over the forecast period, but that demand will likely depend on requirements and applications of end users.
- By region: The firm segments the market into six regions – North America, Latin America, Europe, East Asia, South Asia, and Middle East & Africa. The report said the European market will “grow with a noteworthy share in the global servo motors and drives market over the stipulated time period.” However, the Asia regions are also expected to grow “with significant collective share” over the forecast period. In North America, the region will account for nearly 10% share in the global servo motors and drives market, due to “the rising awareness of end users towards accuracy and precision, coupled with the factory automation.”
Key players identified in the report include Siemens AG, Panasonic Corporation, Parker Hannifin Corporation, Nidec Motor Corporation, Delta Electronics, Inc., Fuji Electric Co., Ltd., Hitachi Industrial Equipment Systems Co. Ltd, Mitsubishi Electric Corporation, Schneider Electric, Rockwell Automation, Inc., ABB, Applied Motion Products, Inc., and Altra Industrial Motion Corp. For more details on the report, click here.