Global Servo Motors & Drives Market to Surpass $28 Billion by 2029
The global servo motors and drives market was valued at US $9 billion in 2014, and is expected to grow at a CAGR of 8% between 2019 and 2029, for a global value of US $28 billion by the end of 2029, according to a new report by Persistence Market Research.
The study reveals that 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. The printing and packaging equipment segment will also show a decent share hold over the market and is set to register a healthy growth over the forecast period. Moreover, in food & beverages industry, servo motors and drives are playing a vital role to make accurate packages of foods or cold drinks. Thus, servo motors and drives application is not limited to the above mentioned industry but also these motors are gaining healthy traction in other industries such as pulp & paper, and textile, among others.
By technology, the servo motors and drives market is segmented into single-axis servo systems and multi-axis servo systems. The single-axis system segment is expected to attract end users and is likely to witness more traction in the market. 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 as well.
By product type, the global servo motors and drives market is segmented into linear servo motors and rotary servo motors, and both the segments are projected to have near about equal sales with linear servo motors gaining a slight edge in terms of market share. Linear servo motors are manufactured by several manufacturers, which provides customer liberty to choose a product best fit for their purpose. Due to this, linear servo motors have slightly more sales across the global market.
By motor configuration, the global servo motors and drives market is segmented into AC servo motors and DC servo motors. AC servo motors and drives are further categorized into industrial type and asynchronous type. And DC servo motors are categorized into brushless DC motors, separately excited DC motors and permanent magnet DC motor. Globally, AC servo motors are more likely to be preferred in the market due to their ability to operate with the AC current as well as pick up frequently light load and heavy load. Almost 3/4 of the market is estimated to be held by the AC servo motors and drives across the globe. Meanwhile, synchronous type AC motors are going to be the top choice of customers among other offerings of servomotors. For the DC market, all the three sub-segments are expected to attract the target customers in the market.
The servo motors and drives market has been segmented into six regions: North America, Latin America, Europe, East Asia, South Asia, and Middle East & Africa. In these regions, The European market is estimated to grow with a noteworthy share over the forecast period. However, East Asia & South Asia regions are estimated to grow with significant share as well. North America is expected to account for nearly 10% share due to the rising awareness of end users toward accuracy and precision, coupled with factory automation.