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.