Servo Motors and Drives Market Growth, Competitive Analysis, Future Prospects and Forecast 2027
The major key participants operating across the servo motors and drives market include Siemens, Schneider Electric, Mitsubishi, Rockwell Automation.
Delaware, United States – August 6, 2021 /MarketersMedia/ —
The global servo motors and drives market has witnessed considerable growth supported by increasing investments towards commercialization and industrialization across developing nations.
New developments in the technological space along with growing need for industrial automation to ensure a smooth flow of manufacturing operations will complement the supply and demand for servo motors and drives. Moreover, efforts taken by governments to achieve energy efficiency and availability of rebates and subsidies will drive the deployment of IoT-connected systems and related components.
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Many companies are upgrading their industrial operations as to introduction of new technologies with improved specifications as well as accessibility to subsidies and rebates. Such factors may in turn drive the growth of servo motors and drives market, especially in the labeling and packaging sector. Strong market competition due to rising consumer preference for technical solutions coupled with increasing dependency on integrated technologies will encourage manufacturers to provide more energy-efficient solutions.
Regionally speaking, the North America market led by the U.S. has emerged as a key revenue terrain for servo motor and driver manufacturers over time as regulatory authorities and industries are undertaking efforts to incorporate robotics and automation technology across their manufacturing plants. As per the National Federation of Robotics, in the year 2019, the annual installation of industrial robots in the U.S. was near 33.3 thousand units.
Many investors are encouraging digitalization along with growing focus on smart city projects to reduce human dependency. This is likely to support the demand and deployment of AC servo drives and motors across the urban sector. In the industrial arena meanwhile, companies are ramping up their efforts towards attaining improved precision-powered operations and enhanced system control. That being said, growing use of servo drives and motors in heavy-duty application like metal cutting and robotics will be one of the major factors driving the market growth.
Some other key factors steering the servo motors and drives market growth include:
• Increasing consumer awareness and changing preference for AI-integrated technologies that will drive the adoption of robotic units
• Constant demand for robotic units influenced by surging industrial automation along with focus on new technological developments in the industrial sector
• Servo motors and drives manufacturers constantly working towards increasing their production capacity by joining hands with other companies to increase their product portfolio, enhance quality, and expand their geographical presence
• Manufacturers also forming alliances and adopting forward & backward integration to reduce the overall costs incurred to acquire raw materials from third-party suppliers.
• Investments in R&D to boost technological innovations will help companies to stain their market presence
• Governments offering rebates and subsidies in order to encourage sustainability and to innovative energy-efficient technologies and upgrades, supporting the global servo motors and drives market expansion
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