Owing to benefits such as consistent torque and high speeds, AC servo motors are being used in numerous markets such as machine tools, packaging, textile, electronic equipment, and others. The majority of the time, they are employed as motion control tools for various industrial applications. The global AC servo motor market is expected to steadily grow in the coming years due to factors such as the increasing demand for automation across different industries and the need for energy-efficient solutions.
The need for automation processes in various sectors is driving the growth of this market globally. Moreover, technological advancements in automation processes would further propel this market's growth over the forecast period 2021 to 2031. Additionally, increasing investment from companies toward research and development activities will create lucrative opportunities for manufacturers to innovate their products with improved accuracy.
Rapid application in the medical sector is also expected to be a key driver of this market. Along with this, the growing demand for miniaturized motor solutions that have increased efficiency and reduced overall system costs is expected to drive the growth of this market. Such factors are fostering remarkable progress in the global AC servo motors market. The market consistently undergoes a series of developments in order to provide better services.
Improved features like high torque density, low energy consumption, and higher performance are advantageous and cater to the rising demand for automation across various industries. Additionally, players are also focusing on developing cost-efficient servo motors that can be implemented in various applications.
Considering these factors, it is reasonable to say that the AC servo motor market is growing at an appreciable compound annual growth rate (CAGR) of 6.2%. It is expected that the market might acquire a size of USD 14.67 billion during the period of forecast, that is, 2021-31.
AC Servo Motor is an electric motor that uses a feedback information from a sensor to precisely control its rotation speed and position. It is mainly used in industrial motion control applications, such as robotics, machine tools, and production line automation. The servo motor continuously monitors and adjusts its position based on the feedback signal provided by the encoder or resolver. It allows for precise control of a system and can achieve higher torque at low speeds than other types of motors.
A significant rise in the investment by various manufacturers in research & development activities to expand their product portfolio by integrating AI and IoT technologies into AC servos motors has led to an increase in their efficiency. They are also offering customized solutions according to customer requirements. Furthermore, companies are also introducing updated software solutions for controlling their AC servo motors along with enhanced features like improved speed accuracy and better positioning control.
However, limitations in the accuracy of these servo motors, along with the limited availability of AC servo motors in certain regions could impede the growth of this market. Additionally, unreliable power supply and high costs can also hamper the growth of this market. Nevertheless, in the years to come, this sector will see new opportunities brought about by rising knowledge of effective energy solutions.
The key companies in the global AC Servo Motor market are ABB, Siemens, Yokogawa Electric Corporation, Rockwell Automation Inc., Ametek Inc., Schneider Electric SE, Mitsubishi Electric Corporation, Kollmorgen Corporation, and Delta Electronics. Moreover, collaborations among key players are further intensifying the competition among them which is further driving the growth of the global AC Servo Motor market. Product launches, collaborations, partnerships, and acquisitions are the main strategies used by the top companies functioning in the AC servo motor market.
Less than 2KW Segment to Remain the Most Lucrative Segment
The AC servo motor market has been divided into three types based on type: less than 2KW, 2KW-5KW, and more than 5KW. During the forecast period, the less than 2KW category is anticipated to hold the biggest market share for AC servo motors. The rising demand from the packaging and machine tool sectors is to blame for this expansion.
The Machine Tool Application Segment to Ensure Maximum Revenue
The AC servo motor market has been categorized into machine tools, packaging, textiles, electronic equipment, and others depending on the application. The industry for AC servo motors is estimated to be led by the category of machine tools.
The Asia Pacific Region is Expected to Render Ample Investment Avenues
On the basis of region, the AC servo motor market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). APAC is expected to be the leading market for AC servo motors due to growing industrialization and rapid economic development in countries such as China, India, Japan, and South Korea.
Covid-19 Impact and Market Status
The outbreak of the COVID-19 pandemic has had a significant impact on the global AC servo motor market. This can be attributed to the shutdown of manufacturing plants due to lockdowns imposed by various governments. Moreover, disrupted supply chains have led to decreased production and sales of AC servo motors which have further impacted the growth of the market. The demand for AC servo motors has declined significantly in various end-use industries, such as machine tools, packaging, textile, and electronic equipment due to the lockdown measures implemented across the globe to contain the spread of the virus. Moreover, the production of AC servo motors has also been affected due to the shortage of raw materials and components. The global AC servo motor market had been expected to recover in 2021 as the lockdown measures were lifted and production was resumed in various end-use industries. However, the second wave of COVID-19 has caused another set of lockdowns across the globe, which is expected to have a negative impact on the AC servo motor market. The market is likely to remain subdued in 2021 due to the persisting lockdown measures and sluggish economic activity. The market is anticipated to witness a gradual recovery as economies gradually open up across the world and manufacturing activities resume.
Additionally, with government initiatives such as Make in India and Make America Great Again, there are likely to be increased production activities in various countries, which could provide an impetus to the growth of the AC servo motor market.
Latest Innovations in the Global AC Servo Motor Market: a Snapshot
• ABB launched its ACS510 and ACS550 adjustable frequency drives (AFDs) in 2020 which provides greater flexibility for customers who need to adjust motor speed according to their application needs.
• Similarly, in 2021, Yokogawa Electric Corporation launched the EXA-500 Series of AC Servo Motors which offer exceptional performance, a wide range of sizes, and a variety of options.
AC Servo Motor Market Scope
|Revenue forecast in 2031
|USD 14.67 BN
|CAGR of 6.2 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|AC Servo Motor market are ABB, Siemens, Yokogawa Electric Corporation, Rockwell Automation Inc., Ametek Inc., Schneider Electric SE, Mitsubishi Electric Corporation, Kollmorgen Corporation, and Delta Electronics.
Key Segments of the AC Servo Motor Market
By Type Overview, 2021-2031 (USD Billion)
• Less than 2KW
• More than 5KW
By Application Overview, 2021-2031 (USD Billion)
• Machine Tools
• Electronic Equipment
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa