Increasing adoption of energy-efficient standards, advancements in automation technology, and inclusion of motor control features in latest motors are driving the global servo motors market
The global Servo Motors market is projected to reach USD 22 Billion by 2030, growing at a CAGR of 6 %
Impact of Covid-19 on Global Servo Motors Market and Latest Market Status
Covid-19 in its initial phases had a drastic impact on global servo motors market as all the manufacturing units closed abruptly and for uncertain period of time. It impacted the flow of businesses. Also, since the automotive industry was closed, it resulted into severe impact on global servo motors market. However, as businesses are re-opening and gaining momentum in last few months post-pandemic, the demand for servo motors has increased dramatically. Moreover, it is anticipated that the demand may increase even more in upcoming years.
The Hardware Segment Account For Largest Market Share in 2021
The global servo motors market is dominated by the hardware sector. The market for servo motors in hardware segment is expanding quickly due to industrial automation's rapid development and improvements, as well as the expanding use of technologies like cloud computing, the Internet of Things (IoT), and artificial intelligence (AI). Further boosting their demand on a global scale is anticipated to be the development of low inertia and highly dynamic servo motors.
Rotary Systems Will Dominate The Market For Servo Motors
The automotive and transportation industry is expected to dominate the global servo motor market. Different automotive control systems, such as anti-lock brakes, cruise control, pedal systems, and fuel injection systems, employ servo motors and drives to govern vehicle speed. Motion control systems and servo mechanisms are required for many industrial operations, including auto body painting, vehicle assembly, autonomous guided vehicle, material handling, assembly press, and chassis marriage systems. Servo motors and drives are at the core of various technologies that are intended to increase the productivity, accuracy, and speed of manufacturing in the transportation industry.
Firebus Segment Account For The Highest Market Share
topologies including ring, star, branch, tree, and ring are supported by Fieldbus. Fieldbus has fewer wires since it just uses one connection for communication, which increases network speed. Interbus, PROFIBUS, MODBUS, Device.Net, FOUNDATION firebus, and CANopen are a few Fieldbus protocol examples.
The Automotive And Transportation Sectors Successfully Rode the COvid-19 Storm
The global servo motors market is dominated by the automotive and transportation sector. In order to manage vehicle speed, servo motors and drives are employed in a number of automobile control systems, including fuel injection, anti-lock brakes, cruise control, and pedal systems. Manufacturing operations including car body painting, vehicle assembly, material handling, automated guided vehicle (AGV) chassis marriage systems, and assembly presses all require motion control systems using servo mechanisms. Servo motors and drives are at the heart of several innovations that are meant to boost the productivity, precision, and speed of manufacturing in the transportation sector.
Asia-Pacific Will Hold The Largest Market Share By 2029
In terms of dominant region in market share of global servo motors market, APAC is anticipated to led in 2022 and anticipated to dominate in forecast years. The region's servo motors and drives market is expanding due to significant expenditures made in industrial automation to improve the efficiency of the manufacturing sector. As a result, there has been an increase in industrialization and the employment of robots in industries that need high levels of productivity and efficiency. The demand for consumer goods is expected to rise, raising the demand for servo motors in the manufacturing process.
The increasing need of integrating system in modern cars that enable better control over speed and better control over other automotive operations is improving the reliance on servo motors furthering the development of global servo motors market.
Owing to benefits such as capability to precisely rotate the motor shaft, fast response speed, high torque, wide speed range, safe human–robot collaboration, precise movement or positioning, and precise conversion of rotational motion into linear motion, the servo motors are experiencing rapid adoption thus fostering remarkable progress of global servo motors market.
The adoption of globally recognized energy-efficient standards encourages the diffusion of automation technologies and the use of motor control elements in motors.
Servo motors have several benefits, including high precision, speed, and size reduction. The increased adoption of energy-efficient international standards, use of control elements in motors all contribute to the growth of the global servo motor market.
Many industrial operations can be automated using servo motors. Packaging equipment, auto production, food processing, healthcare, electronics, and robotics are just a few areas where servo motors are used.
Global servo motors market is expected to reach close to 20 Bn by 2029 at a CAGR of 6.4 % during the projected period 2022-2029.
Servo motor is equipped with feedback loop tuning crucial for system stabilization and has advanced safety features embedded in the event of malfunctioning. These variables make adopting servo motors more difficult and expensive. This is leading away customers’ preference from servo motors to other solutions such as stepper motors. However, lack of competent workers is an important hindrance to the market expansion for servo motors and drives. Also, the market's potential for expansion may be constrained by the high costs associated with servo technology. The above demerits is complicating the current dynamics of global servo motor market.
The increasing use of servo motors in robotic applications for achieving precision positioning, transforming manufacturing processes, emergence of autonomous vehicles and increase use of servo motors in steering systems of autonomous vehicles are key factors likely to be lucrative to the growth of global servo motors market.
The market leaders of servo motors are ABB, Siemens, and Schneider Electric, are anticipated to maintain their dominant position because of their knowledgeable supply chains reaching out to the greatest possible number of clients, various corporations prevail in various parts of the world.
Latest innovations in Global Servo Motors Market: A Snapshot
- Rockwell Automation introduced servo motors without fans called Kinetics VPC in March 2020. The new servo motors attain IE5 energy-efficiency ratings and are more energy-efficient and perform better than the previous VPC continuous duty servo motor. The new products decrease torque ripple and are used for tensioning, high-quality printing, and other task-specific activities.
- Siemens introduced the Simatic Micro servo drive in November 2019. The new drive offers dynamic and precise positioning and has a safe extra low voltage range of 24 to 48 volts. Positioning activities, automated guided vehicle systems (AGVS), and manufacturing equipment may all employ the servo drive system.
Servo Motors Market Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 20 billion.|
|Growth Rate||CAGR of 6.4% during 2021-2028|
|Segment Covered||System, Voltage Range, Communication Protocol, Brake Technology, Material, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||ABB, Siemens, and Schneider Electric|
Key Segments of the Global Artificial Intelligence in Servo Motor Market
System Overview, 2022-2029 (USD Billion)
- Linear System
- Rotary System
Voltage Range Overview, 2022-2029 (USD Billion)
- Low Voltage
- Medium Voltage
- Large Voltage
Communication Protocol Overview, 2022-2029 (USD Billion)
- Industrial Ethernet
Brake Technology Overview, 2022-2029 (USD Billion)
- Permanent Magnet
Material Overview, 2022-2029 (USD Billion)
- Stainless Steel
Application Overview, 2022-2029 (USD Billion)
- Robotic Applications
- Home Appliances
- Industrial Automation
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa