Stamping is one of the most important manufacturing processes in various industries such as automotive, electrical & electronics, and others. Servo press are mainly used in stamping process as they offer high speed and accuracy. In addition, servo press help in reducing production cost and time as compared to hydraulic and mechanical presses. Thus, rising demand for stamped components in various industries is expected to drive the growth of servo press market during the forecast period.
Moreover, with the increasing trend of miniaturization across various industries such as automotive, healthcare, consumer electronics, and others is also expected to fuel the growth of servo press market during the forecast period.
There are several advantages to the Market. Some of these advantages include:
-The Market offers a great way for companies to reach new customers and grow their business. This is especially true for small businesses or businesses that are just starting out.
-The Market provides a platform for companies to showcase their products and services to a large audience. This can help increase brand awareness and visibility.
-The Market offers an easy and convenient way for customers to find and purchase products or services. This can save time and money, as well as provide a wider variety of choices.
Servo Press is a type of press machine that uses servo motor to drive the slide for purposes such as stamping, embossing, etc. Servo Press machines are classified into three categories depending on the tonnage capacity – Less than T, - T, and More than T.
The servo press market is expected to reach USD 2.15 Billion by 2031 from an estimated USD 1.17 Billion in 2019, at a CAGR of 6.8%.
The demand for servo presses is growing due to the increasing adoption of Industry 4.0 and smart manufacturing technologies.
There are several restraining factors that are impacting the servo press market. Firstly, the high costs associated with these presses is a key concern for many manufacturers. Secondly, the lack of awareness about the benefits of servo presses amongst small and medium enterprises is also acting as a restraint on market growth. Lastly, the complex installation process and lack of trained personnel is another challenge faced by manufactures in this market. However, with increasing technological advancements, the market will boost during forecast period.
The key players operating in the servo press market are Schuler AG (Germany), AIDA Engineering, Ltd. (Japan), Komatsu Ltd. (Japan), Nidec-Shimpo Corporation (Japan), KOMATSU NTC LTD. (Japan), SMC Corporation (Japan), Hwacheon Machinery Co., Ltd. (South Korea), Beckhoff Automation GmbH & Co KG (Germany), and JTEKT Corporation (Japan).
The the less than T Segment to be on top of the market
In terms of type, the less than T segment is projected to grow at the highest CAGR during the forecast period. This can be attributed to the growing demand for these presses from various end-use industries such as automotive, home appliances, and general machinery.
The home appliance segment to hold the most market share
On the basis of application, the home appliance segment is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the growing demand for servo presses in household applications such as washing machines, dishwashers, and refrigerators.
Asia Pacific to dominate the market
The Asia Pacific region is estimated to be the fastest-growing servo press market during the forecast period. The growth in this region can be attributed to factors such as the presence of a large number of manufacturers in countries such as China and Japan and the increasing demand from industries such as automotive, home appliances, and general machinery.
Covid-19 Impact & Market Status
The outbreak of the COVID-19 pandemic has had a significant impact on the servo press market. The market is expected to witness a sharp decline in demand in 2020 as a result of the pandemic. The automotive industry, one of the key end-users of servo presses, has been severely impacted by the outbreak with production and sales both declining sharply. This is expected to have a knock-on effect on the servo press market. In addition, the general machinery and home appliances sectors are also expected to experience a slowdown in demand for servo presses as a result of the pandemic. Looking forward, the servo press market is expected to recover from the impact of the COVID-19 pandemic and return to growth in 2021. The automotive industry is forecast to rebound in 2021 as production and sales levels begin to return to pre-pandemic levels. This is expected to lead to increased demand for servo presses from the automotive sector. The general machinery and home appliance sectors are also forecast to see an improvement in demand for servo presses in 2021 as economic conditions improve.
Latest Innovations in the Global Servo Press Market: A Snapshot
Nidec Press & Automation Co., Ltd. acquired MECCANICA NOVA S.p.A in September 2019 with an aim to expand its product portfolio as well as geographical presence in the servo press market.
Servo Press Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 2.15 Billion|
|Growth Rate||CAGR of 6.8% during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Nidec Press & Automation Co., Ltd. acquired MECCANICA NOVA S.p.A|
Key Segment of Global Servo Press Market
By Type Overview 2021-2031, (USD Billion)
• Less than 200 T
• 200-600 T
• More than 600 T
By Application Overview 2021-2031, (USD Billion)
• Home Appliances
• General Machinery
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa