Rising technological advancement coupled with swift growth in the automation industry is expected to drive the Servo Drives market growth over the forecast period. Increasing demand for enhanced production capacity, energy efficient solutions, increased venture capital funding, high level security and high investments initiative by government organizations for industrial development led to the growth of industrial and automation control systems across the globe are expected to steer the market growth.

Servo drives is a flexible, accurate, and efficient motor which helps the system to work effectively. It provides higher system performance. These drives are considered to be one of the highly expensive products when compared to other stepper motors. However, the declining prices of the modules (especially the permanent magnet material) used in the production of servo drives is estimated to boost the demand of these drives over the next eight years. Servo drivers are considered to be high performing electric equipment. They are extensively used to control and monitor the movement of vehicles and machines.

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Rising electricity costs and rigid regulations on energy usage are expected to steer the demand for energy efficient motors across the globe, therefore escalating the global market for servo drives over the forecast period. Servo drives market report includes the segmentation on the basis of component, application, voltage range, and geography. The servo drives sector is further classified into DC servo, adjustable speed, and AC servo drives. Drives and motors are the major market segments for the automation industry. The increasing use of electric vehicles in the automation sector has given rise to higher demand for electric drives and motors, with manufacturers accentuating more on energy efficient electric equipment.

To make sure that the market’s growth is sustainable, the industry participants are expected to address certain concerns regarding the higher initial investment or purchase cost coupled with high dependence on China to attain rare earth minerals. However, growing demand for technological advances across various businesses which concentrate on development and innovation to provide best quality customer service is anticipated to provide lucrative growth prospects for the global industry over the next eight years. Servo drives are used in various applications, including semiconductor, automotive, transportation, electronics, textile machines, food processing, material handling, healthcare, packaging, machine tools. Key applications include transportation and automation accounting for lions share in the global market. Servo drives are considered to be the major components during manufacturing of vehicles and heavy trucks.

The market on the basis of geography has been classified into four regions, namely Europe, Asia-Pacific, Americas, and RoW. Asia Pacific is anticipated to contribute the major revenue towards servo drives market. Presence of emerging economies including India, China, Thailand, Vietnam and South Korea which are the major markets in China market is expected to account for majority share of about 40% over the forecast period. Europe is expected to follow Asia Pacific and is considered to be the second-fastest emerging market after.

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Some of the key industry participant’s players operating in the drives market include, Mitsubishi Electric Corporation, Yaskawa Electric Corporation, Schneider Electric, and Siemens AG Rock. Other industry participants include Adtech Technology, Kinco Automation Pvt. Ltd, and Emerson Electric Co. Most of the players in the global market adopted different strategies, including partnership and mergers & acquisitions amongst others in order to gain competitive edge and expand its product portfolio and global base in the servo drives market. The report includes competitive developments, including mergers & acquisitions, expansions, new product development and launches, and joint ventures, in the servo drives market and analyze the overall market with clear attention on high growth rate applications and the fastest growing market sectors.

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