The global servo and drives market is anticipated to grow from USD 13.5 billion in 2020 to USD 20.12 billion by 2027, and the market’s growth momentum will accelerate at a CAGR of 6.1%. Servo motors and drives are the machinery for automated linear or rotary actuators that are used for precise position control in industrial machines such as conveyor belts, packaging machines, food processing units, semiconductors, and robots.

The rapid industrial automation in emerging economies, rising penetration of robotic technology, increase in government regulations regarding energy efficiency, and technological development such as integration of connected devices with IoT and AI are the factors that drive the growth of the market. Manufacturers are taking servo motors as integrated part as it offers low maintenance and durability, thus propelling the growth of the servo motors and drives market.

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Geographically, due to rapid industrialization and globalization, The APAC is anticipated to hold the largest market share in the servo drives and motors market during the forecast period. 2021-2027. Furthermore, due to the high population, there is an increase in demand for automotive vehicles, appliances, consumer electronics, including smartphones, home appliances, smart home devices, and wearable devices, resulting in further driving the demand for servo motors and drives in the region.

The market for servo motors and drives is anticipated to be highly competitive and the players are focus on new product development, partnerships, and mergers and acquisitions in order to expand their consumer base. The industry players are collaborating with end-use industries to secure the sales of servo motors. Thud, their focus is to attain a competitive edge and have the liberty to customize products as per their client’s demand.

Rockwell Automation released fanless Kinetix VPC servo motors. The new servo motors offer better performance and higher energy efficiencies than the older version of the VPC continuous duty servo motor and achieve IE5 energy-efficiency ratings. The new products reduce torque ripple and find use in high-quality printing, tensioning, and other application-specific tasks.

Some of the key players operating in the Servo motors and drives market: YASKAWA ELECTRIC CORPORATION, Siemens AG, Mitsubishi Electric Corporation, Schneider Electric, Rockwell Automation, Inc., ABB, NIDEC CORPORATION, Delta Electronics, Inc., FANUC CORPORATION, and Bosch Rexroth AG.

Source: VynZ Research