The global servo motors and drives market is expected to grow at a CAGR of 5.7% to USD 15.8 billion by 2027, up from an estimated USD 12.0 billion in 2022. The rising trends of automation and Industry 4.0, are improving the productivity and reliability of production processes in industries of various countries is driving the market for servo motors and drives.
The rise in smart manufacturing initiatives to improve reliability and increase productivity in industrial processes is supporting the growth of the servo motors and drives market in various countries. In Asia pacific is expected to be the largest market for servo motors and drives owing to the growing industrialization and the need to achieve high efficiency in industrial processes, which creates a high demand for servo motors and drives in the region. This has made various end-user companies across the world take smart manufacturing initiatives such as introducing industrial robots, and industrial IoT (IIoT) in their business operations.
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The servo motors and drives market, by product type, has been broadly classified into servo motors and servo drives. The servo motors segment is expected to have the largest market share during the forecast period. Servo motors are featured with high-response and high-precision positioning with the capability of accurate rotation angle and speed control. Encoders play a vital role in this closed-loop control. closed loop controlling the machinery, there are also other features such as smooth running, quiet operation, and suitability in harsh environments. These operational advantages of servo motors are driving the market for servo motors during the forecast period.
The servo motors and drives market, by end-user, has been segmented into automotive & transportation, semiconductor & electronics, food processing, textile, petrochemical, pharmaceutical & healthcare, packaging, printing & paper, and others. Others end-user segment include robotics, plastics, energy & power, cement, and furniture & wood. The automotive & transportation segment, by end user, is expected to be the largest market during the forecast period. There have been several developments in recent years in the field of automated-guided vehicles (AGVs) for transporting different types of materials such as pallets, rolls, racks, carts, and containers in industries. industries use DC servo motors to drive AGVs for maintaining precise speed and position control required over the application. These developments in the automotive & transportation field is driving the market for servo motors and drives.
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Manufacturers have increased their focus on smart manufacturing initiatives. Industries are investing in technologies to automate their infrastructure. Smart manufacturing initiatives are being implemented to adopt Enterprise Resource Planning (ERP), Quality Management systems (QMS), Manufacturing Execution System (MES), Supply Chain Planning (SCP), Industrial IoT (IIoT), Production Monitoring, Advanced Analytics, Asset Performance Management (APM), Enterprise Asset Management (EAM). Servo motors and drives are beneficial as they provide accurate and precise control over the industrial machinery favoring manufacturing automation. The report published by Plex Systems in a survey of 321 global companies on smart manufacturing states that 75% of the organizations will have some of the smart manufacturing infrastructure developed by the end of 2022. These opportunities are pushing the market for servo motors and drives.
