Major players in the servo motors industry have focused on business expansion and product launch strategies to gain the maximum share of the market. This further results in the consolidation of the servo motors market
WILMINGTON, Del., April 10, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, Servo Motors Market By Type (AC Servo Motor and DC Servo Motor), System (Linear and Rotary), and Application (Robotics, Machine Tools, Electronic Devices, Printing and Packaging Technologies, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, the global servo motors market was valued at $12,465.1 million in 2022 and is projected to reach $21,291.4 million by 2032, registering a CAGR of 5.5% from 2023 to 2032.
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Prime determinants of growth
Increase in the adoption of automation and robotics across industries such as manufacturing, automotive, electronics, and healthcare drives the demand for high-precision motion control solutions, where servo motors play a crucial role. As industries seek to improve productivity, quality, and efficiency, the demand for servo motors is expected to increase.
Report coverage & details:
Report Coverage
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Details
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Forecast Period
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2023-2032
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Base Year
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2022
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Market Size In 2022
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$12,465.1 Million
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Market Size In 2032
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$21,291.4 Million
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CAGR
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5.5 %
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No. Of Pages In Report
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189
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Segments Covered
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Type, System, Application, And Region
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Drivers
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Increase In Automation And Robotics Industry
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Opportunities
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Technological Advancements
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Restraints
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Volatile Price Of Raw Materials
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The AC servo motor segment dominated the market in 2022, and the DC servo motor segment is expected to grow at a significant CAGR during the forecast period.
By type, the market is categorized into AC servo motor and DC servo motor. The AC servo motor segment accounted for a higher market share in 2022, accounting for more than half of the market revenue. AC servo motors offer precise control over position, velocity, and torque, making them ideal for applications requiring high accuracy and repeatability. Industries such as CNC machinery, 3D printing, packaging, and semiconductor manufacturing rely on servo motors to achieve precise motion control, contributing to their growth.
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The rotary segment dominated the market in 2022, and the linear segment is expected to grow at a significant CAGR during the forecast period.
Depending on system, the servo motors market is categorized into rotary, and linear. The rotary segment accounts for more than half of the market revenue. Ongoing advancements in rotary servo motor technology, including improvements in motor design, feedback systems, control algorithms, and communication protocols, enhance their performance, efficiency, and reliability. Innovations such as brushless designs, high-resolution encoders, and advanced control techniques expand the capabilities and applicability of servo motors, thus driving their adoption.
The robotics segment dominated the market in 2022. The electronic devices segment is expected to grow at a significant CAGR during the forecast period.
By application, the servo motors market is divided into robotics, machine tools, electronic devices, printing and packaging technologies, and others. The robotics segment accounted for more than half market share in terms of revenue in 2022. The emergence of Industry 4.0 and smart manufacturing concepts, characterized by the integration of automation, data exchange, and IoT technologies, creates opportunities for servo motors. Servo motors equipped with connectivity features, such as Ethernet/IP, Modbus, or Profinet, enable real-time monitoring, diagnostics, and remote control, aligning with the requirements of smart factories and digitalization initiatives. Such factors drive the market growth.
The Asia-Pacific dominates the market share in terms of revenue in 2022
The servo motors market is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA. In 2022, Asia-Pacific accounted for more than one-third of the market share, and it is expected to grow at a significant CAGR throughout the forecast period. China holds the maximum share in the servo motors industry in the Asia-Pacific region. The servo motors market in Asia-Pacific has gained traction in recent years, owing to ongoing robotics and industrial development in China, Japan, and India. For instance, rise in expenditure for manufacturing industries is boosting the servo motors market in Asia-Pacific.
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Leading Market Players: -
- Siemens AG
- ABB Group
- Yaskawa Electric Corporation
- Rockwell Automation, Inc
- Fanuc Corporation
- Mitsubishi Electric Corporation
- Parker Hannifin Corporation
- Schneider Electric SE
- Bosch Rexroth AG
- Lenze SE
The report provides a detailed analysis of these key players in the servo motors market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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