NEW YORK, May 23, 2023 /PRNewswire/ — The global servo motors and drives market is projected to be worth USD 18,383 million by 2030, growing at a CAGR of 5.4%, according to P&S Intelligence.
This can be credited to the improvements in technology, the execution of government guidelines, including Minimum Energy Performance Standards (MEPS), in numerous nations, and the increase in the requirement for low-energy-consumption systems.
One of the greatest advantages of these systems is the flexibility in equipment tool processes. This is why the implementation of smart industry initiatives to increase output and improve dependability is boosting the development of the industry.
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Fast Industrialization in Developing Countries Fuels Product Demand
In recent years, with the improvements in manufacturing processes, productivity and accuracy have augmented, along with the reduction of labor requirement and prices. With the evolving automation standards, a huge count of businesses are substituting traditional motors with servo motors, as the latter streamline operations and improve productivity.
Rotary Systems To Witness Faster Growth in Sales
In the coming years, the rotary systems category is projected to experience the higher growth rate. This can be mainly credited to the need for removing the requirement for gearboxes, pulleys, and other mechanical components, which is possible with direct-drive rotary systems.
This leads to lower power utilization, quicker settling, and improved control of the load linked directly to the motor. High resolution, high torque density, and accurate feedback are the other benefits provided by rotary systems.
Thus, they are beneficial for numerous applications in food processing, healthcare, packaging, automotive & transportation, textiles, and printing.
Rapid Rise in Demand for Low-Voltage Servo Motors and Drives
In the coming years, the low voltage category is set to experience substantial advance, credited to the increasing utilization of low-voltage servo motors in mobile robots.
Moreover, these motors entail lower maintenance expenses, and they can be utilized in both high-power and low-power applications. Essentially, the growing housing sector, rising farming activities, and booming SMEs around the globe are boosting the acceptance of low-voltage drives.
Browse detailed report on Servo Motors and Drives Market Size, Share, Growth, Development and Demand Forecast to 2030
Companies in APAC Region Buy Most Servo Motors and Drives
The APAC region is dominating the servo motors and drives market, and it is projected to be dominant in the future as well, with a worth of USD 7,721 million by 2030. This can be credited to the growing end-use sectors and the quick industrialization in the region.
Automotive & Transportation Is Significant Application Area
Servo motors and drives are widely used in automobiles for cruise control, anti-lock braking, and fuel injection. Moreover, within automotive plants, they are used in robots for material handling, painting, and chassis assembly.
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