BANGALORE, India, March 6, 2021 /PRNewswire/ -- Servo Motor Market is Segmented by Type (Less than 2KW, 2KW-5KW, More than 5KW), by Application (Machine Tools, Packaging Applications, Textile, Electronics Equipment, Industrial Robots), by Regions & Key players Regional Growth: Global Opportunity Analysis and Industry Forecast, 2019–2026. This report is published on Valuates Reports in the Manufacturing Category.
The global Servo Motor market size is projected to reach USD 9918 Million by 2026, from USD 7770.7 Million in 2019, at a CAGR of 3.2% during 2021-2026.
Major factors driving the growth of servo motor market size are the growing automation in factories, rising adoption of international standards for motor efficiency, development of user-friendly motion control libraries and packages for motors and drives, and increasing production of vehicles.
TRENDS INFLUENCING THE SERVO MOTOR MARKET SIZE
Servo motors serve the purpose of automation. Increasing industrial automation thus is expected to fuel the growth of servo motor market size. Increased end-user interest has resulted in advances in technology used in servo systems. There are numerous application areas for servo motors, including vehicle manufacturing, packing machines, food processing, semiconductors, and healthcare industries.
New growth opportunities are unfolding for the servo motor market with features such as higher torque, lighter weight, increased speed, and reduced scale. Moreover, the decline in the prices of these servo motors has made it possible for manufacturers to turn their focus to developing manufacturing processes, innovative designs, and production time. It is predicted that all these factors will, in turn, drive the servo motor market growth during the forecast period.
Furthermore, the emerging demands from developing regions and growing potential automation in various manufacturing verticals provide lucrative opportunities for servo motor market size growth. However, on the contrary, a lack of skilled workers and prices acts as a major constraint that can impede business development.
SERVO MOTOR MARKET SHARE ANALYSIS
The hardware segment is expected to hold the largest servo motor market share during the forecast period. This segment's growth can be due to the widespread use of servo motors. The demand for servo motors has been fuelled by rapid growth and developments in industrial automation, along with the growing introduction of technologies such as cloud computing, the Internet of Things (IoT), and artificial intelligence (AI). In addition, it is further anticipated that the production of low inertia and highly dynamic servo motors would push their demand further.
Based on the application, the packaging application segment is expected to hold the largest servo motor market share during the forecast period.
Based on region, APAC is expected to hold the largest servo motor market share during the forecast period. In order to improve the operations of the manufacturing industry, massive investment in industrial automation is driving the growth of servo motors demand in the region.
SERVO MOTOR MARKET SEGMENTS
Servo Motor Breakdown Data by Type
Less than 2KW
2KW-5KW
More than 5KW.
Servo Motor Breakdown Data by Application
Machine Tools
Packaging Applications
Textile
Electronics Equipment
Industrial Robots
Others.