October 11, 2021
As cited by the research report titled ‘Servo Motors and Drives Market Size By Category (Digital, Analog), By Drive (AC Drive, DC Drive), By Voltage, By Application, Industry Analysis Report, Regional Analysis, Application Potential, Covid-19 Impact Analysis, Price Trend, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global servo motors and drives market is estimated to expand significantly over 2021-2027.
Rising product use across various application areas, along with growing technological advancements, and strict energy efficiency norms are the major factors driving global servo motors and drives market growth. Moreover, major players have been expanding their offerings to improve their reach and augment their profits in major regions using different measures to make their processes more sustainable, thus positively swaying the market dynamics.
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For instance, in March 2021, Yaskawa Electric Corporation, launched AC servo drives “Σ-X Series”, which is the successor to its well-known “Σ-7 Series”. The series has been designed to include functions of using sensing data, together with other advanced performance and functions.
Considering application range, the automation application segment is expected to witness robust growth by 2027. Notably, Japan’s automation segment accounted for around 6% of the overall revenue in 2020 and is likely to showcase lucrative growth trends over the forecast duration.
The regional scope of global servo motors and drives market consists of North America, Asia Pacific, Europe, and Latin America. Of these, Middle East & Africa market is likely to witness significant growth over 2021-2027, with Saudi Arabia's oil & gas sector accounting for over 5% revenue share.
Meanwhile, Latin America market is poised to record substantial growth over the study duration, owing to increasing deployment across developing industries like packaging and labelling along with robotics.
Prominent players influencing worldwide servo motors and drives industry trends are Kollmorgen, Mitsubishi Electric Corporation, Ingenia-cat S.L., Aerotech Inc., Danfoss, Nidec Corporation, Schneider Electric SE, ABB Group, Yaskawa Electric Corporation, Heason Technology Ltd., Rockwell Automation Inc., Bosch Rexroth AG, ESR Pollmeier GmbH, Advanced Motion Controls, Siemens AG, and Estun Industrial Technology Europe srl.