Servo Actuators Market Insights, Trends & Growth Outlook to 2025
Soaring demand for high-performance motors, alongside increasing vehicle production owing to escalating sales of passenger vehicles are fueling the growth of automotive servo actuators market. Growing focus among manufacturers to develop lightweight machines with smaller footprint, while increasing the speed and torque of the machine is enhancing the market outlook. According to trusted estimates, global servo actuators market is presumed to grow with robust CAGR through 2025.
Rising emphasis towards maintaining high precision levels, reducing labor & production costs, minimizing human errors, and amplifying production output is leading to prompt installation of servo actuators in several industries. Easy installation, low maintenance cost, and declining product price are among other major factors fueling the product deployment.
Increasing automation in tandem with implementation of industry 4.0 technologies such as cyber-physical systems, IoT, and cognitive computing in manufacturing facilities is rendering a positive impact on the market size. Moreover, growing adoption of industrial robots for applications in assembly lines, logistics, and manufacturing processes across various industries including automotive, electrical & electronics, and metal are expected to stimulate product demand. However, easy availability of cheap substitutes and refurbished actuators may hinder the business scenario over the forecast timeline.
As per the type landscape, global servo actuators industry is bifurcated into AC servo actuators and DC servo actuators. Smaller footprint and lightweight as compared to DC servo actuators are favoring the product adoption. AC servo actuators are widely used in HVAC equipment, industrial & home appliances, and manufacturing facilities. The implementation of energy star ratings for a wide array of consumer applications is prompting manufacturers to develop energy efficient AC motors. Surging demand for air conditioners, heating and cooling equipment, and refrigerators owing to rapidly changing climate conditions across the globe is bolstering the demand for AC motors. Expansion of power generation plants to fulfill the power demand from the ever-growing population, especially in emerging economies is supporting the production of AC servo actuators for use in compressors, pumps, and robots.
Speaking of the application spectrum, servo actuators market is split into aviation & defense, automotive industry, construction & mining, machine tool, and others. Automotive industry is slated to witness a rapid growth over the next five years. The growth can be affixed to increase in worldwide vehicle production on account of rising sales of passenger vehicles and fleet automobiles in logistics and public sector. Steady adoption of electric vehicles and hybrid vehicles in tandem with growing affordability of these vehicles will augment the demand for servo actuators from automotive industry.
As per the regional analysis, Asia Pacific servo actuator market is anticipated to witness momentous growth through 2025. Manufacturing plants of several automobile and consumer electronic companies are being shifted to Asian countries like China due to the abundance of raw materials and large workforce with cheap labor costs. Rising purchasing power and short replacement cycles of consumer electronics are some of other rationales supplementing the regional market growth.
Major players of global servo actuator market are Moog, SKF, MotiCont, Tolomatic, Electromate, Wittenstein, Harmonic Drive AG, Bosch Rexroth, and ATB Automation.