Market Size of Servo Drives Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Servo Drives Market Analysis
The global servo drives market is expected to register a CAGR of 4.9% over the forecast period (2022-2027). The growing mobile robotics and electric mobility continuously drive the innovation in servo drives. This includes warehouse and factory automation, as well as automation in people-centric industries like grocery stores, shopping malls, and hospitals.
- Mobile robotics such as Automated Guided Vehicles (AGV), Autonomous Mobile Robots (AMR), and Automated Storage and Retrieval Systems (AS/RS) have been driving demand for servo drives, and this is expected to continue in the future. These mobile robots are being used in warehouses by large companies and municipalities.
- For instance, in 2021, Advanced Motion Control will start packaging its FlexPro drives as multi-axis products and make them available as standards. They will essentially be several individual FlexPro drives mounted to a single PCB with a common power and interface.
- In the case of motors other than servo motors, they must be deployed with different torque and speeds. But the servo motors provide a diverse range of torque and speeds as a single unit. Further, these drives require less maintenance which are some factors adding demand for servo drives for different applications.
- Governments in various countries are installing energy-saving equipment to decrease energy consumption at industrial and commercial levels, where servo drives play an important role. Also, the demand for energy in coming years is anticipated to rise owing to the growing industrial automation, bolstering the market demand studied. However, the complexity of the operation and high initial setup cost are the factors hindering the market growth.
- The Covid-19 outbreak has weakened the demand for servo drives as the use of motors and its demand from various industries such as oil & gas, mining, food processing, automobile, and others has declined. Also, the disruption in the supply chain due to pandemic restrictions has affected the demand and supply of servo drives in the market.
Servo Drives Industry Segmentation
A servo drive is the key part of motor operations as it helps manage the motor's actions using the command or feedback signals received from the controllers and amplifiers. Servo Drives Market is segmented By Voltage (Low, Medium), By End-user Industry (Oil & Gas, Chemical & Petrochemical, Food & Beverage, Water & Wastewater, Power Generation, Metal & Mining, Pulp & Paper, Discrete Industries), and Geography.
Servo Drives Market Size Summary
The global servo drives market is poised for steady growth, driven by advancements in mobile robotics and electric mobility. These technologies are increasingly integrated into warehouse and factory automation, as well as sectors like grocery stores, shopping malls, and hospitals. The demand for servo drives is particularly bolstered by the use of Automated Guided Vehicles, Autonomous Mobile Robots, and Automated Storage and Retrieval Systems, which are becoming commonplace in large-scale operations. The versatility of servo motors, offering a wide range of torque and speeds with minimal maintenance, further enhances their appeal. Additionally, government initiatives aimed at reducing energy consumption and promoting industrial automation are expected to sustain market demand, despite challenges such as high initial setup costs and operational complexities.
The servo drives market is experiencing significant activity across various regions, with Asia-Pacific emerging as a key player due to rapid industrialization and urbanization. Countries like China and India are witnessing increased adoption of automation technologies, driven by the need for energy-efficient solutions and advanced manufacturing capabilities. The region's focus on robotic process automation and AI development is further propelling market growth. In Europe, investments in semiconductor manufacturing and green initiatives are expected to boost the demand for servo drives. The market is characterized by intense competition, with major players like Danfoss, ABB, and Schneider Electric continuously innovating and expanding their product offerings. This competitive landscape is likely to be shaped by mergers, acquisitions, and strategic partnerships aimed at enhancing market presence and technological advancement.
Servo Drives Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porters Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of Impact of COVID-19 on the Market
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Servo Drives Market Size FAQs
What is the current Servo Drives Market size?
The Servo Drives Market is projected to register a CAGR of 4.90% during the forecast period (2024-2029)
Who are the key players in Servo Drives Market?
Danfoss, Rockwell Automation Inc., Schneider Electric, Siemens AG and ABB are the major companies operating in the Servo Drives Market.
