As per a statement by P&S Intelligence, the servo motors and drives market was USD 12,100 million in 2022, and it will propel at a 5.4% compound annual growth rate, to generate USD 18,383 million, by 2030.
The advance in the industry is mainly attributed to the increase in the requirement for energy-efficient systems, technological advancement, and the implementation of policies by the government for instance Minimum Energy Performance Standards (MEPS) in several nations.
Due to increasing developments in industrial processes over the past few years, production has increased along with lesser costs, fewer labor requirements, and better precision. With the progressing automation, numerous companies are concentrating on replacing conventional motors with servo motors as they improve the outputs and simplify operations.
The hardware category account for a major revenue share in the industry, owing to the rapid industrialization across the globe and the increasing adoption of different components.
Based on system type, the rotary systems category will observe the highest growth rate in the years to come.
Based on voltage, the low voltage category will observe significant growth in the years to come, because of the increasing adoption of low-voltage servo motors for applications, for instance, mobile robots.
In 2022, the servo motors category generated the largest servo motors and drives market revenue share, of over 56%. This is because of the replacement of conventional gears, pulleys, and belts with servo motors, to avoid the problems of wear and failure.
In 2022, the automotive & transportation category held a significant share of the servo motors and drives industry. This is attributed to the improvements in automation technologies.
The stainless steel category dominates the servo motors and drives industry, owing to reasons such as easy cleaning, hygiene, the vast availability of steel products, and high-drive performance.
APAC led the industry of servo motors and drives, and it will maintain its position in the years to come, generating a value of USD 7,721 million in 2030. The growth in the region is ascribed to rapid industrialization and the increasing end-use industries.
Additionally, China led the industry in APAC, and it will propel at a rate of over 6% in the years to come. This is ascribed to the mounting implementation of smart manufacturing in numerous sectors of the nation.
The North American industry is advancing at a significant rate, owing to the growth of long-term renewable energy in the region.
Hence, with the increasing sales of consumer electronics, rising implementation of energy-efficient systems, and the growing rate of automation in industries, the industry of servo motors and drives will continue to advance in the years to come.
