“The advancement and rapid growth in automation and adoption of energy-efficient international standards drives the servo motors and drives market”
The servo motors and drives market size, in terms of value, is expected to grow from USD 10.26 billion in 2015 to USD 15.92 billion by 2022, at a CAGR of 6.25% between 2016 and 2022. The demand for industrial automation would continue to grow due to the increased requirements of high product quality, paired with expectations of equally high reliability in high volume production. Servo motors and drivers are the key elements of the automation industry and provide high accuracy, efficiency with low maintenance cost which is a strong requirement of automated machines. Risk and uncertainty in the market and lack of skilled workforce and trained workers are the major restraints in the market.
“Automotive & transportation industry was the largest market for servo motors and drives in 2015”
With a high demand for motors worldwide, the automotive industry has been witnessing rapid changes in terms manufacturing technology, to enhance automotive production and manufacturing facilities. There is a high demand for servo drives, controllers, and motors across the globe, as they help enhance the efficiency of production and manufacturing facilities in the automotive industry. These drives, controllers, and motors are important components of motion control systems. Moreover, motion control systems find wide application in the automotive industry for precision fuel injection, auto body painting, linear and rotary solution, speed control, and assembly application.
“APAC servo motors and drives market to grow at the highest CAGR”
APAC holds a tremendous market potential in the near future and is expected to grow at the highest CAGR during the forecast period. The reason for this growth is increasing industrial activity along with the demand for faster and accurate motors and drives to achieve a higher production output. The increasing demand for energy efficient production processes coupled with the need of software systems is fostering the growth of the servo motors and drives market.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of profile of primary participants is given below:
- By Company Type: Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 – 25%
- By Designation: C-Level Executives – 75% and Managers – 25%
- By Geography: APAC – 40%, Europe – 30%, The Americas – 20%, and RoW – 10%
Companies that provide a range of customized solutions are expected to emerge as the game changers, as customers find it easier to sync up with such devices for use in the specific industry.
The key players in the servo motors and drives market profiled in the report are as follows:
- Yaskawa Electric Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Siemens AG (Germany)
- Schneider Electric (France)
- Rockwell Automation Inc. (U.S.)
- ABB ltd. (U.S.)
- KINCO Automation Pvt. Ltd (China)
- Delta Electronics, Inc. (Taiwan)
- Emerson Electric Co. (U.S.)
- FANUC Corporation (Japan)
- Kollmorgen Corporation (U.S.)
- Bosch Rexroth AG (Germany)
- Adtech (SHENZHEN) Technology Co. Ltd. (Japan)
The scope of this report covers the servo motors and drives market based on offering, type, material of construction, voltage range, communication protocol, industry, and geography. A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the servo motors and drives market.
Key benefits of buying the report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the overall market comprehensively and provides the closest approximations of the global market size and that of the sub segments across the different verticals and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders to better understand their competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions in the servo motors and drives market.