According to Transparency Market Research, the major players in the global servo drives and motors market are Mitsubishi Electric Corporation, Siemens AG, Rockwell Automation Inc., ABB Ltd., Baldor Electric Company, Emerson Electric Co., Yaskawa Electric Corporation, Parker Hannifin Corporation, Schneider Electric SE, and Nidec Corporation.
“The rising demand for automation in the global industrial sector is the major driver for the servo drives and motors market,” according to Transparency Market Research.
Robotic systems used to automate an industrial system often need to perform an action at varying speeds, which can lead to conventional motors getting overheated. The error-sensing feedback mechanism of servo drives and motors allows them to perform the action at any speed while maintaining optimal temperature. This is a major benefit in automation and is expected to remain an influential driver for the global servo drives and motors market in the coming years. The rapid growth of the manufacturing sector in the last few years has thus been vital for the global servo drives and motors market, as automated manufacturing lines are becoming common.
Increasing Demand from Automotive Industry Crucial for Servo Drives and Motors Market
The increasing demand from the automotive industry is also expected to impart significant impetus to the global servo drives and motors market. The global automotive industry boom has helped several ancillary industries massively, with the servo drives and motors market being no exception. The increasing demand for vehicles in emerging countries such as China, India, and South Korea is crucial for the global servo drives and motors market. These countries are also becoming major automotive manufacturing hubs, which will further boost the regional servo drives and motors market in the coming years.
Other major application segments of the global servo drives and motors market are the semiconductor and electronics industry, food processing, material handling, and healthcare.
Asia Pacific Largest Regional Market, Servo Motors Largest Product Type in Global Market
By product, servo motors hold the dominant share in the global servo drives and motors market and are expected to remain in the lead in the 2014-2020 forecast period. The servo motors segment is further segmented into brushed DC, DC brushless, AC, linear servo motors, whereas AC, DC, and adjustable speed drives are the major sub-segments of servo drives.
Due to the rapid industrialization observed in countries such as India, China, Japan, South Korea, Indonesia, Thailand, and Taiwan, Asia Pacific emerged as the largest regional market for servo drives and motors in 2013.
This information comes from a market study published by Transparency Market Research. The study, titled ‘Servo Drives and Motors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,’ projects a steady 5.60% CAGR for the global servo drives and motors market from 2014 to 2020. The market’s valuation is expected to rise from US$8.3 bn to US$12.4 bn in that period.
The servo drives and motors market is segmented as below:
Servo Drives and Motors Market: by Type
- Servo drives
- AC servo drives
- DC servo drives
- Adjustable speed
- Servo motors
- AC servo motors
- DC brushless
- Brushed DC
- Linear servo motors
Servo Drives and Motors Market: by Application
- Semiconductor and electronics
- Material handling
- Food processing
Servo Drives and Motors Market: by Geography
- North America
- Rest of the World