Servo Motors and Drives Market Outlook 2022: Current & Future Industry Trends To 2027
New technological advancements and the demand for automated solutions across industries will drive the installation of servo motors and drives in the coming years.
New technological advancements and the demand for automated solutions across industries will drive the installation of servo motors and drives in the coming years. As governments are taking steps to encourage adoption of energy efficiency systems and deployment of IoT integrated systems, industries are steadily gravitating towards the adoption of advanced manufacturing systems and solutions.
Rapid digitalization and construction of smart city projects is also opening new applications avenues for AC servo motors and drives. Demand for these components is expected to pick up pace supported by new development focused on improving functions of robotic systems and requirement for equipment with better precision output. Servo motors and drives will also record considerable significance in heavy-duty applications like metal cutting and IoT.
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Global Market Insights Inc. estimates that servo motors and drives market will record about 25 million annual installations by 2027. Robust development in the construction landscape and rising industrialization and commercialization will foster this growth. Other factors that will influence industry expansion include:
Advancements in industrial automation
Servo motors and drives play a vital role in automated equipment. As industries continue to shift to higher-end technical systems and automated technologies, manufacturers are pushing their production capacity and are developing energy-efficient products and solutions. With industrial automation becomes mainstream, the demand for servo motors and drives will escalate at a substantial rate in the years to come.
Advent of robotics in the industrial sector
High precision robots have found key application in the automobile and pharmaceutical sector. The overall functioning of industrial robots is motioned by servo motors and drives and their selection is vital for systems to ensure high efficiency and performance across production lines.
It was estimated that around 33,300 industrial robots were installed annually in the U.S. in 2019. Meanwhile, the U.S. held for more than 70% of revenue share in the North America servo motors and drives market in 2020.
A reduction in human errors coupled with strict health & safety standards will drive the demand for high-end industrial robots. Collaboration between regulatory authorities and industries, new technological advancement and inclusion of AI and ML for supporting remote monitoring will offer impetus to market share.
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New R&D activities
Companies majoring in servo motors and drives are investing heavily in new research and development activities to manufacture high-performance products. They are also forming partnerships with other related firms to provide forward and backward integration and lower the costs of acquiring raw materials from third parties. Some of the leading manufacturers operating within the servo motor and drive market include Siemens, Fuji Electric, Rockwell Automation, Yaskawa Electric, and Schneider Electric.
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