Global Servo Drives and Motors Market (Industry) was valued at USD 8.38 billion in 2013; growing at a CAGR of 5.6% from 2014 to 2020 to account for USD 12.44 billion in 2020.
Albany, NY -- (SBWIRE) -- 03/14/2018 -- Global servo drives and motors market was valued at USD 8.96 billion in 2014, growing at a CAGR of 5.6% from 2014 to 2020. Servo motors are defined as an automatic device that utilizes an error-correction routine to correct its motion. Servo drives add the position control to the motor by adding feedback devices such as encoders. The precise position of the motor's rotor can be attained with the help of feedback device, thus, the number of revolutions could be controlled. Servo drives with positioning control are used in machine tools and need servo motors with a higher dynamic response than standard AC motors. Increasing demand for high performance motors, growing vehicle production worldwide and positive outlook of manufacturing industries are the major factors responsible for growth of global servo drives and motors market globally.
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Increasing demand for control systems, such as robots or computers, and for information technologies to manage different processes and machineries in an automation industry, are among the major factors driving the growth of the servo drives and motors market globally. Servo drives and motors are used in the automation industry where the motor operates at varied speed ranges without getting overheated. Servo drive and motors use error-sensing feedback to rectify the performance of a mechanism and accordingly adjust the position, speed, and torque. These factors increase the quality and flexibility in an automation manufacturing process.
The global servo drives and motors market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). Asia-Pacific led the global servo drives and motors market in 2014 as well as the fastest growing regional market. The region is also expected to maintain its dominance in throughout the forecast period from 2014 to 2020. Asia-Pacific has seen significant growth in servo drives and motors market significant growth in GDP of countries such as India, South Korea, China, Singapore, Taiwan and several others. and rising industrialization in developed countries like Japan and in developing countries like China and India. These are the prime factors that are driving the growth of servo drives and motors market in Asia Pacific region. In addition, stringent electricity consumption policy and government programs for the replacement of out-dated electric motors with energy efficient electric motors are expected to drive the growth for servo drives and motors market in Europe and North America in coming few years.
The servo drives and motors market is segmented on the basis of types into servo drives and servo motors. The market has been further segmented based on different types of servo drives such as AC servo drives, DC servo drives and adjustable speed. Servo motors are further segmented into AC servo motors, DC brushless, brushed DC and linear servo motors. Servo motors are holding the maximum market revenue share in 2014 and are expected to remain so during the forecast period from 2014 to 2020. Servo motors are used in various automation fields where the motor functions at a range of speeds without overheating. In addition, serve motors also functions at zero speed and low speed while being able to retain its load in a set position. These factors are driving the demand of servo motors in servo drives and motors market globally.
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Servo drives and motors market is further segmented by application into automotive, semiconductor and electronics, material handling, food processing, healthcare and others. The global servo drives and motors market is majorly dominated by automotive segment due to increasing demand of motor vehicles in emerging nations such as India, China, Brazil and Russia among others. Automotive is also the fastest growing application segment in servo drives and motors market followed healthcare and semiconductor and electronics.