Servo Drives and Motors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 04/01/2016 -- A recent market study released by Transparency Market Research (TMR) provides insights into the market drivers, restraints, and trends in the global market for servo drives and motors for the period from 2014 to 2020. The report, titled "Servo Drives and Motors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", is available for sale on the company website.The report states that the global servo drives and motors market will rise at a modest 5.6% CAGR from 2014 to 2020. As a result, the market, which had a valuation of US$8.38 bn in 2013, will be worth US$12.44 bn in 2020.
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Servo motors are superior electric motors that are characterized by the ability to control movement of machines. These devices feature high-force magnetic materials, precise dimensional tolerance, and advanced design methods. Other features of servo motors include easy installation and zero maintenance cost.In current times, global warming is a concern for countries across the globe, which is manifesting through the rising number of statutes intended to curb greenhouse gas emissions. Standards have been laid by several governments across the world for optimal utilization of energy, in order to prevent deterioration of the environment and to control costs that are related to these necessities. This, in turn, has augmented the demand for efficient equipment that operates on reliable servo drives and motors that can back equipment productivity.
The report also adds that intensive production of motor vehicles, semiconductors and electronics, healthcare products, and other electrically operated motor systems is augmenting demand for servo drives and motors across the globe. However, high dependency on China for the procurement of rare earth minerals and high initial purchase cost are challenging the growth of the global servo drives and motors market.
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The report analyzes the global servo drives and motors market on three criteria, namely device types, applications, and geography. By device type, servo drives and servo motors are the two segments into which the global servo drives and motors market is divided. Within servo drives, the various segments of the market are DC servo drive devices, AC servo drive devices, and adjustable speed devices. Within servo motors, AC servo motors, brushed DC, linear servo motors, and DC brushless are the various segments of the global servo drives and motors market. The report adds that, in 2014, servo motors led the overall market for servo drives and motors, with a revenue contribution of US$6.09 billion to the overall market.
In 2014, the automotive application segment accounted for more than 25% of the total revenue in the overall market. In absolute figures, the revenue contribution of this application segment was US$2.4 bn. Rising sales of electric and hybrid vehicles will be an important factor for the automotive application segment to emerge as the fastest growing segment of the overall market in the forecast period.Amongst the regional markets for servo drives and servo motors, in 2014, Asia Pacific was the leading market and the market in this region generated US$3.74 bn.
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