The servo motors and drives market for the automotive & transportation industry held the largest size in terms of value
Northrook, IL -- (SBWIRE) -- 11/26/2019 -- The global servo motors and drives market is expected to grow from USD 10.3 billion in 2015 to USD 15.9 billion by 2022, at a CAGR of 6.3% between 2016 and 2022. The advancement and rapid growth in automation are expected to drive the servo motors and drives industry.
Advancement & rapid adoption of automation, implementation of energy-efficient international standards, integration of motion control components in motors & drives, regulations for energy efficiency, and ease of use are the main driving factors for the servo motors and drives market growth.
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Automotive & transportation industry's demand for servo motors and drives to have the lion's share and packaging industry's demand to grow at the fastest pace
Automotive & transportation is expected to hold the largest of the global servo motors and drives market share. On the other hand, packaging is anticipated growing at the highest rate during the forecast period.
The automotive & transportation industry held the largest share of the global servo motors and drives market in terms of value in 2015. Rapid changes in manufacturing innovation, technology, and technical advancement in the automotive sector are anticipated to fuel the servo motors and drives market growth. There is a high demand worldwide for servo drives, controls, and motors as they help improve the efficiency of the automotive industry's production and manufacturing facilities.
Linear, Medium Voltage and Stainless Steel Servo Motors to grow at the highest CAGR
It is expected that the market for linear servo motors will grow at the highest CAGR from 2016 to 2022. Increasing application scope of linear servo motors in machine tools, manufacturing machines, semiconductors & electronics, textile machines, food processing, packaging machines, chip mounters, and robotics, among others, is driving its demand.
The medium voltage servo motors and drives segment is expected to grow at the highest CAGR between 2016 and 2022. The rising demand for medium voltage motors and drives from several end-use industries, including mining, metal, water & wastewater treatment, and power generation is driving the growth of the segment.
Stainless steel servo motors and drives segment is likely to witness the highest growth from 2016 to 2022. The increasing demand for stainless steel from the food processing, pharmaceutical, and healthcare industries is a major driving factor for the segment.
APAC having major share and expected to grow further at the highest CAGR
Increasing industrial activities along with the rising demand for faster & accurate motors and drives to achieve a higher production output resulted in APAC contributing the highest revenues in 2015. Massive investment in the manufacturing industry is pushing servo engine development and driving the region's production. APAC is anticipated witnessing the fastest growth during the forecast period.
Key players and challenges faced by them
Mitsubishi Electric Corporation (Japan), Yaskawa Electric Corporation (Japan), Siemens AG (Germany), Rockwell Automation Inc. (US), and Schneider Electric (France), are the key players in the servo motors and drives market. The significant challenges faced by them are risk and uncertainty in the market and lack of skilled workforce and trained workers. These players adopted various strategies, including mergers, new product developments, collaborations, expansions, and partnerships to cater to the needs of the global servo motors and drives market.
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