New York City, NY -- (SBWIRE) -- 08/28/2017 -- Automotive is one of the major drivers for the growing demand of servo presses as the industry is realizing the benefits of this new technology. Engineers are coming up with new designs, which are inclined towards improving the forming capabilities of these presses and using high strength materials. The transition to high-strength steels and advanced materials and the necessities of producing parts that meet the shape and tolerance requirements in automotive and other industries has forced end users to shift towards servo presses. In the last few years, many small sized servo presses are finding applications in high technology based sectors, such as aerospace and defense.

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The sales of servo presses will continue to make headway into the press market as they meet the increasing demand for cost effective, consistent and reliable manufacturing. The market in the developed regions will be driven by replacement of traditional presses with servo presses that can generate various combinations and operate on broad types of dies, components and production speeds and strokes. Adding to this, slide motion, slide position and speed are also programmable in servo presses. Asia Pacific is one of the world's most strongly expanding regions, due to growing manufacturing activities in developing nations in this region.

The upswing in the regional mechanical engineering industry and growing demand for automation technology offer a promising future for the servo press market. Major countries that will drive growth in this region are China, followed by Korea and India. Manufacturers are taking steps to align their portfolios to meet high precision end-user requirements in order to sustain growth in the servo press market. The traditional mechanical press can still achieve high production speeds when compared with a servo press.

However, technological advancement in the sector is estimated to overcome these limitations in the coming years. The initial investment required to acquire a servo press is relatively high as compared to that for its traditional counterparts. In the long term, the benefits associated with servo presses provide enough operational savings to cope with the increased investment.

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The global servo press market is segmented into seven key regions: North America, Latin America, Western Europe and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). In the coming years, Western Europe, Japan and North America are expected to witness notable growth in this market. The alignment towards adopting latest technology and advantages of servo presses over traditional presses are two factors expected to drive the demand for servo presses in these developed regions. APEJ and Latin America regions are expected to register significant growth, due to ongoing rapid industrialization boom in the developing countries of these regions. MEA and Eastern Europe are also expected to register healthy CAGRs over the forecast period.

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Examples of some of the market participants identified across the value chain of the global servo press market include: AIDA Company, Fagor Arrasate, Festo Group, Komatsu Limited, Promess Incorporated, S. I. Instruments, Schimidt Technology, SEYI SHIEH YIH Machinery Industry Co., Ltd., Stamtec Inc., Tox Pressotechnik.

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