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Servo Motors Drives Market Rising Demand and Future Scope till by 2030
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Theglobal servo motors drive market size is expected to grow from USD 13.6 billion in 2020 to USD 18.6 billion by 2027, at a CAGR of 5.4% from 2021 to 2027. A servo motor is a self-contained electrical device that provides intricate position control to rotate the parts of a machine. It has a regular motor attached to a sensor for positional feedback. The servo motor is a closed-loop mechanism incorporating positional feedback to control rotational or linear speed and position. Servo motors and drives are critical parts of a machine and are used in many applications such as industrial robots, automation, CNC machinery, and others.
A servo driver also called an amplifier, can receive control signals from all controllers and amplify them to give the motor a certain amount of voltage and current. Servo drives are generally used in robotics, automation, CNC machining, and manufacturing semiconductors. Servo motors and drives can be segmented into AC motor and drive and DC motor and drive. Generally, servo motors are rotary or linear and are made of either stainless steel or non-stainless steel. As these motors have various components, they can be segmented based on sales channels as direct and indirect. They can also be segmented based on end-users, OEM, and system integrators.
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The servo motors and drives market is expected to witness traction during the forecast period. They are used for automation in industrial processes, resulting in high output, lesser costs, fewer errors, and the need for lesser manpower. Automation is a major trend that has been opted by various industries globally to follow the concept of Industry 4.0. The servo motors and drives market is expected to grow significantly due to their wide application in robotics, medical facilities, and other industries. The servo motors and drives industry is expected to witness exponential growth during the forecast period. Servo motors and drives are being increasingly used in various automated and innovative applications. The increasing use of servo motors and drives in robotics and automation is expected to boost the market growth.
COVID-19 Impact on the Global Servo Motors Drives
In H1 2020, COVID-19 disrupted industrial productions globally, including the steel market. As steel is one of the primary raw materials used in the servo motors and drives market, fluctuation in the demand and production of steel directly impacted the functioning of the servo motors market. China is one of the major steel producers and produces half of the world’s steel every year. Due to factory closures and government restrictions on trade, disruption in steel production affected the steel market, which affected its end-user industries and applications. Thus, fluctuation in steel prices and the overall decline in production has created major challenges for vendors in the servo motors and drive the market to procure raw materials.
Stainless steel markets are anticipated to remain optimistic in the short term during the forecast period, supported by the opening of many factories and end-user industries. Owing to the relaxation of lockdown restrictions in several countries globally, the steel market will witness increased demand. However, market vendors and suppliers are skeptical about the market demand for steel in the short term due to COVIDD-19. In recent months, the rise in nickel prices increased the input expenditure for many stainless-steel manufacturers. Uncertainties in nickel prices have led to different stainless-steel pricing trends across other geographical regions.
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Global Servo Motors Drives Market Dynamics
Drivers: Growth in Robotics Industry
The use of robotics has increased globally in major industries, including automotive, food and beverages, electronics, and others. Servo motors and drives are the major components used in the industry to enhance the precision and speed of robots in industrial applications. Therefore, the increased demand for robots has boosted the development of the servo motors and drives market globally. Robotic applications are in high demand in manufacturing units and the medical industry.
Servo motors and drives are solely responsible for a robot’s movement in industrial applications. Hence, their precision is essential. These motors change the direction and angle of different parts of a robot in a particular order. Servo motors can travel at a speed of around 900 mm/s and are ideal for short-stroke movements such as gripping and bending and are thus used in several industrial and commercial applications.
Restraints: Maintenance of Servo Motors
Servo motors are one of the key components in robotic and CNC machine applications. Servo motors have complex machine mechanisms and require constant support in proper power supply, installation, electrification, etc. Malfunctioning of servo motors is a major issue that may cause functional loss during manufacturing. When a product malfunctions, it impacts the whole manufacturing cycle and is considered one of the biggest problems encountered in the automation sector. Lack of maintenance increases the overall maintenance costs of the servo system. End-user companies are trying to prevent malfunction by managing and organizing installation and power supply. Maintenance of servo motors is essential, particularly for the smooth and continuous operation of industrial machinery.
Opportunities: Growth in Cnc Machine Market
CNC (Computer Numeric Control) machines such as milling machines, lathe machines, routers, welders, grinders, lasers, sheet metal stamping machines, and robots work by entering alphanumeric codes. Servo motors are the major motors used in CNC machines. Thus, the growth of the CNC machine market is a major trend for the servo motors and drives market.
In the machine tool sector, servo motors are used in machine tools built for high-speed and high-precision work. Superior torque, high-resolution movement, and feedback are factors due to which servo motors are majorly used in CNC machines. Owing to the increasing popularity of the industry 4.0 concept and smart factory development, manufacturers across the globe are focused on the adoption of CNC machine tools. Modern CNC systems are technically advanced in the execution of both design and manufacturing of machine components. Hence, owing to the advancements in the CNC machine sector, the demand for servo motors is expected to increase.
Scope of the Report
The study categorizes the market of the servo motors drive based on product type, servo motor, servo drive, servo motor type, sales channel, power output, material, voltage, end-users, and region.
By Product Type Outlook (Sales, USD Million, 2017-2027)
- Servo Motors
- Servo Drives
By Servo Motor Outlook (Sales, USD Million, 2017-2027)
- AC Servo Motors
- DC Servo Motors
By Servo Drive Outlook (Sales, USD Million, 2017-2027)
- AC Servo Drives
- DC Servo Drives
By Servo Motor Type Outlook (Sales, USD Million, 2017-2027)
- Linear Servo Motors
- Rotary Servo Motors
By Sales Channel Outlook (Sales, USD Million, 2017-2027)
- Direct Sales
- Indirect Sales
By Power Output Outlook (Sales, USD Million, 2017-2027)
- Above 5kW
- Below 5kW
By Material Output Outlook (Sales, USD Million, 2017-2027)
- Stainless Steel
- Non-stainless Steel
By Voltage Outlook (Sales, USD Million, 2017-2027)
- Low Voltage
- Medium Voltage
- High Voltage
By End-Users Outlook (Sales, USD Million, 2017-2027)
- Machine Tools
- Electronics & Semiconductor
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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The AC motors segment is projected to account for the largest market share by servo motor
The servo motor market can be categorized into AC and DC motors. AC motors are expected to witness higher demand due to their ability to operate in alternating current with higher pickup loads, higher repetitions, and fast manufacturing skills. Advancements in microprocessor technology and the development of permanent magnets for AC servo motors are driving the growth of the servo motors market. Cost-effective solutions for manufacturing permanent magnets for AC servo motors are increasing. Thus, AC servo motors and AC servo control systems are used for automation in various industrial segments. An AC servo motor is different from a DC servo motor regarding the voltage and current produced. AC servo motors are used in a wide range of industrial applications.
AC servo drive has an electronic amplifier/servo drive that controls the AC servo motor. AC Servo Motor is an electric motor with a feedback device encoder. These motors receive commands or signals through servo drives. They adjust the speed and precision/accuracy of a particular machine used in manufacturing and have a closed-loop system. There are two types of AC servo motors – synchronous servo motors and asynchronous servo motors.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global servo motors drive market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Europe is estimated to hold the highest CAGR of 5.8% in the global servo motors drives market during the forecast period, 2021-2027. The servo motors and drives market is expected to grow significantly in Europe. Three major servo motors and drives are used in the region – DC brushed servo motors, AC/DC brushless servo motors, and asynchronous AC servo motors. The demand for DC brushed motors has been declining in the region due to frequent maintenance, which adds to the overall cost of the servo motors system. Hence, AC/DC brushless motors are expected to increase with several new innovative designs entering the market. AC asynchronous motors are cheaper than AC brushless and standard AC motors. Therefore, they have higher demand in the region. Germany is one of the major markets for servo motors and drives due to their increased manufacturing and application across industries. The market in the region is expected to witness an upward trend during the forecast period.
Germany's servo motors and drives market is expected to dominate the European market owing to the increasing demand for servo motors from the automation and robotics industries. Key factors driving the growth of the servo motors and drives market include the increase in the number of machines produced every year, increasing capital investment in manufacturing, and growing technological trends that are expected to affect the servo motor market positively. Germany is the key market for industries such as machine tools. These industries are transforming themselves as per the concept of industry 4.0. Thus, increasing adoption of automation processes in factories and growth in industries such as machine tools, robotics, food and beverage, packaging, and metal processing is anticipated to drive the market growth.
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Key Market Players
The servo motors and drives market is highly fragmented due to numerous large and small vendors. Major players include Yaskawa Electric, Siemens AG, Mitsubishi Electric, Schneider Electric, Rockwell Automation, ABB, Nidec Corporation, Fuji Electric, Delta Electronics, and FANUC Corporation. Major vendors in the market have a strong presence in high-end and low-end servo motors and drive segments.
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