Servo Motors and Drives Market Size valued at USD 11.8 Billion in 2022. The Servo Motors and Drives market industry is projected to grow from USD 12.53 Billion in 2023 to USD 20.27 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 6.20% during the forecast period (2023 - 2032). Increased demand for automation and robotics in various industries and the need for improved energy efficiency are the key market drivers enhancing growth of the market.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for servo motors and drives is being driven by the increasing demand for the automation and robotics in various industries because these components are essential for achieving precision, productivity, flexibility, quality, and cost efficiency in automated processes. As industries continue to invest in automation to gain a competitive edge, the demand for servo motors and drives is expected to remain strong.
Automation and robotics require precise control of motion and positioning, and this is where servo motors and drives excel. They offer high levels of accuracy, speed, and repeatability, making them essential for tasks such as pick-and-place operations, material handling, and assembly processes. Industries across the board, including manufacturing, logistics, and healthcare, require this precision to improve efficiency and reduce errors. Servo motors and drives enable faster and more efficient production processes. In manufacturing, they play a crucial role in CNC machines, 3D printers, and other automated equipment, speeding up production and reducing downtime. Increased productivity is a key driver for industries looking to remain competitive in global market. Automation systems, including robots, need to be versatile and adaptable to handle a broad range of tasks. Servo motors and drives can be easily programmed and controlled to adjust to changing production needs. This flexibility is vital for industries that require quick changeovers and the ability to produce a variety of products efficiently. Automation and robotics help ensure consistent quality in manufacturing and other processes. Servo systems contribute to this by providing precise control over movements and operations, reducing defects, and ensuring that products meet strict quality standards.
As labor costs increase in many parts of the world, industries are turning to automation to reduce their reliance on human labor. Servo-driven automation systems can replace manual labor in various tasks, which not only reduces labor costs but also minimizes the risk of injuries and ensures continuous operation. The integration of automation with Industry 4.0 principles and the Internet of Things (IoT) is driving the demand for advanced servo systems. These systems can be connected to networks, allowing for real-time monitoring, data collection, and remote control. This connectivity enables predictive maintenance, reduces downtime, and improves overall equipment efficiency. The demand for energy-efficient solutions is growing as industries strive to minimize their carbon footprint and operating costs. Servo motors and drives are known for their energy efficiency because they only consume power when in motion. This eco-friendly feature aligns with the sustainability goals of many businesses.
The rapid growth of the robotics industry is perhaps the most prominent factor driving the servo motors and drives market. Robots are used in a broader range of applications, from manufacturing and warehousing to healthcare and agriculture. Servo motors and drives are fundamental components in these robotic systems, enabling the precise and dynamic movements required for various tasks. Thus driving the Servo Motors and Drives market revenue.
The Servo Motors and Drives Market segmentation, based on type, includes Motor and Drive. The motor segment dominates the market, accounting for the largest market revenue due to its compatibility with digital control systems and its ability to provide smooth and accurate motion. Moreover, advancements in BLDC motor technology, such as sensorless control and improved power electronics, have further solidified their dominance in the servo motor and drive market. However, it's important to note that other motor types, such as AC synchronous motors and stepper motors, also play crucial roles in specific applications, and their dominance can vary depending on the industry and use case.
The Servo Motors and Drives Market segmentation, based on voltage range, includes Low Voltage, Medium Voltage, and High Voltage. The medium voltage category dominates the market due to its versatility and widespread application across various industries. These medium voltage systems typically operate within the range of 1 to 69 kV and are well-suited for a broad spectrum of applications, from industrial automation to energy generation. Their ability to handle medium voltage levels allows for a balance between power efficiency and control precision. Their efficiency in transmitting power over longer distances and their compatibility with renewable energy sources make them the preferred choice for modern industrial applications. As industries continue to demand larger levels of performance, the medium voltage range remains dominant in the servo motor and drive market. Further, the high voltage segment is the second dominant.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
The Servo Motors and Drives Market segmentation, based on end user, includes Automobile, Electronic Assembly, Healthcare, Packaging, Semiconductor, and Electronics, and Chemicals, and Petrochemicals. The automobile category dominates the market due to the increasing integration of advanced automation and robotics in automotive manufacturing. Servo motors and drives play a pivotal role in controlling the precise movement and positioning of various components in the production line, contributing to improved efficiency and quality in the assembly process. As the automotive industry continues to emphasize automation, precision, and speed, servo motors and drives are central to achieving these objectives, thus dominating the market.
By region, the study gives market insights into the North America, Europe, Asia-Pacific, and the Rest of the World. The North American Servo Motors and Drives market area dominates this market, due to its robust manufacturing sector, especially in industries like automotive, aerospace, and consumer electronics. Additionally, the region benefits from a strong technological ecosystem, innovation, and a mature customer base, making it a key hub for servo motor and drive manufacturers and suppliers.
Further, the prime countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Servo Motors and Drives market accounts for the second-largest market revenue due to the region's emphasis on energy efficiency, automation in manufacturing, and its commitment to sustainability, leading to increased adoption in various industries. Further, the German Servo Motors and Drives market held the largest market revenue, and the UK Servo Motors and Drives market was the fastest-growing market in the European region.
The Asia-Pacific Servo Motors and Drives Market is foreseen to rise at the fastest CAGR from 2023 to 2032. This is due to the region's rapid industrialization, growing automation needs in various industries, and a burgeoning manufacturing sector. Moreover, China’s Servo Motors and Drives market held the largest market share, and the Indian Servo Motors and Drives market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in the research and development in order to expand their product lines, which will help the Servo Motors and Drives market grow even more. Market players are also undertaking a variety of strategic activities to spread their global footprint, with important market developments including contractual agreements, new product launches, mergers and acquisitions, higher investments, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Servo Motors and Drives industry must offer cost-effective items.
Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the global Servo Motors and Drives industry to benefit the clients and increase the market sector. In recent years, the Servo Motors and Drives industry has offered some of the most significant advantages to the automotive industry. Major players in Servo Motors and Drives market, including Yaskawa Electric Corp., Mitsubishi Electric Corp., Schneider Electric, Siemens AG, Rockwell Automation, Inc., ABB Ltd, Delta Electronics, Inc., FANUC Corporation, Kollmorgen (Altra Industrial Motion Corp.), Bosch Rexroth AG (Robert Bosch GmbH), and others, are trying to increase market demand by investing in the research and development operations.
Yaskawa Electric Corporation is Japanese multinational company that specializes in the manufacture of electrical automation and motion control equipment. Founded in 1915, Yaskawa is a global leader in providing products such as servo motors, variable frequency drives, and industrial robots for a wide range of applications, including manufacturing, automotive, robotics, and renewable energy. The company is known for its innovation in industrial automation and has a significant presence in the global market. In May 2023, Japanese industrial automation company Yaskawa Electric Corporation acquired Swedish servo motor and drive company Kollmorgen AB for SEK 6.5 billion. Kollmorgen is a leading provider of servo motors and drives for industrial automation, robotics, and machine tool applications.
Delta Electronics Inc. is a global company headquartered in Taiwan, specializing in power and thermal management solutions, industrial automation, and energy-saving technologies. The company is a major player in the development and manufacturing of a broader range of products, including power supplies, thermal management equipment, automation systems, and electric vehicle charging solutions. Delta Electronics is known for its commitment to sustainability and innovation, offering products and services that help reduce energy consumption and environmental impact. The company serves various industries, including telecommunications, information technology, industrial automation, healthcare, and automotive sectors. It has a strong global presence with subsidiaries and operations in numerous countries. In June 2023, Chinese industrial automation company Delta Electronics Inc. acquired German servo motor and drive company KEB Antriebstechnik GmbH for €1.1 billion. KEB is a leading provider of servo motors and drives for industrial automation and robotics applications.
Mitsubishi Electric Corp.
Siemens AG
Schneider Electric
Rockwell Automation, Inc.
ABB Ltd
Delta Electronics, Inc.
FANUC Corporation
Kollmorgen (Altra Industrial Motion Corp.)
Bosch Rexroth AG (Robert Bosch GmbH)
July 2023: American industrial automation company Emerson Electric Co. acquired Swiss servo motor and drive company Stöber Antriebstechnik AG for CHF 1.3 billion. Stöber is a leading provider of servo motors and drives for precision automation applications.
September 2023: Japanese servo motor and drive company Mitsubishi Electric Corporation partnered with American servo motor and drive company Kollmorgen Corporation to develop and commercialize new servo motor and drive products for the robotics market.
October 2023: German servo motor and drive company Siemens AG partnered with American servo motor and drive company Rockwell Automation Inc. to develop and commercialize new servo motor and drive products for the industrial automation market.
Motor
Drive
Low Voltage
Medium Voltage
High Voltage
Automobile
Electronic Assembly
Healthcare
Packaging
Semiconductor and Electronics
Chemical and Petrochemicals
Others
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 11.8 Billion |
| Market Size 2023 | USD 12.53 Billion |
| Market Size 2032 | USD 20.27 Billion |
| Compound Annual Growth Rate (CAGR) | 6.20% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Voltage Range, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Yaskawa Electric Corp., Mitsubishi Electric Corp., Rockwell Automation, Inc., Siemens AG, Schneider Electric, ABB Ltd, Delta Electronics, Inc., FANUC Corporation, Kollmorgen (Altra Industrial Motion Corp.), Bosch Rexroth AG (Robert Bosch GmbH) |
| Key Market Opportunities | The need for improved energy efficiency. |
| Key Market Dynamics | Increased demand for automation and robotics in various industries. |
Servo Motors Drives Market Highlights:
Frequently Asked Questions (FAQ) :
The Servo Motors and Drives market size valued at USD 11.8 Billion in 2022.
The global market is foreseen to rise at a CAGR of 6.20% during the forecast period, 2023-2032.
North America held the biggest share of the global market
The key players in the market are Yaskawa Electric Corp., Schneider Electric, Mitsubishi Electric Corp., Siemens AG, Rockwell Automation, Inc., ABB Ltd, Delta Electronics, Inc., FANUC Corporation, Kollmorgen (Altra Industrial Motion Corp.), Bosch Rexroth AG (Robert Bosch GmbH).
The motor category dominated the market in 2022.
The automobile had the biggest share in the global market.
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