Servo Drives and Motors Market: Projection of Each Major Segment over the Forecast Period 2020
Boosted by the expanding automotive industry, the global servo drives and motors market is poised to exhibit 5.6% CAGR between 2014 and 2020. A recent report by Transparency Market Research has pegged the overall value of the global market for servo drives and motors at US$8.38 bn in 2013. The market, according to the findings of the report, is expected to reach US$12.44 bn by the end of 2020.The report is titled “Servo Drives and Motors Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020” and is available for sale on the company’s website.
Servo motors are superior electric motors integrated to control the movement of machines. Servo motors are easy to install and incur negligible maintenance cost. Experts define servo drive and motors as a rotatory actuator that ensures precise control in linear or angular positions, acceleration, and velocity. Servo motors and drives have been around for a long time. Despite being relatively smaller in size, they pack many desirable features and are regarded as being highly energy-efficient.
The increasing electricity prices and the implementation of stringent electricity utilization standards are the major factors fuelling demand for high-performing and energy-efficient motors globally. While growth witnessed by the servo drives and motors market in Europe and North America is expected to be stagnant, emerging markets in Asia Pacific will demonstrate lucrative opportunities. The increasing demand for replacing outdated and less efficient electric motors will also aid the expansion of the global servo drives and motors market. Additionally, the stringent regulations implemented on energy consumption and environment protection will fuel demand from the market.
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The global servo drives and motors market has been analyzed on three criteria in the report: Device type, application, and geography. Based on device type, the report segments the global servo drives and motors market into servo motors and servo drives. Within servo drives, the market comprises AC servo drive devices, DC servo drive devices, and adjustable speed devices. Among the two device types, the market was led by the servo motors segment in 2014. The segment was valued at US$6.09 bn in the year.
In terms of application, the automotive segment led the market in 2014, accounting for a share of 25%. The revenue contribution by this application segment stood at US$2.4 bn. The increasing sale of hybrid and electric vehicles is boosting demand for servo drives and motors from the automotive segment, which is also expected to report the highest CAGR during the forecast period. Regionally, Asia Pacific dominated the global servo drives and motors market in 2014. The Asia Pacific market stood at US$3.74 bn in the year.
To study the prevailing competitiveness in the market, the report has also profiled companies such as Baldor Electric Company, Siemens AG, Rockwell Automation Inc., Mitsubishi Electric Corporation, and others.