Servo Drive Market Size 2022 In-Depth Analysis, Growth Strategies, and Comprehensive Forecast to 2026
With automation percolating various industry verticals, such as electronics, metal cutting, oil & gas, and others, servo drive market is exhibiting a strong growth outlook. In addition, amplified cognizance towards energy efficiency coupled with the introduction of several supportive government standards to promote energy-efficient drive systems has increased the adoption of servo drives considerably. Escalating industrial automation across developing countries has laid down favorable groundwork for the growth of servo drive industry.
A research study conducted by Global Market Insights, Inc., states that in 2018, servo drive market accounted for more than $6 billion and is expected to register around a 5% CAGR over 2019-2025.
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Heightening demand for low voltage servo drives
Stringent policies implemented by federal bodies pertaining to the adoption of energy-efficient components are fostering low voltage servo drive industry growth. Small & medium-sized enterprises are generating substantial demand for low voltage servo drives to support the ongoing series of technological innovations. Besides, smaller environmental footprint of low voltage servo drives has favored their utilization across multiple small-scale utilities and industry verticals.
Increasing penetration of digital servo drives
Digital servo drives offer rapid control response, enhanced holding power, increased acceleration, and constant torque. Such remarkable benefits provided by the product have augmented its installation as compared to other counterparts. Digital servo drives use a microprocessor to execute an algorithm for analysis of incoming signals and prediction of system conditions while regulating the mechanism. Digital servo drive market size is likely to grow at a CAGR of around 6% over 2019-2025.
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Mounting adoption in the semiconductor machineries
The need to advance functionalities of electronic components along with surging efforts to maximize energy efficiency will spur servo drive industry demand from semiconductor machinery applications. Servo drives are significantly being deployed in wafer processing equipment owing to their superior precision and supportive motion control.
Rising industrialization across emerging economies
Rapid infrastructure development across emerging countries will enhance adoption of servo drives. The progressive product deployment is favored by several monetary support programs launched by governments for upgradation of existing infrastructure. Also, rapid technological innovations in developing economies and elevated accuracy and high-speed operation offered by these devices are supporting the installation of these units.
Developing electronics industry
The electronics industry is developing in Asia Pacific, especially in countries such as India, Indonesia, and China. Governments in these countries are taking concrete initiatives for the advancement of the robotics and automation sector. This can be evidenced by the introduction of the Robotics Industry Development Plan by the Government of China in April 2016. The plan was established for the development of the industrial robotics industry in the country. Asia Pacific servo drive industry size is likely to record a 5% CAGR over the forecast period.
Growing adoption of servo drives in Germany
Germany servo drive market is likely to thrive in the coming years due to escalating demand for precise control of equipment motion and rising adoption of technologically advanced equipment for enhancing operational feasibility in the country. Moreover, servo drives are capable of providing exceptional power to size relation and accurate & dynamic motion control, which will stimulate Germany servo drive industry outlook.
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