Wide-scale implementation of automation tools and systems across application industries has helped reduce the time invested and save the cost incurred in manufacturing and inventory processes. The advent of the latest technologies and integration of hardware and software have increased the scope of application of servo drives. Proliferation of the latest advances in servo systems has triggered interest from end users and has therefore enabled the global servo drivers and motors market to attain a positive growth rate.
Servo systems available in the market today boast increased features and enhanced functionality. Fuelled by impressive technological advancement, servo drives and motors are now used for sectors that were earlier considered unsuitable for their application.
Food Processing and Packaging, Healthcare, Robotics Dominate Demand from Global Market
Growth of the servo drives and motors market is mostly associated with its uses in food processing, packaging machines, machine tools, semiconductors, and others. The surge in its application in the healthcare industry and robotics has also significantly fuelled the growth prospects of the servo drives and motors market. Some of the leading companies that have ventured across diverse applications of servo systems are Siemens AG (Germany), Yaskawa Electric (Japan), Baldor Electric (U.S.), Rockwell Automation (U.S.), Mitsubishi Electric Corporation (Japan), Schneider Electric (France), Fanuc (Japan), and Rockwell Automation (U.S).
According to Transparency Markey Research, the global servo drives and motors market, which was valued at US$8.96 billion in 2013, is anticipated to reach US$12.44 billion by the end of 2020. If the estimation holds true, the global servo drives and motors market is poised to exhibit a 5.6% CAGR between 2014 and 2020.
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Servo Drives and Motors Help Increase Operational Efficiency – A Key Factor Boosting Global Market
Servo motors are high-performing electric motors. They are generally used to control the movement of machines. Servo drives and motors are integrated with high-force magnet materials, and precise dimensional tolerance. These systems also have advanced design methods. Integrating servo motors and drives in processes significantly reduces the operating time and saves the cost incurred in manufacturing. Additionally, servo motors are easy to install and have a low maintenance cost. All these factors have contributed to the expansion of the servo drives and motors market.
Increasing electricity prices and stringent regulations on electricity usage are driving the demand for energy-efficient motors around the world, thereby expanding the global market for servo drives and motors. The market, according to experts, has also benefited from the increased production of motor vehicles, semiconductors, healthcare products, electronics, and other motor-driven products.
To ensure that the global servo drives and motors market’s growth is sustainable, the market will need to address issues such as the high initial purchase cost and high dependence on China to obtain rare earth minerals. Nevertheless, escalating demand for technological advances among businesses that concentrate on innovation to ensure quality customer service, is expected to create lucrative prospects for the global servo drives and motors market to capitalize on in the near future.
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This is especially true in the case of countries such as Japan, the U.S., Germany, and China, where an increasing number of businesses seek automation to ensure operational efficiency and reduce the average cost incurred on manufacturing products.