6.5% CAGR of Servo Drivers Market Vendors [Omron, Schneider Electric, Panasonic] Analysis | Growth Rate By 2032
Updated · May 03, 2023
Published Via 11Press : As of 2022, the global Servo Drivers market size was valued at USD 2.16 billion; by 2032 this figure should reach USD 4.05 billion with compound annual compounded annual growth of 6.5% from 2022-2032.
Servo Drivers market growth is propelled by factors including rising automation demand across different industries, increasing acceptance of robotics within manufacturing processes, and growing interest in Industry 4.0. Servo drivers can be found widely used across applications like machine tools, packaging and printing machinery as well as robotics among many others.
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- Asia-Pacific: This region is expected to dominate the Servo Drivers market during the forecast period due to key players present and an increasing need for automation; increasing manufacturing sector activity within countries like China, India, Japan and South Korea all play major roles here.
- North America: North American demand for Servo Drivers is driven by advances in manufacturing technologies, the presence of major auto manufacturers and an ever-increasing trend towards automation in manufacturing sectors.
- Europe: The market for Servo Drivers in Europe is projected to experience rapid expansion throughout its forecast period due to increased emphasis on improving production efficiency, Industry 4.0 adoption, and rising demands for advanced manufacturing technologies.
- Latin America: Latin American market for Servo Drivers is projected to experience moderate growth over the forecast period due to rising adoption of automation in manufacturing facilities, an expanding automotive sector and the presence of major manufacturers within this region.
- Middle East and Africa: The Middle East and Africa market for Servo Drivers is predicted to experience steady expansion during its forecast period due to increasing automation demands in manufacturing sectors, the rise of Industry 4.0 adoption rates, as well as major manufacturers being present within this region.
- Rising demand for automation: Automation’s increasing use across various industries is the main force driving growth in Servo Drivers Market. They’re commonly utilized by applications like machine tools, packaging machines, printing presses and robotics robots in controlling motion and speed of machines and equipment.
- Rising Adoption of Robots in Manufacturing Processes: Rising adoption of robotics in manufacturing processes is another significant driver of Servo Drivers market growth. As essential components of robotics systems, servo drivers enable precise control over movement and positioning of robotic systems for effective use by companies.
- Industry 4.0’s Growing Popularity: Industry 4.0 has quickly gained in popularity over recent years and promotes advanced manufacturing technologies and automation for improving production efficiency, leading to an explosion of servo Driver sales.
- Increased Demand for High Performance Machines: CNC machines’ growing popularity is driving an uptick in servo driver demand, as these high-performing machines need precise motion and speed controls, which servo Drivers provide.
- Advances in Technology: Constant advancements in technology, such as the introduction of high-performance servo drivers with advanced features like integrated safety functions and communication interfaces, is fueling an increase in Servo Driver sales.
Key Market Segments
- CNC Machining
- Factory Automation
Key Market Players included in the report:
- Schneider Electric
- Rockwell Automation
- Control Techniques
- Servotronix Motion Control
- Lafert Servo
- Parker Hannifin
- ANCA Motion
- TE Connectivity
- Applied Motion Products
- High Cost of Servo Drivers: Due to their higher price point than traditional motor drivers, servo drivers may prove prohibitively costly for small and midsized enterprises with tight budgets.
- Integration Challenges: Integrating Servo Drivers into existing systems may prove complex and tricky, which may hinder their adoption in some applications.
- Dependence on End-User Industries: Demand for Servo Drivers is heavily tied to specific industries like automotive, packaging and printing; thus restricting their growth across other fields.
- Competiton from alternative technologies: Competitors like stepper motors and AC drives may limit Servo Driver market growth in certain applications.
- Impact of COVID-19: COVID-19 has caused severe disruptions across global supply chains and caused manufacturing facilities to temporarily slow production, impacting growth in Servo Drivers market in short term.
- Rapid expansion in emerging markets: Automation has seen tremendous gains across emerging regions like Asia Pacific and Latin America, creating significant opportunity for expansion within the Servo Drivers market.
- Expansion of End User Industries: End-User industries such as automotive, packaging and printing have expanded operations into emerging markets, which could drive an upswing in Servo Driver demand.
- Intelligent Servo Driver Development: Intelligent servo drivers which can adapt and learn with changing operating conditions present a tremendous opportunity in the Servo Driver market.
- Integration With IoT and Industry 4.0 Technologies: Integration between Servo Drivers and IoT or Industry 4.0 technologies offers significant potential to the Servo Driver market to advance functionality while expanding adoption rates.
- Enhancements to manufacturing technologies: Recent innovations such as additive manufacturing and 3D printing could create demand for Servo Drivers across new applications and industries, driving up demand.
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- Rising Competition: The market for Servo Drivers is highly competitive, featuring several established players competing to capture market share. New entrants may face difficulties gaining traction and creating brand recognition in an already saturated industry.
- Technological complexity: Servo drivers are complex devices requiring expert technical knowledge for design, installation and maintenance; this may present difficulties to smaller businesses lacking resources for such expertise in-house.
- Underlying Regulations: The market for Servo Drivers is subject to several stringent regulations and standards, such as safety requirements that increase compliance costs for manufacturers.
- Dependence on skilled labor: Installation, maintenance and repair of servo drivers require skilled labor that may be in short supply in certain regions; thus limiting market expansion in those locales.
- Fluctuations in raw material prices: The Servo Drivers market relies heavily on raw materials like metals that may experience price fluctuation. This could have serious ramifications on production costs and slow the market expansion process.
- Compact and Energy-Efficient Servo Drivers: Recently, several manufacturers have unveiled compact yet energy-efficient servo drivers with improved performance and efficiency than traditional models. These drivers aim to reduce energy use as well as save space when applied for manufacturing applications.
- Integration with IoT and Industry 4.0 Technologies: Manufacturers are increasingly adopting IoT/Industry 4.0 technologies into Servo Driver designs in order to increase functionality while simultaneously collecting real-time information that allows for monitoring and analysis. This move should lead to wider use of these drivers across industries.
- Development of Intelligent Servo Drivers: Manufacturers are creating intelligent servo drivers that are equipped to adapt and learn with changing operating conditions, using artificial intelligence and machine learning algorithms for maximum performance and minimal maintenance requirements. These intelligent drivers use artificial intelligence technology for optimal results with reduced maintenance requirements.
|The market size value in 2022||USD 2.16 Bn|
|Revenue forecast by 2032||USD 4.05 Bn|
|Growth Rate||CAGR Of 6.5%|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
Frequently Asked Question
Q: What is the current market size for the Servo Drivers Market?
A: According to a report by Market.us, the Servo Drivers Market was valued at USD 3.68 billion in 2022 and is expected to reach USD 7.17 billion by 2032, growing at a CAGR of 8.9% during the forecast period.
Q: What are the key segments of the Servo Drivers Market?
A: The Servo Drivers Market can be segmented based on By Type (Pulse, Analog, Network), Application (CNC Machining, Factory Automation, Robotics), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
Q: Who are the key players in the Servo Drivers Market?
A: Some of the key players in the Servo Drivers Market include Omron, Schneider Electric, Panasonic, Rockwell Automation, Control Techniques, Servotronix Motion Control, Kollmorgen, Delta, ABB, Lafert Servo, Teknic, Bosch, Parker Hannifin, Tolomatic, ANCA Motion, YASKAWA, Mitsubishi, TE Connectivity, HIWIN, Applied Motion Products.
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