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The servo motors and drives market has witnessed substantial growth in recent years, escalating from $15.32 billion in 2023 to an anticipated $16.54 billion in 2024, boasting a compound annual growth rate (CAGR) of 7.9%. This robust growth in the historic period is credited to several factors, including the widespread adoption of automation and robotics, the quest for high-precision control, the surge in factory automation, the demand for IoT and connectivity, and a growing emphasis on energy efficiency.

Anticipated Expansion: Projections for 2028 The upward momentum is set to continue, with the servo motors and drives market poised for strong growth in the coming years. By 2028, the market is expected to reach $21.71 billion, showcasing a compound annual growth rate (CAGR) of 7.0%. Key drivers in the forecast period include the push for green and sustainable manufacturing, the rising popularity of electric vehicles, the growth of e-commerce and logistics industries, and the integration of servo systems.

Rising Automation Drives Servo Motors And Drives Market Growth

Automation as a Catalyst The growth of the servo motors and drives market is intricately linked with the surge in automation across industries. Servo motors and drives serve as integral components in automation systems, including robots and conveyor systems within factories. A survey in the UK found that 81.2% of manufacturing companies are considering investing in robots due to the pandemic. Robots are viewed as a potential solution for compliance with social distancing requirements, driving the adoption of automation and subsequently fueling the servo motors and drives market.

Industry Leaders Leading the Charge Major companies spearheading the growth in the servo motors and drives market include Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, and others. These industry giants play a crucial role in meeting the increasing demand for high-precision control and automation solutions.

Technological Advancements Drive Innovation In The Servo Motors And Drives Market

Key Trend: Technological Advancement Technological advancements are a pivotal trend in the servo motors and drives market, contributing to product design improvement and simplifying motion control. For instance, Trio Motion Technology introduced its DX4 servo drive and MX servo motor series, providing high-performance motion control. The DX4 servo drive offers plug-and-play compatibility and efficient application development, particularly in industries such as packaging, medical, and robotics.

Strategic Acquisition for Enhanced Portfolio In a strategic move, Allied Motion Technologies Inc. acquired ORMEC Systems Corporation in November 2021. This acquisition aims to strengthen Allied Motion Technologies Inc.’s integrated motion controllers and servo drives product portfolio. ORMEC Systems Corporation, a key player in motion control systems, adds a valuable dimension to the capabilities of Allied Motion Technologies Inc.

Navigating the Segments: Understanding the Servo Motors And Drives Market

Segmentation Overview The servo motors and drives market is segmented based on offering, type, voltage range, and end-user.

1. Offering:
   • Hardware
   • Software
2. Type:
   • Motor
   • Drive
3. Voltage Range:
   • Low-Voltage
   • Medium-Voltage
4. End User:
   • Automotive
   • Oil and Gas
   • Healthcare
   • Packaging
   • Semiconductor and Electronics
   • Chemicals and Petrochemicals

Regional Dynamics: Asia-Pacific Leading the Way

Geographical Landscape In 2023, Asia-Pacific emerged as the largest region in the servo motors and drives market, showcasing the region’s dominance in shaping market dynamics. As we look ahead, Asia-Pacific is expected to maintain its lead, emerging as the fastest-growing region in the forecast period.

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The Servo Motors And Drives Global Market Report 2024  provides an overview of the servo motors and drives market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The servo motors and drives market forecast analyzes servo motors and drives market size, servo motors and drives market share, leading competitor and their market positions.

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