Global Servo Drive Market - WishTree Insight

Global Servo Drive Market by Drive (DC Drive and AC Drive), Voltage (Low (0-1kV), Medium (1kV-6.6kV), High (6.6kV and above)), End-User (Industrial Machinery & Equipment, Automotive, Printing & Packaging, Healthcare, Semiconductors & Electronics, and Others), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The Servo Drive market size was valued at USD 7.1 billion in 2021 and is expected to surpass USD 10.4 billion by 2031, expanding at a CAGR of 7.5 % during the forecast period, 2021–2031. The market's growth is attributed to the growing trend of miniaturization and increasing demand for factory automation and robotics worldwide.

INTRODUCTION

A servo drive converts DC electrical power into signals that control the position of a servo motor. Servo drivers are used to create a precise and reliable movement with basic motors.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing energy demand & rising population are expected to create lucrative growth in the global servo drive market.
• Increasing preference for servo motors over other counterparts is expected to drive market growth.
• Introduction of advanced tools & services will boost the production output in the market.
• Additional and complex equipment required to ensure safety and higher cost of the system is anticipated to hinder the market growth.
• Substantial gap in supply and demand for servo drives across regions is expected to hamper the global servo drive market.

Scope of the Report

Market Segment Insights

The AC Drive segment is projected to register a considerable CAGR

Based on the drive, the servo drive market is bifurcated into DC Drive and AC Drive. The AC Drive segment is expected to expand at a rapid pace during the forecast period. The growth of the market segment is attributed to flexibility in operation at different speeds and is cost-effective as compared to DC drives.

The low voltage (0-1kv) segment is expected to expand at a rapid pace

Based on voltage, the servo drive market is divided into Low (0-1kV), Medium (1kV-6.6kV), High (6.6kV, and above). The low voltage (0-1kv) segment is expected to expand at a rapid pace during the forecast period owing to the growing application areas for low voltage motors. The growing small-scale industries, developing residential sectors, increasing agricultural activities, and growth across the petrochemical and oil & gas industry have helped the market to grow in the segment. However, medium-scale and high-voltage expansions are expected to hold a steady share of the market.

The industrial machinery & equipment and semiconductors & electronics segment is projected to register a considerable CAGR

On the basis of end-user, the servo drive market is segregated into industrial machinery & equipment, automotive, printing & packaging, healthcare, semiconductors & electronics, and others. The industrial machinery & equipment and semiconductors & electronics segment is projected to register a considerable CAGR during the forecast period owing to its use in electronic devices, robotics, remotely controlled toys, automatic doors, and others. On the other hand, the automotive segment is anticipated to account for a major market share during the forecast period creating an opportunity for the market as electric vehicles (EVs).

Asia Pacific is expected to dominate the market in the region

In terms of regions, the servo drive market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the Asia Pacific region is expected to constitute a key share of the market during the projected period owing to growing industrialization, infrastructure activities, rich agricultural heritage, and oil & gas activities. However, the market of North America and Europe is anticipated to expand at a rapid pace during the forecast period owing to the rapidly increasing energy demand, production activities, and surging exploration. Furthermore, the market is expected to gain pace across different application sectors in Latin America and Middle East countries.

Competitive Landscape

Key players competing in the servo drive market are ABB (Switzerland); Siemens (Germany); Schneider Electric (France); Rockwell Automation (U.S.); WEG (Brazil); Danfoss Drives (Denmark).

FAQs

How much is the market worth?

The Servo Drive market size was valued at USD 7.1 billion in 2021 and is expected to surpass USD 10.4 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 7.5%.

What are the key drivers of the market?

The market's growth is attributed to the growing trend of miniaturization and increasing demand for factory automation and robotics worldwide.

What segments are covered in the Servo Drive report?

The segments covered in the report are drive (DC drive and AC drive), voltage (low (0-1kv), medium (1kv-6.6kv), high (6.6kv and above)), end-user (industrial machinery & equipment, automotive, printing & packaging, healthcare, semiconductors & electronics, and others).

Mention the key players in the market.

ABB (Switzerland); Siemens (Germany); Schneider Electric (France); Rockwell Automation (U.S.); WEG (Brazil); Danfoss Drives (Denmark).