Servo Motors and Drives Market To Generate $18,383 Million Revenue by 2030

The servo motors and drives market size is expected to advance at a CAGR of 5.4% during 2022–2030, to reach USD 18,383 million by 2030. This can be ascribed to the growing consumer electronics sales, increasing adoption of energy-efficient systems, and the rising rate of automation in industries.

Moreover, the increasing adoption of smart appliances for residential applications, such as door locks, thermostats, and home monitors; and the rising use of linear and rotary systems, both customized and standard, in electro-medical and laboratory instruments, such as Gamma Knife, operating and examination tables, and X-ray scanners, are driving the demand for servo motors.

In addition, the flexibility in machine tool operations and servos are known to replace traditional gears, pulleys, and belts, to eliminate the issue of wear and failure, which occur mostly with older technologies. Also, such systems enhance productivity, machine throughput, and reliability. They are designed to receive inputs from computer controllers and sensors, so that they can execute precise activities, such as robotics, CNC machining, and advanced automated manufacturing.

Moreover, rotary servo motors make possible the interaction between winding and magnets, and these provide various advantages including high-torque density, high-resolution precision feedback, and minimal energy consumption. Furthermore, coupled with various advancements in technology, such as the integration of connected devices with artificial intelligence (AI) and the internet of things (IoT), the demand for such motors is rising.

European Market To Show Considerable Growth

The European market is growing considerably. This is attributed to the presence of essential tech hubs across the region and the faster adoption of modern technologies and machinery. In addition, the surging adoption and acquirement of robots in different industries are also contributing to the demand for servo motors and drives. The region also has a robust manufacturing base, due to the rapid developments in industries and the high production of electronic goods. In Europe, Germany has the largest manufacturing facilities; hence, it is the highest revenue contributor to the regional market.

Rising Usage of Encoders Drives the Industry

The usage of servo motors and drives is increasing among various applications with the rising adoption of automation. Thus, the requirement for automation solutions by manufacturers across several sectors has been observed as a key driver for the market. Encoders are widely utilized in automation to offer accurate direction and speed, in order to ensure the safe and smooth running of motors. Accuracy in tracking motor speed also ensures the performance of machines and optimum operations and is designed accordingly so as to prevent machine shutdown or motor burnout.

Furthermore, encoders aid in enhancing the overall equipment effectiveness in automation by checking the working and energy conditions of equipment. 24/7 connectivity offered by encoders to production lines is also an important need across various industries such as pharmaceutical, automotive, food & beverages, and chemical. As large manufacturing and mid-sized plants are using automation solutions rapidly, encoders are being deployed on a large scale for better application of assets, minimization of errors, and controlling the quality of end products.

The most-significant servo motors and drives market players are Mitsubishi Electric Corporation, YASKAWA Electric Corporation, Siemens AG, Schneider Electric, Rockwell Automation Inc., ABB Ltd., Delta Electronics Inc., Emerson Electric Co., Fanuc Corporation, and Nidec Corporation.