The global servo motor market size is expected to attain a market size of USD 14.4 billion by 2025, registering a CAGR of 6.4% over the forecast period, according to a new report by Grand View Research, Inc. Servo motors help reduce operating time and save costs of inventory processes and manufacturing. Development of efficient and advanced automation technologies, easy integration and use of motion control components in motors, and increased adoption of energy-efficient international standards are prime growth drivers of the market. Rising demand for energy-efficient motors has resulted in a shift from standard energy-efficient electric motors to premium ones. This shift in trend is directly contributing to rising demand for servo motors as well revenue growth of motor manufacturers.
Technological advancements in the servo motors market have been focused on reducing the weight and size of motors and increasing the torque. The latter has been achieved with the use of rare earth magnets. Suppliers such as GE Fanuc have introduced motors offering a high and continuous torque rating for use in applications such as injection molding. Additionally, Yaskawa Electric Corporation is focusing on winding techniques and improvements in high-energy product magnet materials. To keep prices stable, production techniques are becoming increasingly important. Just-in-time manufacturing is being widely used and production of servo motors is itself automated.
The market environment has become favorable for advanced technologies with users increasingly investing in designs that offer greater performance and reliability as well as higher efficiency. Greater customer confidence and understanding of these benefits has boosted demand for servo motors. Additionally, manufacturers are focusing on value-added and improved profitability as a means to maintain their competitiveness. This has led customers investing large amounts in newer and more advanced technologies such as servo motors.
Factors such as volatile prices and availability of raw materials, easy availability of substitute motors, and complex manufacturing processes are key restraints to market growth. However, declining prices of and increasing demand for servo motors are expected to lead to steady market growth.
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Further key findings from the report suggest:
- The servo motors market is anticipated to register a CAGR of 6.4%. Growth can be attributed to increasing focus on construction activities and infrastructure development, thus necessitating the replacement of old motors with new energy-efficient ones
- DC motors are commonly used in automotive, metal processing, and HVAC industries as they help manufacturers in efficiently utilizing energy and meeting rising demand for cost optimization
- The flourishing automotive industry and advantages offered by these devices such as reduced size, high accuracy and speed, higher torque, and lightweight machines are driving the market across the automotive sector
- Servo motors are also used for automation in industrial processes, resulting in fewer errors, high throughput, lower manpower requirement, and reduced cost
- Asia Pacific is expected to witness the highest and fastest growth over the forecast period. Factors such as positive economic outlook, growing manufacturing industries, and increasing production and sales of electric vehicles are expected to drive demand in this region
- Companies are focusing on expanding their market presence through mergers and acquisitions and are increasingly investing in research and development activities to improve their product offerings.