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Asia Pacific AC Servo Motors and Drives Market Size
Asia Pacific AC Servo Motors and Drives Market was evaluated at USD 6 billion in 2023 and is set to experience a CAGR of 6.3% between 2024 and 2032.
The rapid adoption of Industry 4.0, coupled with widespread automation and a relentless push for digital transformation, is reshaping the industry landscape. Introduction of enhanced technologies, including the Internet of Things (IoT), artificial intelligence, and advanced robotics, are driving efficiency and innovation across various sectors complementing the business outlook. For instance, in July 2024, Robot Technology Japan, a dedicated exhibition spotlighting industrial robots and automation systems held in the Aichi Sky Expo, Japan. Moreover, the expanding automobile sector and increasing demand for electric vehicles coupled with advancements in autonomous driving technologies are propelling the automotive industry forward.
Which key players dominate the Asia Pacific AC servo motors and drives industry?
Prominent players in the market include ABB, Mitsubishi Electric, Panasonic Industry, Yaskawa Electric, Siemens, Rockwell Automation, and others, contributing to technological advancements and market expansion.
What is the projected market size for China
China's AC servo motors and drives market is expected to exceed USD 4 billion by 2032, supported by the growth in the manufacturing sector and the increasing demand for energy-efficient systems.
Why is the digital segment expected to grow in the Asia Pacific AC servo motors and drives market?
The digital segment is set to grow at a CAGR of over 6% through 2032, driven by rising automation, the advent of Industry 4.0, and the widespread use of AC motors in various industrial applications.
What is the forecasted value of the metal cutting & forming segment?
The metal cutting & forming segment is projected to exceed USD 1.7 billion by 2032, fueled by the demand for advanced technologies in industries such as robotics, iron and steel, and automotive.
What is the value of the Asia Pacific AC servo motors and drives market?
In 2023, the Asia Pacific AC servo motors and drives industry was valued at USD 6 billion and is expected to grow at a 6.3% CAGR by 2032, driven by the adoption of Industry 4.0 and automation.