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Premium Report Details
Base Year: 2023
Companies covered: 18
Tables & Figures: 721
Countries covered: 32
Pages: 110
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Digital Servo Motors and Drives Market
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Digital Servo Motors and Drives Market Size
The global digital servo motors and drives market size in 2023 was valued at USD 8.5 billion and is estimated to grow at a CAGR of 6.7% from 2024 to 2032, on account of the growing focus on energy-saving systems and the introduction of energy use regulation, there has been a surge in investments in infrastructure development which has resulted in an increased need for HVAC systems that are critical in balancing energy in buildings. These systems enhance the expansion of industry because of its ability to provide accurate motor speed control, thus achieving energy savings and better process management.
Rising investments in infrastructure development have driven demand for advanced motor control systems will add to the industry growth. These systems maximize energy production; offer fine-tuned control on motor velocities; and improve automation and process control which bodes well for the market. For example, in May 2023, MOVENSYS Inc. and Mitsubishi Electric Corporation started a joint initiative in order to consolidate their positions in the motion control and AC servo industry. As per their agreement, Mitsubishi Electric will acquire a stake in Movensys, which is a bilateral agreement. This approach aims to incorporate the technological development capabilities of Movensys with the market strengths of Mitsubishi Electric in order to enhance the AC servo business of the company.
Digital Servo Motors and Drives Market Trends
The market of digital servo motors and drives is expected to grow significantly due to the industrial automation changes and increase in digital regulations. This industry is expected to grow substantially due to the increasing usage of robotics & automation in everyday operations. Also, the shift towards smart factories is being adopted more and more, especially in the important industrial automation areas. The increasing need for effective engine control systems in the various industries, as well as the growth of the automated vehicles market, will contribute to an increase in the market value.
Digital Servo Motors and Drives Market Analysis
AC drives segment is anticipated to grow over USD 11.5 billion by 2032. With more automation in nearly all verticals and the advent of Industry 4.0, there is a greater need for AC servo motors and drives which is helping the market expansion. AC motors are preferred by many industries since they work well when at full load, and when the load fluctuates. Additionally, the current repair & construction activities of industrial facilities as well as the strong uptake of modernization in automation and communication systems are likely to have a positive effect on the AC servo motors and drives market.
Metal cutting & forming segment is projected to observe a substantial growth rate of over 5% through 2032, driven by technological advancement and the quest for increased efficiency and accuracy. Increased adoption of modern and complex manufacturing systems which require intricate metal forming and metal cutting for precise dimensions and surfaces is increasing the demand for the products. In addition to that, the use of IoT and AI for intelligent automation, real-time data collection, monitoring, and analysis for process optimization, predictive maintenance, and improved overall equipment effectiveness will enhance the industry forecast.
U.S. digital servo motors and drives market is anticipated to surpass USD 2.8 billion by 2032. On account of the increasing trend of industrial automation, manufacturers are adopting more digital servo technologies to improve performance, energy efficiency, and enable remote monitoring while adjusting to the market needs. The rise in the use of robots and automated equipment in the manufacturing, aerospace, automotive and other industries also increase the demand for more high precision servo motors and drives. Moreover, the industry manufacturers strive to reduce operational costs and increase production flexibility, propelling the demand towards compact and lightweight servo motors, thereby augmenting the North America digital servo motors and drives industry pace.
Digital Servo Motors and Drives Market Share
The digital servo motors and drives industry is dominated by key players including ABB, Fuji Electric, Danfoss, Siemens, Rockwell Automation, and Emerson, among others. Strategic initiatives to strengthen the business market have been taken by primary players in the industry allowing them to gain substantial amounts of market share throughout the world. This includes forming partnerships, pursuing collaborations, and executing mergers. The growth of the industry is also shaped from focus on product innovations alongside expansion of the production capabilities.
Digital Servo Motors and Drives Market Companies
Major players operating across the industry include:
Digital Servo Motors and Drives Industry News
Digital servo motors and drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “'USD Million” from 2021 to 2032, for the following segments:
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Market, By Drive
Market, By Application
The above information has been provided for the following region & countries: