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North America Digital Servo Motors and Drives Market Size

Report ID: GMI9921
Published Date: Jun 2024
Report Format: PDF

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North America Digital Servo Motors and Drives Market Size

North America Digital Servo Motors and Drives Market was valued at USD 2.1 billion in 2023 and is anticipated to witness about 6.9% CAGR from 2024 to 2032. Rising demand for energy-efficient systems across various industrial operations along with stringent regulatory mandates toward energy consumption. Flourishing investments in infrastructure are boosting the need for HVAC systems, to optimize energy output, precise motor speed and enhanced process control, are driving the industry growth.

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For instance, as of February 2024, annual investment in new manufacturing facilities reached nearly USD 225 billion, driven by bipartisan infrastructure and Democratic initiatives in clean energy and manufacturing. The convergence of efficiency demands, infrastructure development, and consumer preferences for advanced units are shaping the industry's landscape.

North America Digital Servo Motors and Drives Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Digital Servo Motors and Drives Market Size in 2023:	USD 2.1 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.9%
2032 Value Projection:	USD 3.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	75
Tables, Charts & Figures:	32
Segments covered:	Drive, Application and Country
Growth Drivers:	Expanding industrial operations and growing automotive sector Stringent energy efficiency mandates by the authorities and increasing energy consumption
Pitfalls & Challenges:	Substantial initial installation cost

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Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

North America digital servo motors and drives industry size was worth USD 2.1 billion in 2023 and is projected to expand at 6.9% CAGR from 2024 to 2032, led by the rising demand for energy-efficient systems across various industrial operations.

The AC drives segment in the North America digital servo motors and drives industry is projected to surpass USD 3 billion by 2032, due to the growing automation across several industrial processes.

The metal cutting & forming application segment in the North America digital servo motors and drives industry will grow at over 6% CAGR from 2024 to 2032, owing to the increasing demand for lightweight, high-strength metals in industries like aerospace and automotive.

U.S. digital servo motors and drives market is anticipated to record more than USD 2.8 billion by 2032, on account of the stringent regulations toward enhancing the energy efficiency & security and accelerating investments across industrial automation.