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North America Servo Motors and Drives Market Size

Report ID: GMI11560
Published Date: Sep 2024
Report Format: PDF

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North America Servo Motors and Drives Market Size

North America servo motors and drives market was evaluated at USD 4.3 billion in 2023 and is anticipated to achieve a growth rate of 6.8% between 2024 and 2032. The servo motors and drives industry is experiencing growth due to the increasing adoption of highly energy-efficient devices in various industrial operations.

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Furthermore, new initiatives aimed at developing advanced manufacturing and processing facilities coupled with ongoing technological innovations will boost the product demand. For instance, in July 2023, Siemens launched the Sinamics S200, a new servo drive system offering a power range of 0.1 to 1 kW at 200V and 0.2 to 7 kW at 400V, designed for precise applications, particularly in the electronics and battery manufacturing sectors, among others.

North America Servo Motors and Drives Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Servo Motors and Drives Market Size in 2023:	USD 4.3 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.8%
2032 Value Projection:	USD 7.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	90
Tables, Charts & Figures:	14
Segments covered:	Category, Drive, Application and Country
Growth Drivers:	Stringent energy efficient standards by respective governments Mounting investment across industrial operations coupled with flourishing automation initiatives Rapid upsurge across energy-intensive industrial operations
Pitfalls & Challenges:	Significant upfront cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

In 2023, the North American market for servo motors and drives was valued at USD 4.3 billion. It is projected to grow at a CAGR of 6.8%, reaching USD 7.9 billion by 2032.

The market is driven by stringent energy-efficient standards set by governments, rising investments in industrial operations, booming automation initiatives, and a surge in energy-intensive industrial operations.

The U.S. servo motors and drives market is anticipated to surpass USD 5.7 billion by 2032, driven by advancements in automation, adoption of smart manufacturing practices, and a growing emphasis on energy efficiency and sustainability.

Key players in the industry include ABB, Advanced Motion Controls, Allied Motion, Baumuller, Bosch Rexroth, Danfoss, Delta Electronics, Fuji Electric, Hitachi, Ingenia Cat, KEB Automation, Kollmorgen, Mitsubishi Electric, Nidec, Panasonic, Rockwell Automation, Schneider Electric, Siemens, and Yaskawa Electric.