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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.
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.
Who are some of the key players in the North America servo motors and drives industry?
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.
Which region in North America is expected to see significant growth in the servo motors and drives market?
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.
How is North America servo motors and drives market expected to grow from 2023 to 2032?
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.
What are the key growth drivers for the North America servo motors and drives market?
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.