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Servo Motors and Drives Market Size
Servo Motors and Drives Market was evaluated at USD 18.8 billion in 2023 and is projected to experience a CAGR of 6.7% between 2024 and 2032.
Growing inclination towards the deployment of highly energy efficient devices across various industrial operations to enhance the productivity and operations speed to boost the servo motors and drives industry. Moreover, introduction of new initiatives to flourish manufacturing and processing industries across geographies will amplify the demand for these systems. For instance, as per the data updated by the World Bank in May 2024, the total value added across the manufacturing sector globally equaled around USD 16.19 trillion in 2022 experiencing above 18.4% increment over a couple of years from USD 13.57 trillion in 2020.
Servo Motors and Drives Market Report Attributes
| Report Attribute |
Details |
| Base Year: | 2023 |
|---|
| Servo Motors and Drives Market Size in 2023: | USD 18.8 Billion |
|---|
| Forecast Period: | 2024-2032 |
|---|
| Forecast Period 2024-2032 CAGR: | 6.7% |
|---|
| 2032 Value Projection: | USD 34 Billion |
|---|
| Historical Data for: | 2021-2023 |
|---|
| No. of Pages: | 120 |
|---|
| Tables, Charts & Figures: | 52 |
| Segments covered: | Category, Drive, Application, and Region |
|---|
| Growth Drivers: | - Stringent energy efficient standards by respective governments
- Mounting investment across industrial operations coupled with flourishing automation initiatives.
- Rapid upsurge across energy-intesive industrial operations.
|
|---|
| Pitfalls & Challenges: | |
|---|
