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Servo Motors and Drives Market Trends

Report ID: GMI5079
Published Date: Jul 2024
Report Format: PDF

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Servo Motors and Drives Market Trends

The market is projected to observe significant expansion on account of the favorable initiatives by the emerging economies as well as developed countries to boost digital transformation across different business areas. In addition, rapid transition towards automation across industrial operations will further boost the market growth.

For instance, in June 2022, Siemens introduced Siemens Xcelerator, and open digital business platform to support transformation across various size buildings, industries, mobility, and grids with an aim to boost productivity and innovations. Moreover, growing inclination to boost digitalization & automation across different operations to unveil new opportunities for market expansion.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

Market size for servo motors and drives was evaluated at USD 18.8 billion in 2023 and is projected to experience 6.7% CAGR through 2032, owing to the stringent energy efficient standards by respective governments.

The digital segment in the servo motors and drives market is projected to cross USD 15 billion by 2032 owing to the transition towards advanced systems.

Asia Pacific market is set to exceed USD 13.8 billion by 2032 owing to growing investments towards expanding the manufacturing & process industries.

ABB, ADVANCED Motion Controls, Allied Motion, Inc., Baumüller, Bosch Rexroth AG, Danfoss, Delta Electronics, Inc, ESTUN AUTOMATION CO., LTD, Fuji Electric Co., Ltd., Hitachi, Ingenia Cat S.L.U., KEB Automation KG, Kollmorgen, and Mitsubishi Electric Corporation among others.