Servo Motors And Drives Market Size, Share, Opportunities, And Trends By Type (AC Servo Motor/Drive, DC Servo Motor/Drive, Brushless DC Motor), By Offering (Motor Components, Drive Components, Software), By Material (Stainless Steel, Others), By Application (Automotive, Semiconductor And Robotics, Food Processing, Healthcare, Packaging, Material Handling), And By Geography - Forecasts From 2024 To 2029

The servo motors and drives market is expected to grow at a CAGR of 8.05%, reaching a market size of US$24.206 billion in 2029 from US$16.434 billion in 2024.

Servo motors and drives are used in every bit of machinery that requires precise position control. One of the main factors propelling the market's expansion over the projected period is anticipated to be the growing adoption of automation across various end-user industries. Automation is made possible by servo motors and drives, and this helps industrial processes become more accurate and efficient while also cutting costs and errors. Growing demand for energy-efficient solutions and technological advancement drive this market's growth.

Servo motors and drives help boost the production capacity of industries like semiconductors, automotives, and packaging. Lightweight machines, new trends in robotics, and reduced size of machines provide a good opportunity for this market’s growth. Various firms are choosing distinct ways to enhance their margins due to excessive competition. Large enterprises seek strategic partnerships like mergers, acquisitions, and joint ventures to gain market share. Further, the advent of industrial 4.0 and expanding manufacturing facilities in developing regions will also widen the growth opportunities for vendors and manufacturers over the forecast period. Nonetheless, the market's expansion is anticipated to be constrained by the high costs and shortage of skilled labor throughout the entire value chain.

Servo Motors and Drives Market Drivers:

• Increasing demand from the automotive industry

Automotive is expected to hold a significant market share owing to the expanding automotive industry and increasing adoption of servo motors. Modern automakers want to improve their systems to give them a competitive advantage over rivals by incorporating networking and inspection features. The material handling and packaging industry is anticipated to witness substantial growth on account of the growing need for motion control components in the motors and drives industries. Servo motors and drives decrease downtime, provide better diagnostic tools, and provide smooth accelerations and decelerations with very fast movements. Such functions are critical in packaging machines as they increase their overall efficiency and provide a longer life for machines with less cost of repair.

Servo Motors and Drives Market Restraint:

• Complex equipment required to ensure safety and higher cost of the system may hinder the market growth

Feedback loop tuning is essential for stabilizing the system because the servo system depends on it to drive the motor in the desired direction. Similarly, a safety circuit is required to guarantee system safety even when an individual device fails. Increasing setup costs and operational complexity are some of the reasons why users may opt for other alternatives, like stepper motors, that do not rely on feedback loops. All these components have to be included in servo systems.

• Increased use of rotary servo motors

The swift advancement of direct-drive rotary servo motors worldwide has led to the removal of pulleys, gearboxes, and numerous other mechanical components, resulting in quicker settling times, improved load control, and lower energy usage. Rotating motors are widely used in food processing, healthcare, packaging, textile, printing, automotive, and transportation industries due to their many advantages, which include high-resolution precision feedback, low energy consumption, and consequent torque density.

• High demand for low voltage servo motors

Since low voltage servo motors are highly compatible with mobile applications that demand high acceleration and breaking processes, improved efficiency, and low noise, it is expected that their market share will increase significantly over the projected period. Further driving the growth of this segment are its high reliability in comparison to other products on the market, low maintenance and setup costs, and ease of operation.

Low voltage capacity drives have been made possible by the global expansion of the residential sector and a number of small industries. Low voltage drives are being utilized in the petrochemical and oil and gas industries, and this is positively influencing their growth.

Servo Motors and Drives Market Geographical Outlook

• The Asia Pacific is witnessing exponential growth during the forecast period

Asia-Pacific's servo motor and drive market is growing rapidly due to the region's growing industrial base and their integration with automation to boost return on investment. Given its increasing production, sales, and trade of robotic solutions, China is anticipated to dominate the Asia-Pacific market for servo motors and drives. Japan is rapidly adopting the idea of "Society 5.0," which introduces the four main stages of human development in the fifth chapter. In this new ultra-smart society, people can experience a greater quality of life through the connection between IoT and everything; every technology works together to make living easy. Regarding their competitiveness strategy, the major market leaders in servo motors and drives are also discussed. Company profiles highlighted here give an overview of various firms’ operations and three-year financial performance and key services and products they provide. Additionally, recent events surrounding the most important people within servo motors & drives are also discussed.

Servo Motors and Drives Market key launches

• In October 2023, Yaskawa Electric Corporation announced that the GA700 series of next-generation AC drives would be expanded. Thanks to the addition of the high-capacity band, there are now more 400V-class capacity options available, ranging from 0.4 to 355 kW to 0.4 to 630 kW. The GA700 can now be used for a wider range of applications on larger general industrial machinery and equipment.
• In November 2023, Mitsubishi Electric Automation Inc. announced an expansion plan for the MELESRVO-J5 product family to provide OEMs and end-users with more options. Furthermore, the upcoming high-speed HK-KT/ST servo motors rated at 3,000 rpm will be included in the second generation of servo MR-J5 products, alongside two new servo HK-RT/ST types.
• In June 2022, the highest-performing RZ/T2M motor control microprocessor units (MPUs) from Renesas Electronics Corporation, a leading provider of cutting-edge semiconductor solutions, were unveiled today for use in industrial robots and AC servo drives, among other applications. On a single chip, the RZ/T2M supports functional safety operation and combines the newest industrial Ethernet technology with quick and extremely accurate real-time motor control capabilities. Customers can lower the number of external components, which lowers BOM costs and product size, by using the RZ/T2M, which provides all necessary peripheral functions for motor control.

The Servo Motors and Drives market is segmented and analyzed as follows:

• By Type
  • AC Servo Motor/Drive
  • DC Servo Motor/Drive
  • Brushless DC motor
• By Offering
  • Motor Components
  • Drive Components
  • Software
• By Material
  • Stainless steel
  • Others
• By Application
  • Automotive
  • Semiconductor and Robotics
  • Food Processing
  • Healthcare
  • Packaging
  • Material Handling
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Taiwan
    • South Korea
    • Others