Market Size of Servo Drives Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Servo Drives Market Analysis
The global servo drives market is expected to register a CAGR of 4.9% over the forecast period (2022-2027). The growing mobile robotics and electric mobility continuously drive the innovation in servo drives. This includes warehouse and factory automation, as well as automation in people-centric industries like grocery stores, shopping malls, and hospitals.
- Mobile robotics such as Automated Guided Vehicles (AGV), Autonomous Mobile Robots (AMR), and Automated Storage and Retrieval Systems (AS/RS) have been driving demand for servo drives, and this is expected to continue in the future. These mobile robots are being used in warehouses by large companies and municipalities.
- For instance, in 2021, Advanced Motion Control will start packaging its FlexPro drives as multi-axis products and make them available as standards. They will essentially be several individual FlexPro drives mounted to a single PCB with a common power and interface.
- In the case of motors other than servo motors, they must be deployed with different torque and speeds. But the servo motors provide a diverse range of torque and speeds as a single unit. Further, these drives require less maintenance which are some factors adding demand for servo drives for different applications.
- Governments in various countries are installing energy-saving equipment to decrease energy consumption at industrial and commercial levels, where servo drives play an important role. Also, the demand for energy in coming years is anticipated to rise owing to the growing industrial automation, bolstering the market demand studied. However, the complexity of the operation and high initial setup cost are the factors hindering the market growth.
- The Covid-19 outbreak has weakened the demand for servo drives as the use of motors and its demand from various industries such as oil & gas, mining, food processing, automobile, and others has declined. Also, the disruption in the supply chain due to pandemic restrictions has affected the demand and supply of servo drives in the market.
