Servo Motors And Drives Market Size

Servo Motors And Drives Market Analysis

The Servo Motors And Drives Market size is estimated at USD 15.46 billion in 2024, and is expected to reach USD 20.54 billion by 2029, growing at a CAGR of 5.85% during the forecast period (2024-2029).

Servo motors are AC, DC, or linear motors with in-built positional feedback. These motors are used in closed-loop motion control systems where angular position, speed, and torque can be accurately controlled. Using permanent magnets enables the variation of the voltage and current between windings. A servo drive is an automatic device used with servo motors that provide the required voltage to the motor to correct any deviation from the commanded status, helping the motor achieve precise positioning.

• Flexibility in machine tool operations is one of the most significant benefits. In addition, servos replace traditional gears, belts, and pulleys to eliminate wear and failure problems typical with older technologies. Servos increase productivity, reliability, and machine throughput.
• The industrial sector is among the major consumers of servo motors and drives as they are highly suitable for use in different types of industries owing to their ability to provide precise motion control. As a result, due to a growing rate of industrialization, especially across emerging regions, the adoption rate of advanced solutions such as robotics and automated equipment is likely to be higher across these regions.
• There has been significant growth in the demand for energy-efficient solutions on a global scale in recent years. The growing environmental concern and rising consumer awareness are among the major factors influencing the demand for energy-efficient solutions. With these factors becoming more prevalent during the forecast period, it is expected to have a notable impact on the dynamics of the servo motors and drives market.
• One of the major substitutes for servo motors is the stepper motor. A stepper motor is an electromechanical device that converts electrical energy into mechanical energy. It is also a brushless synchronous motor that can divide one rotation into many steps. Motor position can be precisely controlled without a feedback mechanism if the motor is carefully sized for the application. A stepper motor is like a switched reluctance motor.
• The outbreak of COVID-19 had been a nightmare for industrialists, i.e., a manufacturing recession. A significant slowdown in the sales of servo motors and drives from China disrupted the supply chain across applications, such as equipment, packaging materials, ingredients, and other plant supplies. Steel is among the major raw materials used in servo motors. As a result of disruptions that occurred in the steel industry, especially during the initial phase of COVID-19, the production of servo motors was hampered. For instance, China is a major steel producer. Owing to the outbreak of the pandemic, steel production in the country was hampered by trade restrictions, widespread lockdowns, and factory closures owing to restrictions imposed by the Republic of China's government during the pandemic.
• The COVID-19 pandemic increased the demand for semiconductors across the consumer electronics and automotive sectors, mainly due to the growing adoption of EVs post-pandemic. According to the Semiconductor Industry Association, in FY 2022, global semiconductor sales reached USD 574 billion, with total sales of US semiconductor companies at USD 275 billion, accounting for 48% of the global market. Moreover, worldwide sales of semiconductors totaled USD 134.7 billion during the third quarter of 2023, an increase of 6.3% compared to the second quarter of 2023.