Persistence Market Research (PMR) recently published a market study on servo motors and drives, and it finds that the demand has been growing at a healthy pace, attributing to the increasing adoption industrial automation technologies across diverse sectors. Positive growth of the Industry 4.0 trend is triggering the sales of advanced motion control devices, and this is likely to boost the servo motors and drives market to reach a valuation of ~US$ 12 billion by 2019, projects the PMR study.
The study opines that the global sales of servo motors and drives is set to grow over 2.3X during 2019 and 2029, and it is mainly attributed to the their growing applications in the robotics landscape. In 2018, the sales of servo motors and drives in the robotics industry accounted for nearly US$ 5.7 billion, and they are expected to continue their upward spiral in these applications in the coming years, says the PMR study. The recent upsurge in adoption of robots and cobots in the industrial landscape is expected to contribute to the increasing sales of servo motors and drives in the coming years.
Robotics technologies and applications are becoming more ubiquitous than ever across a wide range of industrial areas including manufacturing, healthcare, among others. Growing adoption of motion control equipment in the development of industrial robots has been bolstering growth of the servo motors and drives market. Consequently, leading market players are expected to introduce need-specific products to capitalize on the increasing trend of robotics to replace conventional motors used in most industrial applications, projects the PMR study.
AC Servo Motors hold Three-fourth Revenue Share; Induction Motors witness High Demand
The PMR study finds that the sales of AC servo motors accounted for nearly 75% revenue share of the global market for servo motors and drives in 2018, and its growing applications over DV servo motors is expected to foster this trend in the coming years, opines the study. AC servo motors and drives have become a fundamental element that supports the implementation of industrial automation technologies, and this will continue to influence emerging trends in the market, opines the study.
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AC servo motors and drives enable smoother operation of various automated equipment in the industrial landscape, and with the rise in adoption of automation technologies, their demand will continue to increase, projects the PMR study. Owing to its operational versatility and a high level of precision in applications, the adoption of AC servo motors and drives is increasing in a wide range of applications such as automation, CNC machinery, and robotic. Furthermore, the PMR study also finds that the demand for induction motors will remain significantly higher than synchronous motors, shaping the future trends in the servo motors and drives market.