Servo Motor Market size is Predicted to Reach USD 19 Billion with a CAGR of 6%

BOSTON - July 23, 2024 - PRLog -- The increasing need for the servo motor system for motion control as a system to enhance production and manufacturing plants in mining industry is fueling the growth of the market. This is due to the use of servo motors in their mining process which helps the companies to increase the efficiency, flexibility, and increase the volume of accurate results.

The growing adoption of Industry 4.0 and IoT across significant industries, such as manufacturing and consumer electronics, along with the oil and gas sector, is further increasing the growth rate in the servo motors market.

Key Growth Drivers:

• Industrial Automation: The increasing adoption of automation in manufacturing processes is a major driver for servo motors. Automation enhances efficiency, precision, and productivity, which are crucial for maintaining competitiveness in the manufacturing sector.
• Robotics: Servo motors are essential components in robotic systems, providing precise control over movement and positioning. The growing use of robots in industries such as automotive, electronics, and logistics is boosting the demand for servo motors.
• Smart Manufacturing: The integration of Industry 4.0 technologies, such as IoT and AI, into manufacturing processes is driving the need for advanced servo motors. These technologies require high-performance servo motors capable of real-time data processing and feedback.
• Miniaturization and Efficiency: Technological advancements have led to the development of smaller, more efficient servo motors. These compact motors are suitable for applications with space constraints, further expanding their use across various sectors.

Regional Analysis:

• Asia-Pacific holds the dominant share in servo motor industry trend and is expected to continue its dominance during the forecast period.
• On the other hand, North America is expected to experience a consistent surge in the demand for servo motors. This growth is attributed to the thriving e-commerce and manufacturing sectors in countries.

Key Market Players:

• Yaskawa Electric Corp.
• Mitsubishi Electric Corp.
• Siemens AG
• Schneider Electric
• Rockwell Automation, Inc.
• ABB Ltd.
• Delta Electronics, Inc.
• FANUC Corporation

Conclusion:

In conclusion, the servo motor market is poised for substantial growth, driven by advancements in technology, increasing automation across industries, and the rising demand for precision and efficiency in various applications. These factors are expected to continue shaping the market dynamics, offering new opportunities for growth and innovation in the coming years.

Access full report: https://www.nextmsc.com/report/servo-motor-market