Servomotors are popularly used for attaining control over velocity, angular position and acceleration. They work on servomechanism, which uses error-sensing feedbacks to correct the functioning. It is one of the most commonly used automation tool in various application industries, which makes it highly essential on global scale. Implementation of servo motors and drives reduces operating time and saves the cost of inventory processes and manufacturing. All these features prove to be the driving factors for the global servo motor market. Falling prices and increasing demand for servomotors and drives are expected to maintain a steady pace in the industry. Businesses that want to make big in this market, need to concentrate on innovation and customer service.
Key Takeaways- Segmentation
Basic segmentation in the industry is made on the basis of the types of applications, industrial verticals, and geographical regions including different countries. The most basic segmentation in the servo motor ad drives market is based on the types of motors and drives. Servo motor types include AC motors, DC brushed, linear servo motors, DC brushless, etc. Servo drive types include DC servo drives, AC servo drives, adjustable drives, adjustable speed, etc. Applications of both drives and motors range across different industrial verticals including healthcare, automotive, transportation, packaging, electronics, material handling, semiconductors, textile machines, food processing, etc. Based on geography, global servo motor market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW).
Current Trends- Steady Future
Detailed analysis of all the components of the aforementioned markets provide key information about the current market trends, business opportunities, restraints and competitor positions in different parts of the global marketplace. According to the recently published market research reports that describe prevailing market trends from 2013 to 2018 claim that servo motor market will grow at a steady growth rate. The reports claim that the market will grow at an estimated CAGR of 6% from 2013 to 2018. At this rate, servo motor and drives industry will become worth more than $1.8 billion by 2018. The market is expected to ship around 17.2 million units by 2018. In 2012, the market shipped around 12.2 million units.
Growing automation and transportation segments, increasing demands in robotics, healthcare and other emerging industries and falling costs of servomotors are the greatest drivers for the industry. United States of America, China, Germany and Japan are estimated to be the biggest contributors for the global market. These countries collectively commanded more than 40% of revenue in 2012.