About the Servo Motors and Drives Market
Servo motors are high-performance electric motors that are specifically designed and characterized to control the precise movement of machines. They integrate accurate dimensional tolerance and advanced design methods and have high-force magnet materials. Besides, no maintenance cost and easy installation features add to its growing popularity as it also accounts for best global electricity utilization standards. In addition, there is rising demand for servo motors due to the growth in the production of healthcare products, automobiles, semiconductors, electronics, and other electric motor driven systems.Servo motors incorporate high-force magnet materials, precise dimensional tolerance, and advanced design methods. They also offer easy installation and no maintenance cost. Rising electricity prices and stringent electricity utilization standards are driving the demand for energy efficient motors globally. Also, intensifying the production of automobiles, healthcare products, semiconductor and electronics, and other electric motor driven systems are raising the demand for servo drives and motors globally.
Technavio’s analysts forecast the global servo motors and drives market to grow at a CAGR of 5.6% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global servo motors and drives market for 2016-2020.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Servo Motors and Drives Market 2016-2020
Technavio recognizes the following companies as the key players in the global servo motors and drives market: Baldor Electric, Siemens, Rockwell Automation, Mitsubishi Electric, and Yaskawa Electric.
Other Prominent Vendors in the market are: Beijing Leader & Harvest Electric Technologies, Schneider Electric, Danfoss Group, Hitachi, Fuji Electric Holdings, Emerson Electric, and Toshiba.
Commenting on the report, an analyst from Technavio’s team said: “A trend which has influenced market growth is the growing use of servo motors in medical applications. Needle biopsy is a medical procedure of collecting cell samples from a patient’s body for laboratory analysis. This procedure involves procuring fluid or tissue samples from bones, muscles, and other organs such as lungs or liver. Fine needle aspiration and core needle biopsy are some of the widely used needle biopsy procedures. The inherent qualities of servo motor such as enhanced precision and accuracy makes it an ideal choice to carry out this precision-based technique. Servo motor is used in needle biopsies to increase procedural efficiency and provide more precision control along with accuracy, while reducing the patient’s exposure to the radiation.”
According to the report, a key growth driver is the technological advances in servo motors. The replacement of hydraulic, pneumatic, or mechanical systems with servo-controlled systems improves efficiency, lowers maintenance costs, and gives superior control, thereby increasing their demand from various industrial applications. Motor drives support the technological developments and improvements made in algorithms, thus increasing the capability, functionality, and appeal of servo-based control systems. This factor contributes to better control of servo-controlled systems in a wide range of applications.
Further, the report states that one challenge that could impact market growth is the availability of low-cost Chinese products. The price of these low-quality Chinese servo motors is less than that of multinational OEM products. Thus, the revenue of the total market is likely to be affected by growing adoption of low-quality, low-cost Chinese electric drives as decline in product prices slows down the market growth.
Baldor Electric, Siemens, Rockwell Automation, Mitsubishi Electric, Yaskawa Electric, Beijing Leader & Harvest Electric Technologies, Schneider Electric, Danfoss Group, Hitachi, Fuji Electric Holdings, Emerson Electric, Toshiba.