Servo Motor and Drive Market

Servo Motor and Drive Market Outlook (2024 to 2034)

The global servo motor and drive market size is poised to reach US$ 18.62 billion in 2024. Product sales are projected to rise at a CAGR of 8.2% and touch a value of US$ 40.94 billion by the end of 2034.

A servo motor is known for its ability to rotate with exceptional precision. Typically, it includes a control circuit that offers feedback regarding the motor shaft's current position, enabling precise rotation. Servo motors find utility in diverse sectors such as robotics, automated manufacturing, electronics, medical equipment, toy production, and various industrial machinery applications.

Steady market growth has been projected for the next few years. However, in the latter half of the study period, sales of servo motors and servo drives are expected to pick up pace across the world.

Report Attributes	Details
Servo Motor and Drive Market Size (2019A)	US$ 12.33 Billion
Estimated Market Value (2024E)	US$ 18.62 Billion
Forecasted Market Value (2034F)	US$ 40.94 Billion
Global Market Growth Rate (2024 to 2034)	8.2% CAGR
United States Market Growth Rate (2024 to 2034)	8.8% CAGR
China Market Value (2034F)	US$ 9.95 Billion
Key Companies Profiled	Siemens AG Altra Industrial Motion Corp. Panasonic Corporation Nidec Motor Corporation Parker Hannifin Corporation Delta Electronics Inc. Fuji Electric Co. Hitachi Ltd. Rozum Robotics Inc. Mitsubishi Electric Corporation Schneider Electric Fanuc Corporation Rockwell Automation, Inc. ABB Applied Motion Products Other Key Players

Servo Motor and Drive Sales Analysis (2019 to 2023) vs. Opportunity Analysis (2024 to 2034)

The market expanded at a CAGR of 4.2% from 2019 to 2023. There has been a rise in the demand for servo motors and drives from the medical, energy, automotive, robotics, pharmaceuticals, foodservice, and in-line manufacturing sectors.

In the toy industry, servo motors are widely employed in modern toys, powering motorized vehicles like cars, planes, and miniature robots for enhanced functionality and performance. Remote-controlled toy sales are projected to increase at a 10.1% CAGR through 2034.

• Short Term: The market is projected to exhibit steady growth in the short term, primarily driven by increased demand from the industrial sector.
• Medium Term: The market is projected to sustain its growth trajectory, fueled by rising adoption of automation across industries such as manufacturing, automotive, and robotics. Technological advancements, including enhanced precision, efficiency, and integration with IoT and AI systems, are forecasted to further drive market expansion.
• Long Term: The market is projected to mature and stabilize in the long term. During this period, emphasis on sustainability, efficiency, and technological innovation is projected to become robust. Market players are forecasted to focus on diversifying their product offerings and reducing power consumption.

The market for servo motors and drives is forecasted to expand at a CAGR of 8.2% during the forecast period from 2024 to 2034, according to Fact.MR, a market research and competitive intelligence provider.

Which Servo Motor and Drive Market Trends are Manufacturers Eyeing?

“Increasing Adoption of Industrial Robots and Focus on Reducing Human Intervention”

In today's world, automation and robotics have become an integral part of various industries, offering a wide range of benefits. As a result, the demand for servo motor drives has increased significantly. Servo motors play a crucial role in many applications, including robotic welding and vehicles, where they perform tasks that are either repetitive or beyond human physical capabilities. It is worth noting that the use of automation and robotics is prevalent in all industries, with each sector benefitting from their advantages.

• In 2020, China used 211,100 industrial robot servo motors, up 13.3% from the previous year.

Industrial automation is becoming more popular for medium and large companies, and industrial robots are poised to become the go-to choice due to low investment, quick returns, and energy savings.

“Strict Environmental Standards Prompting Shift toward Energy-Efficient Servo Motors”

Stringent energy consumption regulations have prompted a shift away from conventional electric motors. Industries are switching to highly efficient servo drives and motors, which offer superior performance and energy savings. This shift is driving the demand for advanced products and contributing to the revenue growth of servo motor manufacturers.

By replacing old motors with efficient servo drives and motors, industries improve operational efficiency and align with environmental standards. This transition fuels the growth of the market by driving the adoption of more advanced and efficient technologies.

What’s Affecting Servo Motor and Drive Market Growth?

“Increased Risk of Malfunction Due to Inadequate Maintenance”

Lack of proper maintenance and support for servo motors and drives can result in frequent breakdowns, leading to downtime and increased maintenance costs. The market is highly competitive, with end-user companies increasingly emphasizing the need for reliable and efficient machinery.

To stay competitive in the market, manufacturers are focusing on providing high-quality products that require minimal maintenance and have a longer lifespan. Additionally, end-user companies are investing in regular maintenance and support services to ensure the smooth and uninterrupted functioning of their industrial machinery.

Country-wise Insights

What is the Demand Outlook for Servo Motors and Drives in the United States?

“Stringent Regulations Mandating Use of Energy-efficient Components in Industrial Manufacturing”

The market in the United States is poised to reach US$ 2.28 billion in 2024 and is projected to expand at a CAGR of 8.8% from 2024 to 2034. Sales of servo motors and drives are forecasted to reach US$ 5.53 billion by the end of the forecast period.

Demand for servo motors and drives in the country is driven by technological advancements, regulations governing the energy efficiency of machines, and smart manufacturing adoption. These factors have led to the adoption of servo motors and drives in various industries, boosting their demand and driving innovation and growth in the market.

The United States commands 64.6% of the servo motor and drive market share in North America in 2024, primarily fueled by the increasing use of these components in the automotive sector, as companies are increasingly integrating industrial robots. The country serves as a pivotal market for robotic automation providers, with a notable 48% Y-o-Y increase in demand for industrial robots in 2022 from automotive component manufacturers.

Why are Manufacturers of Servo Motors and Drives Focusing on China?

“Government Support Promoting Technological Advancements and Adoption of Automation”

The China market is estimated at US$ 4.22 billion in 2024 and is projected to expand at a CAGR of 8.9% through 2034. The market is thus expected to attain a valuation of US$ 9.95 billion by the end of 2034.

China's industries are increasingly turning to servo motors and drives for enhanced precision, efficiency, and reliability. Industries are investing in advanced technologies to enhance productivity and competitiveness due to support from the government. The widespread adoption of servo motors and drives is supporting industrial development in China, driving a shift towards a more sustainable manufacturing sector.

Important industries such as robotics, pharmaceuticals, foodservice, and in-line manufacturing also make use of servos. Servo motors are also suited for electrically operated pieces of machinery such as walking robots, elevators, operating grippers, and rudders.

Category-wise Insights

Which Product Type Accounts for Higher Demand in the Market?

"High Precision and Long-term Dependability of Linear and Rotary Servo Motors"

By product type, sales of linear and rotary servo motors are set to reach US$ 9.08 billion in 2024 and further rise at a CAGR of 9.7% to arrive at US$ 22.89 billion by the end of 2034.

Linear and rotary servo motors are estimated to hold 50% share of the global market in 2024. Liner and rotary servo motors find many applications in material handling, robotics, food and beverage manufacturing, window automation, agricultural machinery, and others. Small and medium rotary servo motors are readily accessible on the market, and these motors are recognized for their high precision and long-term dependability.

Which Application accounts for Significant Revenue?

“Widespread Use of Servo Motors and Drives in Robotics Due to Their Compact Size”

The robotics segment is estimated to hold 25% market share in 2024. Use of servo motors and drives in robotic applications is projected to rise at a CAGR of 8.5% to reach US$ 10.32 billion by the end of 2034. In robotic applications, servo motors offer a range of benefits, including their compact size, high power output, programmability, and remarkable accuracy. Crucially, they enable near-perfect repeatability of motion, essential for tasks requiring precise control.

Applications such as robotic welding and robotic vehicles heavily rely on servo motors, which are installed at each joint to facilitate precise angle adjustments and motion control. Additionally, servo motors find usage in various other sectors, including remote-controlled toys, medical equipment, CNC machines, and industrial machinery, thus contributing to market growth. As the field of robotics continues to evolve and expand into new domains, the demand for servo motors is projected to remain robust, driving innovation and advancements.

Competitive Landscape

Key players operating in the servo motor and drive market are Siemens AG, Altra Industrial Motion Corp., Panasonic Corporation, Nidec Motor Corporation, Parker Hannifin Corporation, Delta Electronics Inc., Fuji Electric Co., Hitachi Ltd., Rozum Robotics Inc., Mitsubishi Electric Corporation, Schneider Electric, Fanuc Corporation, Rockwell Automation, Inc., ABB, and Applied Motion Products.

Manufacturers are competing for market control, as a result of the rising demand for automation and technological advancements. Industry participants are prioritizing servo motors renowned for their superior quality and cutting-edge technology, which not only fosters environmental preservation but also enhances the efficiency and productivity of industrial machinery.

• In September 2023, Panasonic revealed the launch of the MINAS A7 Family servo system. This advanced system boasts the industry's top degree of motion performance and incorporates artificial intelligence (AI) for automatic, precision tuning, surpassing human expertise-a pioneering feat within the industry. Scheduled for release in Japan in January 2024, the product is expected to be subsequently introduced globally.
• In January 2023, Rockwell Automation introduced the ArmorKinetix Distributed Servo Drives, expanding their renowned Kinetix 5700 platform. This latest addition offers customers a scalable drive solution, empowering them to create more robust and efficient machine designs. The innovative system aims to enhance performance and flexibility, meeting the evolving needs of industrial applications.

Fact.MR has provided detailed information about the key manufacturers of servo motors and drives, product portfolio, and revenue growth, in the recently published report.

Segmentation of Servo Motor and Drive Market Research

• By Product Type :

  • Linear Servo Motors
  • Rotary Servo Motors
    • Positional Rotation Type
    • Continuous Rotation Type

• By Technology :

  • Single-Axis Servo Systems
    • Pulse Duty Servo Drives
    • Continuous Duty Servo Drives
  • Multi-Axis Servo Systems

• By Application :

  • Remote Controlled Toys
  • Robotics
  • Electronic Devices
  • Medical Devices
  • Printing & Packaging Equipment
  • CNC Machines
  • Other Industrial Machinery & Equipment

• By Motor Configuration :

  • AC Servo Motors
    • Induction Type
    • Synchronous Type
  • DC Servo Motors
    • Brushless DC Motors
    • Separated Excited DC Motors
    • Permanent Magnet DC Motors

• By Rated Power Capacity :

  • 400 to 750 kW
  • 750 to 1 kW
  • 1 to 5 kW
  • 5 to 15 kW
  • 15 to 50 kW
  • 50 to 100 kW

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa