Rising factory automation across several markets is responsible for the continued growth on the servo motors and drive market, according to a new report by Persistence Market Research. The firm said the market is expected to surpass $12 billion by the end of this year, with a global market value of $28 billion by the end of 2029, representing about an 8% compound annual growth rate. The company said the robotics segment is likely to hold a significant share across the globe, “due to the unprecedented developments in the robotics industry and heavy adoption of robotic techniques in various end-use industries.” Other industries expected to grow sales of servo motors and drives include the food & beverage industry (“playing a vital role to make accurate packages of foods or cold drinks”), and the printing and packaging equipment segment. Sales are also expected to gain healthy traction in the pulp & paper industry, and textile, among others, the group said. The report breaks down the servo motors and drives markets by technology, product type, motor configuration, and region, as follows: Key players identified in the report include Siemens AG, Panasonic Corporation, Parker ...