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 Hannifin Corporation, Nidec Motor Corporation, Delta Electronics, Inc., Fuji Electric Co., Ltd., Hitachi Industrial Equipment Systems Co. Ltd, Mitsubishi Electric Corporation, Schneider Electric, Rockwell Automation, Inc., ABB, Applied Motion Products, Inc., and Altra Industrial Motion Corp. For more details on the report, click here.
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