Servo Motor Market

Servo Motor Market Overview

The global Servo Motor Market size was valued at USD 12.95 billion in 2023 and is predicted to reach USD 19.06 billion by 2030 with a CAGR of 5.7% from 2024-2030. The servo motor industry encompasses the design, manufacturing, distribution, and servicing of servo motors, which are specialized electric motors equipped with feedback mechanisms for precise control of motion and position. These motors are utilized in a wide range of applications, including industrial automation, robotics, aerospace, automotive, healthcare, and consumer electronics, to achieve accurate and efficient motion control. The advantages of servo motors include precise control over position, speed, and torque, high responsiveness to changes in input signals, versatility in their use across various applications, energy efficiency by only consuming power when needed, and durability in harsh environments. 

Market Dynamics and Trends

The increasing need for the servo motor system for motion control as a system to enhance production and manufacturing plants in mining industry is fueling the growth of the market. This is due to the use of servo motors in their mining process which helps the companies to increase the efficiency, flexibility, and increase the volume of accurate results.

For instance, in January 2024, Invertek Drives introduced the Optidrive P2 variable frequency drives (VFDs) in the market for purposes of improving efficiency in complex operations of mining companies. These VFDs give the best output and energy conservation in mining activities and this may lead to the raise in demand for servo motors in mining automation systems.

Also, the growing adoption of Industry 4.0 and IoT across significant industries, such as manufacturing and consumer electronics, along with the oil and gas sector, is further increasing the growth rate in the servo motors market. As intelligent automation and connected systems further infiltrate factories, assembly lines, and production facilities, demand will rise for high-performance and precise servo motors to power such advanced applications.

For example, Siemens introduced a new servo drive system in May 2023, which was tailor-made for the industries of batteries and electronics. The contribution from Siemens Digital Industries DI is supposed to improve their level of automation and digitalization.

However, high-initial cost and compatibility issues for the integration of servo motors is restraining the growth of the market. On the contrary, introduction of Artificial Intelligence (AI) & Machine Learning (ML) techniques in servo motor control systems foster more growth opportunities for the market in the coming years.

For example, Panasonic Industry released the MINAS A7 Family servo system in September 2023, which has the highest motion performance in the servo motor and servo amplifier of the industry. The communication system is integrated with artificial intelligence that enables accurate tuning that is often superior to the manual work done by professionals and greatly minimize human operation to only 10% of the whole process.

Market Segmentations and Scope of the Study

The servo motor market share is segmented on the basis of type, voltage type, end user, and geography. On the basis of type, the market is divided into AC server motor and DC server motor. On the basis of voltage type, the market is classified into low voltage, medium voltage and high voltage. On the basis of end-user, the market is bifurcated into automotive, oil and gas, healthcare, packaging, semiconductor and electronics, chemicals and petrochemicals, other. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW. 

Geographical Analysis

Asia-Pacific holds the dominant share in servo motor industry trend and is expected to continue its dominance during the forecast period. This is attributed to the factor such as growing adoption of automation and robotics in manufacturing industry in countries including China, India, and Japan. For example, in May 2021, IQ Motion Control recently introduced the Fortiq BLS42, a cutting-edge line of compact servo motors that boasts significant advancements in terms of both performance and cost.

These high-performance motors, which are designed to occupy a smaller footprint by over 50% and reduce costs by more than 70%, offer substantial improvements in cogging torque ripple, with a reduction of less than 90% compared to traditional industrial servos. The Fortiq BLS42 is poised to revolutionize various industries, including 3D printing, CNC machining, robotics, and conveyor systems, by providing a more efficient and cost-effective solution for these applications.

Also, the presence of prominent market players in servo motor such as Yaskawa Electric., Ltd, Mitsubishi Electric, and Tamagawa that are adopting various market strategies including product launch and business expansion is boosting the market growth in the region. For example, in July 2022, Yaskawa Electric Corporation launched its new AC servo drives—Σ-X Series. 

This series is characterized by advanced functions and performance, such as the ability to use sensing data to allow for earlier detection of abnormalities in equipment. This new series aims to bring about optimized preventive maintenance and quality of production by integrating a variety of sensing functions and environmental monitoring capabilities.

On the other hand, North America is expected to experience a consistent surge in the demand for servo motors. This growth is attributed to the thriving e-commerce and manufacturing sectors in countries such as the U.S. and Canada. As these industries continue to expand, they are increasingly relying on efficient logistic business processes to maintain their competitive edge. 

This necessitates the adoption of advanced technologies such as servo motors, which offer precise control and high-speed operation to streamline these processes. According to the International Trade Administration, the e-commerce consumers in Canada is expected to grow at 77.6% by 2025 as compared with 2022 accounting for 75% of the Canadian population.

Moreover, the government is actively fostering a strong technological ecosystem and innovation, positioning itself as a key hub for servo motor manufacturers and the automotive industry. As per the report by U.S. Department of Defense in the year 2022, the manufacturing sector contributed more than USD 2.35 trillion to the U.S. economy. This initiative signals support for advanced manufacturing technologies, including servo motors crucial for industrial automation.

Competitive Landscape

The various key players in the servo motor industry includes Yaskawa Electric Corp., Mitsubishi Electric Corp., Siemens AG, Schneider Electric, Rockwell Automation, Inc., ABB Ltd, Delta Electronics, Inc., FANUC Corporation, Kollmorgen (Altra Industrial Motion Corp.), Bosch Rexroth AG (Robert Bosch GmbH), and others. These market players are adopting various strategies such as collaboration and product launch to maintain their dominance in the global market.

For instance, in January 2024, Siemens expanded its existing SINAMICS Servo Drive Product Family by delivering new software and hardware updates to the flagship SINAMICS S210 servo motor and drive system. This expansion aims to enhance precision, safety, and compatibility features of the servo motor platform, which includes converters, motors, and gear units.

Moreover, in September 2023, Mitsubishi Electric Corporation partnered with Kollmorgen Corporation to develop and commercialize new servo motor and drive products for the robotics market. This collaboration aims to offer advanced servo motors and drives tailored for robotics applications, enhancing machine performance and precision.

Key Benefits

• The report provides quantitative analysis and estimations of the servo motor market from 2024 to 2030, which assists in identifying the prevailing industry opportunities.

• The study comprises a deep dive analysis of the current and future servo motor market to depict prevalent investment pockets in the industry.

• Information related to key drivers, restraints, and opportunities and their impact on the servo motor market is provided in the report. 

• Competitive analysis of the key players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated on the study.

• Value chain analysis in the servo motor market study provides a clear picture of roles of stakeholders.

Servo Motor Market Key Segments

By Type

• AC Server Motor

• DC Server Motor 

By Voltage Type

• Low Voltage

• Medium Voltage

• High Voltage 

By End User

• Automotive

• Oil and Gas

• Healthcare

• Packaging

• Semiconductor and Electronics

• Chemicals and Petrochemicals 

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 12.95 Billion
Revenue Forecast in 2030	USD 19.06 Billion
Growth Rate	CAGR of 5.7% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Growing demand of servo motor system in mining industry drives the growth of the market. Rising adoption of Industry 4.0 and internet of things (IoT) propels the market expansion.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• Yaskawa Electric Corp.

• Mitsubishi Electric Corp.

• Siemens AG

• Schneider Electric

• Rockwell Automation, Inc. 

• ABB Ltd.

• Delta Electronics, Inc.

• FANUC Corporation

• Kollmorgen (Altra Industrial Motion Corp.)

• Bosch Rexroth AG (Robert Bosch GmbH)