Servo Motors and Drives Market Growth Outlook with Industry Review & Forecasts 2024-2032
Servo Motors and Drives Market is anticipated to register noticeable growth through 2032 owing to their wide use in applications to control rotational speed, position, and output torque. Servo motors are extremely diverse; they run smoothly with low cogging and are comparatively compact with their torque output.
Moreover, the rising installation of highly energy-efficient devices across various industrial operations to boost functionality will enhance the servo motors and drives industry outlook. Besides, product benefits such as high efficiency, reliability, accuracy, suitability for harsh environments, high acceleration, smooth running, small size, noiseless operation, closed-loop control, high ratio of torque to inertia and cost saving will most likely increase its penetration in the coming years.
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Key players operating in the servo motors and drives industry are incorporating strategic initiatives such as partnerships, mergers, acquisitions, and new product launches to strengthen their foothold in the market. For instance, in January 2024, Mitsubishi Electric India unveiled Mitsubishi Electric - Servo Motor Units, HG Series as a Nano-control compatible servo motor that boosts smooth rotation and outstanding acceleration capabilities. The product is well suited for several types of machines.
Overall, the servo motors and drives market is segmented in terms of category, drive, application and region.
By category, the analog servo motors and drives system segment is estimated to register growth over 2024-2032. Product benefits including fast response time, smooth, low-speed operation and conjunction with permanent magnet DC motors will increase its adoption in the coming future. In addition, analogue drives are used widely on medical and metrology equipment, particularly in low-voltage applications.
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Based on the drive, the DC servo motors and drives segment is estimated to register considerable growth by 2032. Less inertia, versatile applications, rugged nature, and cost-efficiency are key factors that are expected to increase its cognizance in the following years.
Considering the application, the oil and gas segment will witness sturdy growth owing to the rising investments made by the industry players to maximize oil and gas production with efficient and automated operations. In addition, different nations are conducting R&D studies to explore and produce new conventional and unconventional hydrocarbon reserves for the oil and gas industry, thus assisting the market expansion.
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Regionally, the Asia Pacific servo motors and drives market is anticipated to register gains through 2032. The regional market growth will benefit from the growing spending on research and development projects to introduce improved technology units along with surging investments in the expansion of manufacturing and process industries.
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