The COVID-19 pandemic is anticipated to impact the global servo motors and drives market marginally. Hardware offering segment is expected to harvest highest revenue in the predicted period. The fieldbus communication protocol type is anticipated to dominate the market. The stainless-steel material of construction segment is anticipated to be highest revenue generator in the forecast period. The automotive and transport industry segment is expected to be the lucrative growth segment. Based on region, the Asia-Pacific region is anticipated to enhance the market demand in the forecast period.
The world is facing an unpredicted change and many of the industries are experiencing thought frustrating situations due to the COVID-19 pandemic. The COVID-19 outbreak has impacted global servo motors and drives market marginally. The enforcement of lockdown in different parts of the world has ceased functioning and disrupted the availability of raw materials used in the manufacturing of servo motors and drives. Thus, during this pandemic it is anticipated that global servo motors and drives market will be affected marginally. However, increasing use of servo motors & drives in attaining position control in robots, automation, and others is expected to enhance the development of the market after the end of pandemic stress. For example, a servo motor is used in every joints of robots that helps to move which in turn aids for precise angle. During this coronavirus crisis situation, we are helping our clients in understanding the impact of COVID-19 on the global servo motors and drives market.
According to a new report published by Research Dive, the global servo motors and drives market is anticipated to generate a revenue of $19.06 billion by 2027.
Servo motors and drives are utilized to attain position control to improve system disturbances and errors in various gadgets such as robots, conveyor belts, automotives, and others. These motors and drives are small in size that are energy efficient and has remote control facility. The global servo motors and drives market is segmented on the basis of offering, communication protocol, industry, and region.The report provides detailed information about drivers, opportunities, restraints, segmental analysis, and competitive players of the market. As per our analysts,mounting use of servo motors and drives for position control in robots, automotive, conveyer belts, and others is anticipated to drive the demand of the global market in the projected time.
Hardware Offering Segment is anticipated to be Highest Revenue Generator in the Global Market
Based on the offering, the global servo motors and drives market is divided into software & services and hardware. Among these, hardware segment is to be highest revenue generators in the market due to utilization of servo motors & drives in hardware applications, drive parts, and developments. For instance, recent developments in AI, cloud computational methods, and IoT has enhanced the development of servo motors and drives.
Feildbus Communication Protocol Segment is anticipated to be Dominating in the Projected Period
On the basis of protocol segment, the global servo motors and drives market is classified into industrial ethernet, fieldbus, and wireless. Out of these, fieldbus communication protocol segment is predicted to be dominating in the global market. This communication protocol requires low investment; low operation cost, with enhanced network productivity, and helps to increase the productivity of the machinery.
Stainless Steel Construction Material Segment is anticipated to be Highest Revenue Generator in the Global Market
Based on the construction material, the global servo motors and drives market is divided into stainless steel and others. Among these, stainless steel segment is anticipated to be highest revenue generator in the global market owing to the reduced effort by servo motors and drives that are fabricated using these materials. In addition, servo motors and drives that are manufactured using non-hardened steel material are able to withstand high-pressure wash down, erosion, and dust.
Automotive and Transport Industry Vertical is predicted to be Fastest Growing Segment in the Forecast Period
On the basis of industry, the global servo motors and drives market is classified into packaging, petrochemicals, textile, automotive and transport, pharmaceuticals and healthcare, printing and paper, food processing, semiconductors, electronics, and others. Out of these, automotive and transport industry segment is predicted to be fastest growing segment in the market owing to the controlled frameworks, fuel infusion frameworks, and others such as advancements and adoption of hybrid and electric automotives.
Regional Outlook and Major Market Players
The global servo motors and drives market is studied across North America, Europe, Asia-Pacific, and LAMEA. Among these, the Asia-Pacific region is anticipated to generate highest revenue in the market. Rising investment in industrial automation to improve the operations has enhanced the demand of the servo motors and drivers in this region.
The most prominent players in the global servo motors and drivers market are Uponor Corporation, Honeywell International Inc, Mitsubishi Electric Corporation, REHAU AG ABB Ltd., Yaskawa Electric Corporation, Schneider Electric, Siemens AG, Mitsubishi Electric Corporation, Rockwell Automation Inc., Delta Electronics, Inc., FANUC Corp., Kollmorgen Corp., Bosch Rexroth AG, and others.
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