Servo motors and drives: Key market research findings
- Increasing focus on energy efficiency to drive market growth
- Projected increase in the emergence of geared motors and drives
- Key vendors – Baldor, Siemens, Rockwell, Mitsubishi, and Yaskawa
Technavio’s market research analysts predict the global servo motors and drives the market to grow at a CAGR of almost 5% between 2016 and 2020. The demand for servo motors and drives is augmented by the growing focus on energy efficiency across the globe. The rise in energy consumption globally combined with high costs of electricity is prompting end-user industries, such as food and beverage, power, oil and gas, and chemical and petrochemicals, to pursue energy efficiency measures. As a result, end users are increasingly adopting geared motors and drives in an attempt to conserve energy. The APAC region accounted for the majority share of the global servo motors and drives market by occupying around 43% of the total market space during 2015. The growth of industries, such as wind power, food and beverage, paper and pulp, automotive, and textiles, in the region is expected to propel growth in the servo motors and drives market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the servo motors and drives segments based on the end user.
“The emergence of integrated geared motors and drives systems in the market is increasing substantially. The integration of gearboxes, geared motors, drives, and generators brings about advantages with respect to the size, weight, and cost. Geared motors are ideal for use in limited spaces owing to the machine’s reduced length and weight, which in turn facilitates cost-efficiency during installation and transportation,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
During 2015, the material handling industry accounted for around 29% of the market share to become the largest revenue generator in the global servo motors and drives market. The material handling industry offers short distance movement within the vicinity of the building or between the building and transportation. Geared motors and drives are exclusively used in the material handling industry for the displacement, handling and transportation, and storage of finished products across industry verticals such as food and beverage, oil and gas, paper and pulp, and chemical and petrochemical segments. The increase in production volumes is likely to boost the demand for geared motors in the global servo motors and drives market for the material handling industry in the coming years.
The key vendors in the market include Baldor, Siemens, Rockwell, Mitsubishi, and Yaskawa. The global servo motors and drives market is highly fragmented due to the presence of numerous large and small vendors. The large vendors in this market have a strong presence in both the high-end and low-end drives segments. Since most vendors are vertically integrated, they offer end-to-end solutions and products to consumers.
A more detailed analysis is available in the Technavio report, Global Servo Motors and Valves Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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