Global Servo Motor Market Size (2024 - 2029)

Servo Motor Market Analysis

The Global Servo Motor Market size is estimated at USD 13.77 billion in 2024, and is expected to reach USD 18.26 billion by 2029, growing at a CAGR of 5.82% during the forecast period (2024-2029).

Recent technological advancements and government policies such as Minimum Energy Performance Standards (MEPS) in several countries have resulted in energy-efficient motor systems, which has increased the market for servo motors and drives.

• The most advanced motion control devices are servo motors. It employs advanced design techniques, high-force magnet materials, and precise dimensional tolerance. Although not a specific type of motor, these electrical devices are designed and intended for motion control applications requiring high performance, quick reversing, and precise positioning. Furthermore, it is simple to install and requires no maintenance, further driving their demand over the forecast period.
• The primary factor driving the market is the use of servo motors for automation. Technological advancements in servo systems have increased end-user interest. These electrical devices are used in various industries, including automobile manufacturing, packaging machines, food processing, semiconductors, and healthcare.
• As of February 2021, Allied Motion Technologies introduced the H Series Brushless Servo Motor Drive, which includes Hiperface DSL, multi-feedback device support, and Safe Torque Off (STO) safety options. The H-Drive is part of Allied's new AMS servo packages and is designed to drive the HeiMotion brushless servo motors and Megaflux series of brushless torque motors.
• Further, at Automate 2022, Kollmorgen debuted the new TMB2G Robot-Ready Frameless Servo Motors. At the June 2022 breakout session, Kollmorgen also talked about improving Robot Efficiency Through Permanent Magnet Motor Design and Selection.
• Some significant drivers influencing the market growth are rapid growth and advancements in automation, and increasing adoption of international energy-efficient standards. Stringent electricity utilization standards, rising electricity prices, and the need to replace outdated low-efficiency electric motors with highly efficient servo motors are expected to drive demand for servo motors over the forecast period.
• Global industrial production was disrupted as a result of the COVID-19 pandemic. Steel is a common raw material used in servo motors. Several disruptions occurred in the steel industry and hampered servo motor production. Furthermore, China is a major steel producer. Every year, the country produces half of the world's steel. Steel production was hampered by factory closures and trade restrictions imposed by the Chinese government during the pandemic.

Servo Motor Industry Segmentation

Servo motors are used in closed-loop motion control systems to precisely control angular position, speed, and torque. The use of permanent magnets allows for the variation of voltage and current between windings. Global Servo Motor Market is segmented by By Type (AC Servo Motor and DC Servo Motor) By End-user Industry (Oil & Gas, Chemical & Petrochemical, Food & Beverage, Water & Wastewater, Power Generation, Metal & Mining, Pulp & Paper, HVAC, Discrete Industries) and by Geography.