Servo Drive Market value to hit $9 billion by 2026, Says Global Market Insights, Inc.
SELBYVILLE, Del., Aug. 24, 2020 /PRNewswire/ -- The servo drive market revenue is expected to surpass USD 9 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Ongoing technological upgradations together with industry automation will stimulate the product adoption over the forecasted timeframe. Availability of government subsidies and tax rebates for energy efficiency upgrades and deployment of IoT integrated units across several emerging economies will complement the industry outlook.
Ongoing digitalization coupled with increased implementation of smart city projects aimed at driving the industry automation is set to boost the deployment of AC servo drvives. Shifting industry focus toward precision driven operations and greater system control together with its ability to control greater current surges will enhance the product penetration.
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Enhanced product specifications coupled with availability of government rebates and subsidies encouraging industrial operational upgrades will enhance the servo drive industry scenario in packaging and labelling sector. Strong industry competition on account of high-end technical advancements and growing consumer preference toward integrated technologies has compelled the manufacturers to provide energy efficient products.
Some major findings of the servo drive market report include:
- Favourable government subsidies and rebates pertaining to the energy efficiency upgrades in servo drive units will spur the industry trends.
- Rising demand for these products owing to the industry automation together with the increasing emphasis on technical advancements is set to propel the market statistics.
- Shifting customer focus toward AI integrated technologies facilitating remote monitoring will stimulate the product adoption.
- Key players operating across the servo drive market include Yaskawa Group, Nidec Corporation, Siemens, ABB and Rockwell Automation.
- Global restriction on movement of labor on account of COVID-19 outspread has mandated industries to opt for automated operations.
Browse key industry insights spread across 475 pages with 797 market data tables & 33 figures & charts from the report, "Servo Drive Market Analysis By Drive (AC, DC), Category (Digital, Analog), Voltage (Low, Medium), Application (Oil & Gas, Metal Cutting, Metal Forming, Material Handling Equipment, Packaging and Labelling, Robotics, Rubber & Plastics Machinery, Semiconductor Machinery, Other Industries), Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020–2026" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/servo-drive-market
U.S. accounted for over 70% share of the North America servo drive market in 2019. The country will experience growth owing to industry's efforts to strengthen the automation & robotics sector. For instance, as per the International Federation of Robotics, in 2017, robot density in the manufacturing industry of the U.S. reached to over 200 robots accounting for per 10,000 employees. Therefore, escalated deployment of robots will further fuel the adoption of servo drive.
The key market players are forming strategic alliances and performing forward and backward integration thereby reducing the overall costs incurred while acquiring raw materials from third party suppliers. Further, several participants are investing in research and development with an aim to upgrade the existing units in order to sustain their market position.
Access the TOC of this report @ https://www.gminsights.com/toc/detail/servo-drive-market
Browse Related Report:
Low Voltage Drives Market By Technology (Standard, Regenerative), Power Range (Micro, Low), Capacity (<2.2 kW, 2.2-7.4 kW, 7.5-22 kW, 23-75 kW, 76-110 kW, 111-500 kW, >500 kW), Drive (AC { By Efficiency [IE1, IE2, IE3, IE4,]}, DC, Servo), System (Open Loop, Closed Loop), Application (Pump, Fan, Conveyor, Compressor, Extruder), End-Use (Oil & Gas, Power Generation, Food Processing, Automotive, Mining & Metals, Pulp & Paper, Textile, Marine) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025
https://www.gminsights.com/industry-analysis/low-voltage-drives-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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