Servomotors use servomechanism to provide precise control of angular position, acceleration and velocity of different vehicles and instruments. These motors keep closed loop control with one of the generic motors that are open looped. Initially used in CNC and robotics, servomotors have broadened their range of application with technological advancements. Advancing technologies is also a strong reason for steady demand pattern in global servo motor market. Modern day servo motors have come across as an essential automation tool across numerous industrial verticals, which is a vital sign for the global market. Increasing demand and scope of applications are expected to help the industry to maintain its current growth rate for the next four to five years to come.
Features of Servo Motor Market
Servo motor industry is transforming with each passing day, which is considered a vital sign for the existing businesses in the market. New investments and innovative applications of servomotors are further driving the industry towards greater success. As far as the market segments are concerned, they are based on the products, their applications, deployment across various industrial verticals and geographic regions. Products segment in the market is divided further into types of drives and motors. The types of motors available on the market include AC and DC brushed motors, DC brushless motors and such other types. The types of drives include AC and DC servo drives, adjustable speed, adjustable drives and other such motors.
Servo motor and servo drive systems have different applications across various industrial verticals including electronics, healthcare, packaging, transportation, logistics, semiconductor, material handling, and textile, food processing and automotive industries. Companies dealing with servo motor market have advanced business opportunities across various geographic regions. Geographically, the industry is divided into four regions including Europe, Asia Pacific, North America and rest of the world. Growing demand in automotive, transportation and logistics market is the strongest reason for the steady growth in this industry. Apart from that, conventional consumes like robotics and healthcare are also inviting business from the market.
According to the research reports, servo motor market is estimated to grow at a CAGR of over 6% within next four to five years. Experts are hoping for the industry to ship more than 17.2 million units by 2018. At the estimated CAGR, the industry is expected to reach $1.8 billion by 2018. Falling costs of servomotors is also a strong drive for the servo motor market. On the basis of geographic demand, North America is expected to dominate the market worldwide.
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