Servo Motors and Drives in Factory Automation Market: By Type (Servo Motors, Servo Drives, Inverters, Controllers); By Factory Automation (Industrial Robot, Material Handling (Logistics) and Food & Beverage Machinery); By Geography - Forecast 2018-2024
Rising labor cost and the ageing workforce is anticipated to increase the demand for the automation systems such as robots, conveyors and others across various end user industries globally. This increase in deployment of automated systems in factories is anticipated to create a need for Servo Motors and Drives in Factory Automation which are used in the production of automation systems, thereby driving the market growth. The global Servo Motors and Drives in Factory Automation Market size is estimated to grow at a CAGR of 5.9% during forecast period i.e. 2018-2024. APAC is the fastest growing market with a CAGR of 6.6% from 2018 to 2024 which is mainly attributed to the growing demand for industrial robots. Japan and Germany are huge markets for the production of industrial robots and thus have immense demand for Servo Motors and Drives in Factory Automation.
The need for precise control of speed and position in automation systems is primarily responsible for the usage of servomotor in automation systems such as robots, conveyors and others. The food grade servo motors are deployed in various applications such as food packaging, volumetric filling, form, fill and seal, food handling and others. According to Industry ARC findings, Industrial Robot segment will hold the largest market share during the forecast period. Servomotor, drives, inverters and controllers are used in many machineries such as welding/painting, assembling and machine tools (positioning), transport and others.
Servo Motors and Drives in Factory Automation market report comprises of pricing analysis for different types of plastics employed for electric vehicles. The average price of servomotors is the highest among the other types and is expected to rise to $1,162 per unit in 2024.
Rapid adoption rate of Industry 4.0 in smart factories has resulted in the increasing deployment of automation systems such as robots, conveyor system and others in factories. The Servo Motors and Drives in Factory Automation are components of these automation systems and hence the increasing deployments of automation systems is set to fuel the demand of Servo Motors and Drives in Factory Automation. Additionally, burgeoning number of companies with significant investments is anticipated to upsurge the growth of the Industry 4.0 market, thereby positively impacting the market growth.
A major challenge to the automated factories is to enhance the receptiveness of education and training systems to these fluctuations in skill requirements and to enhance the access to training and skills development. This, lack of availability of the relevant labor force in automated factories is anticipated to hamper the growth of the deployment of robots, conveyors and others in automated factories, which in turn affects the growth of the Servo Motors and Drives in Factory Automation market.
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them to understand the future of the Servo Motors and Drives in Factory Automation market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Servo Motors and Drives in Factory Automation market, and their specific applications in different types of vehicles.
Servo Motors and Drives in Factory Automation Market Report: Industry Coverage
Types of Servo Motors and Drives in Factory Automation: Servo Motors and Drives in Factory Automation
Factory Automation Applications of Servo Motors and Drives in Factory Automation: Industrial Robot, Material Handling (Logistics) and Food & Beverage Machinery
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
Yaskawa Electric, Servo Drives Technology Department, Motion Control Division, General Manager, Kazuhiro Imanaga said that "The 峉-7 F servo motor is our second Transphorm GaN product and our second time leading an industry into the future with revolutionary power solutions". In addition, the 峉-7 F resulted from a strong multi-year partnership between Yaskawa and Transphorm
Some of the other key players mentioned in this report are Siemens, Fuji Electric, Fanuc, Mitsubishi, Schneider Electric, ABB, Omron, Bosch Rexroth, Rockwell among others.
Recent development of servo motors by Kollmorgen with significant reduction of winding losses that increases the torque is anticipated to drive the sales of servo motors, thereby affecting the market dynamics
Increasing number of partnerships is anticipated to drive the market growth. One such instance was, latest partnership of Solukon Maschinenbau GmbH and Siemens to launch the advanced SFM-AT800S depowdering system which was equipped with two servomotors
In 2018, Maxon Precision Motors Inc. has launched frameless brushless servo motor kits which can be deployed in industrial robots. Thus, the increasing launch of servo motor products is poised to exhibit positive growth to the Servo Motors and Drives in Factory Automation market
Recently, Elmo Motion Control Inc. has won the Technical Innovation of the Year award for the development of Nano Servo Drive which weighs less than 20g and yet delivers more than 5kW of continuous qualitative power. The wide applications of these product is set to provide significant opportunities for the servo drives market growth
"*Financials would be provided on a best efforts basis for private companies"