Servo Motors Market Expected to Reach $21.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Servo Motors Market," The servo motors market size was valued at $12.5 billion in 2022, and is estimated to reach $21.3 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032. 

The servo motors market growth is driven by several key factors. Technological advancements continuously enhance motor efficiency and precision, meeting the escalating demand for precise motion control across various industries. The expanding automation landscape, particularly in manufacturing and logistics, fuels the need for high-performance motors. In addition, the rise in the adoption of robotics amplifies the market growth trajectory as these machines rely heavily on servo motors for accurate and controlled movements. Furthermore, the surge in electric vehicle production presents a significant growth avenue for the servo motors market, with these motors finding extensive application in multiple components within this burgeoning industry. These converging factors—technological innovation, increasing automation, robotics utilization, and the rise of electric vehicles the robust growth prospects for the servo motors market globally.

Furthermore, major players in the market are launching new products to cater to the changing consumer preferences. For instance, on October 2023, Applied Motion Product   launched SM Series Servo Motors, high speed brushless DC Servo Motors with 16-bit incremental magnetic encoders. With a built-in magnetic encoder, these new DC servo motors have an advantage in the AGV industry. This is because the encoders are more durable compared to optical encoders which makes them essential in AGV environments. The brushless DC feature provides a more energy-efficient use for the servo motor, which leads to a longer-lasting product and application use.

Moreover, industry players are adopting digitalization to further enhance the experience of the customers and offer innovative products. For instance, on May 2023, Kollmorgen unveiled the AKM23e servo motor series, offering exceptional torque density, low cogging, and smooth operation for high-precision motion control applications. Features include enhanced power density with continuous torque up to 75% higher than competitors. Reduced cogging for smoother operation and improved machine performance. Optimized for use with Kollmorgen’s AKD PD3 servo drives for a complete high-performance motion control solution. Thus, such strategies adopted by the players in the servo motors market are projected to enhance the growth of the market across the globe.

Based on application, the robotics segment holds the majority of the share in 2022. The Asia-Pacific region is a global manufacturing hub, with countries like China, Japan, South Korea, and others leading in various manufacturing industries such as automotive, electronics, and machinery. The expansion of manufacturing activities in these countries necessitates the adoption of advanced automation technologies like servo motors to enhance manufacturing processes and maintain competitiveness. 

Moreover, the escalating demand for processed and packaged food items, driven by changing consumer lifestyles and preferences, further fuels the need for advanced automation solutions, thereby propelling the rapid growth of servo motors within the food and beverages industry.

Based on region, the Asia-Pacific region will hold the majority of the share in 2022. This can be attributed to the strong presence of key industries like automotive, aerospace, and manufacturing, which extensively employ servo motors for precise motion control. Moreover, technological advancements and a focus on automation have been prevalent, driving the demand for these motors. In addition, Asia-Pacific witnesses considerable investments in research and development, leading to innovations that further bolster the adoption of servo motors across various sectors.  

Asia is witnessing significant industrialization and rapid economic development, leading to a surge in manufacturing activities across diverse sectors. With industries increasingly embracing automation to improve efficiency and productivity, there's a growing demand for servo motors in this region. Furthermore, the rise in the adoption of robotics, especially in countries like China, Japan, and South Korea, is a major driver fuelling the growth of the servo motors market in Asia-Pacific. The region's expanding automotive, electronics and semiconductor industries further contribute to the escalating demand for precise motion control systems, positioning it as the fastest-growing market for servo motors during the forecast period.

Key findings of the study

• By type, the AC servo motors segment led the servo motors market in terms of revenue in 2022.
• By system, the rotary segment accounted for the highest servo motors market share in 2022.
• By application, the robotics segment accounted for the highest share in the servo motors market size in 2022.
• By region, Asia-Pacific region generated the highest revenue in 2022.
• The report provides an extensive analysis of the current and emerging servo motors market trends and dynamics.
• In-depth servo motors market analysis is conducted by constructing market estimations for key market segments between 2022 and 2032.
• Extensive analysis of the servo motors market is conducted by following key product positioning and monitoring of top competitors within the market framework.
• A comprehensive analysis of all the regions is provided to determine the prevailing servo motors market opportunity.
• The global servo motors market forecast analysis from 2022 to 2032 is included in the report.
• The key players within servo motors market overview are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the servo motors industry.