Published on : Sep 27, 2019
Albany, New York, September 27, 2019: Servo motors and drives are being viewed by industries around the world as some of the most advanced motion control devices, as they are able to integrate advanced design methodologies, accuracy in dimensional tolerance, and the use of magnet materials. The growth of the servo drives market will be driven by end use industries to maintain high levels of output, cut down labor costs, minimize wastage in production, and also maintain high levels of precision.
The sales of servo motors and drives accounted for ~USD 12,177 million during 2018 and is expected to grow by ~6 per cent in 2019. The global market for servo motors and drives is expected to grow at a strong CAGR of ~ 8 per cent through the forecast period till 2029.
These insights are derived from the intelligence report, titled, “Global Market Study on Servo Motors and Drives: ‘Automation’ to Augment Deployment” which has been added recently to the Market Research Hub’s (MRH) ever-expanding repository.
Robotics Applications Key to Rise
A large number of manufacturing industries are preferring to boost the application of advanced technology and automation in their operations. Consequently, the demand for advanced industrial robots is growing like never before. The use of these robots in fields such as automotive, machining, electrical, and metal processing are driving the adoption of servo motors and drives and has already accounted for sales worth ~ USD 5712 million in 2018.
Servo Motors and Drives Market: Report Content
The report comprises an analysis to bolster the report on the servo motors and drives market. In addition, the report focuses on facets in the market that can have an impact on the development of the servo motors and drives market in various scenarios. Some of these include, drivers, restraints, opportunities, and trends. Further, the report also focuses on the segmentation of the market that provides an exhaustive analysis on servo motors and drives.
The report describes benchmarking standards that are aimed at assessing the performance of the products, solutions and business processes. Benchmarking also emphasizes on the performances of rival companies, with the aim of improving performance.
The analysis of the competitive scenario of the servo motors and drives market counts on Porters’ Five Force Analysis. Additionally, the Porters’ Five Force Analysis offers an analysis on the potential strategies of the players in the servo motors and drives market. The business strategies depends upon product portfolios, recent developments, company profile, SWOT analysis, and key differentiation.
Servo Motors and Drives Market: Research Methodology
The report on servo motors and drives relies on primary research and secondary research that offers intelligent insights on the market. Nevertheless, the report focuses on authentic and unbiased sources that have had a substantial impact in the preparation of the report. On the other hand, the report also relies upon primary sources that are developed through analysis from experts, telephonic interviews, and detailed analysis from analysts, and surveys. In addition, the secondary sources of data incorporates EC filings, press releases, trade journals, government websites, and databases.
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