According to the research report ‘Global Servo Motors and Drives Market: Analysis By Product Type (Servo Motors, Servo Drives), Voltage Range (Low, Medium, High), End User, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global servo motors and drives market was worth USD 10.32 billion in 2020 and is anticipated to garner notable returns by the year 2026.

Increasing factory automation, rising adoption of international standards for motor efficiency, development of user-friendly motion control libraries & packages, and expanding vehicle production are the major growth stimulants for global servo motors and drives market.

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Furthermore, replacement of obsolete low-efficiency electric motors with servo drives & motors having high efficiency, alongside rigorous energy consumption and environmental protection rules are impelling the industry outlook.

Moreover, rising demand for energy efficient motors as a result of shifting trend from standard electric motors to premium motors are expected to boost the market size during the analysis timeframe.

With the advent of Covid-19 pandemic, the industry is negatively impacted in the recent years, due to major interruptions in the worldwide supply chain, as well as other control components. Also, the product demand has seen a decline across industries such as oil & gas, automobiles, mining, food processing, and petrochemicals, due to the lockdown imposed by the government for prevention of the disease.

Based on product type terrain, worldwide servo motors and drives market is divided into servo drives and servo motors. In terms of voltage range, the market is branched into high, medium, and low. On the basis of end-user scope, the marketplace is classified into healthcare, industrial machinery & equipment, printing & packaging, automotive, and semiconductor & electronics.

Regionally, Asia Pacific industry held a significant revenue share in the recent past and is slated to grow at a rapid rate over the review period, owing to quickly rising automobile industry, development in the industrial sector, and growing investment in the manufacturing industry as well as innovation and technological improvement in developing nations such as China and India.

Speaking of competitive hierarchy, ABB Ltd., Siemens AG, Robert Bosch Gmbh, Emerson Electric Co., Delta Electronics Inc., Rockwell Automation Inc., Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Yaskawa Electric Corporation, and Shenzhen Inovance Technology Co. Ltd. are the leading players in global servo motors and drives market.