According to the research report titled ‘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 evaluated at USD 10.32 billion in 2020 and is anticipated to register noteworthy gains over the forecast period 2021-2026.

As per the report findings, international standards for motor efficiency, rising automation in factories, and development of user-friendly motion control packages and libraries are driving global servo motors and drives market growth.

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Moreover, the shift from less efficient traditional electric motors to high efficiency servo drives & motors, coupled with stringent energy consumption policies and environment protection acts are likely to propel industry remuneration.

It is worth noting that supply chain disruptions caused by the COVID-19 pandemic, coupled with rise in concerns about the spread of the virus had negatively impacted the industry’s dynamics. Additionally, with declined product demand from mining, oil & gas, automobile, petrochemicals, food, and processing sectors, the market remuneration scope plummeted in the recent past.

Based on product terrain, worldwide servo motors and drives industry was divided into servo drives and servo motors. By voltage range, the market is categorized into high voltage, medium voltage, and low voltage. While the end-user scope comprises of healthcare, printing & packaging equipment, automotive, semiconductor & electronics, industrial machinery & equipment, and others.

From a regional frame of reference, Asia Pacific captured a substantial share of market revenue over the past few years and is speculated to perform spectacularly over the forecast period 2021-2026. This can be attributed to the rapid growth in industrial applications, and heavy investments in manufacturing sector in developing countries like India and China in this region. The automotive application segment is predominant in the Asia Pacific servo motors and drives industry due increasing innovation, and technical advancements in said sector.

Considering competitive scope, companies such as ABB Ltd., Siemens AG, Robert Bosch GmbH, Emerson Electric Co., Delta Electronics Inc., Rockwell Automation Inc., Fuji Electric Co. Ltd., Mitsubishi Electric Corp., Yaskawa Electric Corp., and Shenzhen Inovance Technology Co. Ltd. are major players in the industry sphere.