According to the 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 valued at USD 10.32 billion in the year 2020 and is expected to grow considerably during the forecast period 2021-2026.
 

Rising factory automation, widespread adoption of global standards for motor efficiency, and evolution of user-friendly motion control libraries & packages are driving the growth of global servo motors and drives market.
 

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/4331004/
 

Additionally, an upsurge in vehicle production, combined with the replacement of archaic low-efficiency motors with effective servo drives are generating lucrative opportunities for businesses in this sector. Strict compliance requirements for energy consumption, as well as environmental protection acts imposed by governments are further hastening the industry development.
 

During the COVID-19 pandemic, the supply chain of various manufacturing industries was gravely impacted due to the lockdown and various other limitations imposed by the government to control the disease spread. As a report, the demand for motors in various industries such as oil & gas, mining, automobiles, food processing, and petrochemicals plummeted, acting as a major restraint for the industry in the recent past.
 

Based on product type, worldwide servo motors and drives industry is bifurcated into servo drives, and servo motors. In terms of voltage range, the market is classified into high voltage, medium voltage, and low voltage. 
 

From a regional standpoint, Asia Pacific occupied a dominant position in the overall industry in the past year and is expected to rise significantly during 2021-2026, due to expansion of industrial sector, swift spur in innovations & technological advancements in automobile sector, and massive investment influx in manufacturing vertical, particularly in countries such as China and India.
 

The competitive landscape of global servo motors and drives market is defined by companies such as ABB Ltd., Shenzhen Inovance Technology Co., Ltd., Mitsubishi Electric Corporation, Yaskawa Electric Corporation, Siemens AG, Robert Bosch GmbH, Rockwell Automation, Inc., Emerson Electric Co., Fuji Electric Co., Ltd., and Delta Electronics, Inc. among others.