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 valued at USD 10.32 billion in 2020 and is expected to record significant growth through 2026.

The growing automation in factories, mounting adoption of international standards for motor efficiency, surging usage of highly efficient electric motors, and rising production of vehicles are some of the major factors driving the growth of global servo motors and drives market.

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Apart from this, the strict energy consumption regulations and environmental protection, the increasing demand for energy-efficient motors, and the development of user-friendly motion control libraries and packages will augment the overall industry outlook.

The COVID-19 outbreak disrupted the global supply chain and manufacturing industries severely, which resulted in strict regulations imposed by the government to control the spread of the virus and ensure safety. The outbreak has diminished the demand for additional motors across sectors including mining, oil & gas, automobile, and petrochemicals, which in turn has negative effects on global servo motors and drives market outlook.

Based on the product type, the market is divided into servo motors and servo drives. Moving on to the voltage range, the industry is fragmented into low, medium, and high voltage.

With respect to the end-user landscape, the business space is segmented into industrial machinery & equipment, automotive, healthcare, printing & packaging, equipment semiconductor & electronics, and others.

The regional segmentation of this business space extends to the Middle East and Africa, Americas, Asia-Pacific, and Europe, with major emphasis on countries such as Brazil, South Korea, China, Japan, France, India, Germany, the U.S., and Canada.

The report claims that Asia Pacific is expected to capture the largest market share during the forecast timeline, owing to the flourishing automobile industry, rising industrial sector, rapid innovations & technological advancements, and growing investment in the manufacturing industry in developing nations such as China, and India.

ABB Ltd., Robert Bosch GmbH, Delta Electronics, Inc., Rockwell Automation Inc., Fuji Electric Co. Ltd. Siemens AG, Mitsubishi Electric Corporation, Emerson Electric Co., Yaskawa Electric Corporation, and Shenzhen Inovance Technology Co. Ltd. are the major companies operating in global servo motors and drives market.