According to the research report titled ‘Servo Motors and Drives Market Size By Category (Digital, Analog), By Drive (AC Drive, DC Drive), By Voltage (Ultra-Low, Low, Medium), By Application (Oil & Gas, Metal Cutting & Forming, Material Handling Equipment, Packaging and Labeling Machinery, Robotics, Medical Robotics, Rubber & Plastics Machinery, Warehousing, Automation, Extreme Environment Applications, Semiconductor Machinery, AGV, Electronics), Industry Analysis Report, Regional Analysis, Application Potential, Covid-19 Impact Analysis, Price Trend, Competitive Market Share & Forecast, 2021 - 2027’, available with MarketStudyReport, global servo motors and drives market is projected to witness substantial growth over the forecast timeframe 2021-2027.
 

Stringent energy efficiency regulations, booming automotive industry, and positive outlook of energy-intensive industries are favoring global servo motors and drives market expansion. Moreover, greater emphasis on technological advancements is expected to promote industry growth throughout the forecast period.
 

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Despite the positive outlook, high product cost may negatively impact remuneration scope over the analysis period, claims the study.
 

From a regional perspective, the market size spans across North America (U.S., Canada, Mexico), Europe (UK, Germany, Italy, France, Russia, Spain, Norway, Denmark, Sweden), Asia Pacific (India, China, Japan, Australia, South Korea, Malaysia, Thailand, Indonesia, Philippines), Middle East & Africa (UAE, Qatar, Saudi Arabia, Jordan, Iran, Nigeria, South Africa, Egypt, Algeria), and Latin America (Brazil, Chile, Argentina).
 

Saudi Arabia's oil and gas sector accounted for 5% of servo motors and drives market share in 2020 and is slated to grow uninterruptedly. Meanwhile, Japan's automation sector held over 6% revenue share and will grow steadily between 2021-2027.
 

Latin America industry is likely to develop rapidly by throughout the projection period owing to escalating product deployment in emerging industries like packaging & labelling, as well as robotics.
 

Considering the competitive landscape, Ingenia Cat S.L., Delta Electronics Inc., Schneider Electric SE, Yaskawa Electric Corp., Estun Automation Co., Mitsubishi Electric Corp., Siemens AG, Kollmorgen Corp., Rockwell Automation Inc., and Nidec Motor Corp. are among the major companies in global servo motors and drives industry.
 

Prominent industry players are expanding their market portfolio to strengthen their market position & boost customer reach in important regions and are also taking various steps to make their processes more sustainable which will have a favorable impact on the industry growth curve.
 

Citing an instance, Yaskawa Electric introduced the X Series of their AC servo drives in March 2021 which is the successor to its popular 7 Series. X Series has enhanced performance and functionality, as well as the ability to use sensing data.