Rising technological
advancement coupled with swift growth in the automation industry is expected to
drive the Servo Drives market growth over the forecast period. Increasing
demand for enhanced production capacity, energy efficient solutions, increased venture
capital funding, high level security and high investments initiative by
government organizations for industrial development led to the growth of
industrial and automation control systems across the globe are expected to
steer the market growth.
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Servo drives is a flexible,
accurate, and efficient motor which helps the system to work effectively. It
provides higher system performance. These drives are considered to be one of
the highly expensive products when compared to other stepper motors. However,
the declining prices of the modules (especially the permanent magnet material)
used in the production of servo drives is estimated to boost the demand of
these drives over the next eight years. Servo drivers are considered to be high
performing electric equipment. They are extensively used to control and monitor
the movement of vehicles and machines. Rising electricity costs and rigid
regulations on energy usage are expected to steer the demand for energy
efficient motors across the globe, therefore escalating the global market for
servo drives over the forecast period. Servo drives market report includes the
segmentation on the basis of component, application, voltage range, and
geography. The servo drives sector is further classified into DC servo,
adjustable speed, and AC servo drives. Drives and motors are the major market
segments for the automation industry. The increasing use of electric vehicles
in the automation sector has given rise to higher demand for electric drives
and motors, with manufacturers accentuating more on energy efficient electric
equipment.
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