The Rising Demand for Medium Voltage Servo Motors From the Mining, Power Generation, Metal, and So on is Elevating the Global Integrated Servo Motor Market
The global Servo Motor market size is projected to reach USD 9918 Million by 2026, from USD 7770.7 Million in 2019, at a CAGR of 3.2% during 2021-2026.
Major factors driving the growth of servo motor market size are the growing automation in factories, rising adoption of international standards for motor efficiency, development of user-friendly motion control libraries and packages for motors and drives, and increasing production of vehicles.
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TRENDS INFLUENCING THE SERVO MOTOR MARKET SIZE
Servo motors serve the purpose of automation. Increasing industrial automation thus is expected to fuel the growth of servo motor market size. Increased end-user interest has resulted in advances in technology used in servo systems. There are numerous application areas for servo motors, including vehicle manufacturing, packing machines, food processing, semiconductors, and healthcare industries.