Servo Motors Market to Reach $21,291.4 Million by 2032 at 5.5% CAGR: Allied Market Research
WILMINGTON, Del., April 10, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, Servo Motors Market By Type (AC Servo Motor and DC Servo Motor), System (Linear and Rotary), and Application (Robotics, Machine Tools, Electronic Devices, Printing and Packaging Technologies, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, the global servo motors market was valued at $12,465.1 million in 2022 and is projected to reach $21,291.4 million by 2032, registering a CAGR of 5.5% from 2023 to 2032.
- The AC servo motor segment accounted for a higher market share in 2022, accounting for more than half of the market revenue.
- AC servo motors offer precise control over position, velocity, and torque, making them ideal for applications requiring high accuracy and repeatability.
- The servo motors market in Asia-Pacific has gained traction in recent years, owing to ongoing robotics and industrial development in China, Japan, and India.
- For instance, rise in expenditure for manufacturing industries is boosting the servo motors market in Asia-Pacific.