Servo Motors and Drives Market growth spawned by demand in packaging industry
Pune, India – A new report published by MarketsandMarkets forecasts that the servo motors and drives market is expected to grow from USD 10.26 Billion in 2015 to USD 15.92 Billion by 2022, at a CAGR of 6.25% between 2016 and 2022.
The report, “Servo Motors and Drives Market by Offering (Motor & Drive Component, Software & Service), Type (AC/DC, Linear Servo Motor, Adjustable Speed Drives), Voltage Range, MoC, Communication Protocol, Industry, and Geography – Global Forecast to 2022,” says that advancement and rapid growth in automation and adoption of energy-efficient international standards are some of the significant growth drivers for the servo motors and drives market.
AC servo motors to lead the servo motors market
The AC servo motors is expected to hold the largest share in the servo motors and drives market between 2016 and 2022. The high capability and dynamic functionality of AC servo motors is the major reason behind its increasing use in various industries such as automotive, and food processing, packaging, among others.
Packaging industry for the servo motors and drives market to grow at the highest rate during the forecast period
The packaging industry uses automation for a wide range of operations. The various application of servo motors and drives in the packaging industry includes electric injection molding machine, hybrid injection molding machines (plastic injection molding machines, CNC machines), and others. The reason for the increasing adoption of servo motors and drives in the packaging industry is the growing need and use of automated, accurate and faster machines.