According to a new market research report "Servo Motor and Drives Market: By Type (AC Servo Motors/Drives, DC Servo Motors/Drives, Brushless Servo Motors), Voltage Range (Low Voltage, Medium Voltage), Components (Sensors, Controller Modules, Encoders, Amplifiers) and Application - (2013 – 2018)" published by MarketsandMarkets, the total market is expected to reach total shipments of 17.2 million units by 2018, growing at an estimated CAGR of 6% from 2013 to 2018.
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In current scenario, automation is a need for all the industry verticals & application. Success of the automation depends on its control technique, efficiency and cost factor. Servo technology is one of the prominent automation technologies which can provide successful results by controlling the movement of any machine or device.There are various drives which drive the servo market in current business world such as: by increasing the need of automation, technological developmentsand the need of accurate & fast control. Servo Motors and Drives Market is estimated to grow positively in near future upto 17.2 million units and $10.43 billion by 2018; due to high acceptance of servo products in applications such as Automotive & Transportation, Semiconductors & Electronics and Material Handling.
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Due to the increased features and functionalities in application market, servo motors and drives are now being used in areas where it was confined.Servo technology is getting popularity in almost all regions but few countries who are using this technology on a higher platform such as China, the U.S. and Germany. Few other countries such as Canada, U.K., France and South Korea are gaining market shares & increasing the usage of servo technology specifically motors and drives.Servo technologyprovides various benefits such as accurate results, fast functioning and time saving. Apart from all the benefits; this technology has a price constrain; servo technology is costlier than its competitor technology such as stepper.
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The higher price of the servo motors & drives is due to its high performance components. The high purchasing price is considered to be one of the major restraints of this technology. Due to its high price, small scale manufacturers are not able to adopt the servo motors & drives for their plants. It is a big restrain for any technology or product but presently, servo technology prices are getting down, due to lowering the prices of Rare Earth Materials. Growing manufacturing capabilities, globalization, high demand, fast production cycles, need to minimize wastage, qualitative output, customized demand, advanced technology are some of the factors which will drive the servo motors & drives market in future.
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