Nepal Servo Motor and Drive Market Synopsis
Nepal Servo Motor and Drive Market is witnessing a significant growth due to a growth in demand for servo motor and drive due to rising investments across sectors such as textile, pharmaceutical, agriculture and packaging, among others. However, on account of the outbreak of Covid-19 in 2020 and the subsequent lockdown imposed by the government to curtail the spread of coronavirus led to a halt in the operations of industrial activities which negatively affected the Servo Motor and Drive Market in Nepal. The market is now rising and it will continue to rise effectively in the years to come. Industrial development activities have led to an increase in productivity and exports of textile products, which will further boost the growth of the Servo and Drives Motor Market in Nepal.
According to 6Wresearch, Nepal Servo Motor and Drive Market size is projected to grow at a CAGR of 11.1% during 2022-2028. The sector has been boosting in growth and it will continue to gain success over the forecast period owing to the rising demand for servo motor and drive in the country. Nepal Servo Motor and Drive Industry is a key part of the Asia Pacific Servo Motor and Drive Market. Nepal’s servo motor and drive market is likely to experience constant growth in the forecast period on account of Nepal government policies and increased investments in the textile, fast-moving consumer goods industry across the country. For instance, the Government of Nepal’s objective is to increase the export potential to US$ 4.3 billion in five years and contribute 26 per cent to GDP by 2030. The development of export-oriented special economic zones for textiles in Simara and Bhairahawa to assist industrial development activities has led to an increase in productivity and exports of textile products. These investments and policies are expected to have a positive impact on the servo motor and drive the market in the coming years.
The lack of skilled manpower and investments in human capital development is a major challenge for Nepal as a large number of the population lack skills for technological advancement. Furthermore, according to the labour force survey 2017-18, around 80 per cent of the labour force did not have secondary education and only 5 per cent of the working population had tertiary education.
Market by Types
Alternating current acquired higher revenue share in 2021 as they are used in a wide range of industries such as packaging, textiles, industrial production and many others. Moreover, the Nepal government is developing several garment processing zones such as Simara to promote the export of readymade garments. Due to its use in textile machinery, assembly lines, conveyor belts, and other applications, Alternating Current (AC) dominated the Nepal servo motor and drive market sales in 2021, and this trend is anticipated to continue during the forecast period.
Market by Power Rating
Low power rating dominated the Nepal servo motor and drive market revenues in 2021, and a similar trend is anticipated to continue in the upcoming years due to high-speed application in food machines, robotics, surface mount technology machines, packaging machines, conveyor belts, and others. Furthermore, growing investment in the textile and packaging sector would drive the demand for servo motors and drive the market in Nepal.
Market by End-Users
Machines and tools by end-users garner a major share in the Nepal servo moto market on the back of the robust industrial sector of the country which is backed by government initiatives such as to develop of special economic zones in each province to promote garment processing industries and enhance exports of textile. Moreover, investments from multinational companies such as Dabur- to inject USD 80 million to expand the production plant, and similar plans in the pipeline for Unilever, PepsiCo, and Carlsberg to increase their footprint rapidly in fast moving consumer goods sector market in Nepal would further boost the demand for automated machines and tools for production, which in turn is expected to reiterate a positive implication on the servo motor market of Nepal.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2018 to 2028.
- Base Year: 2022
- Forecast Data until 2028.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Nepal Servo Motor and Drive Market Overview
- Nepal Servo Motor and Drive Market Outlook
- Nepal Servo Motor and Drive Market Forecast
- Historical data & forecast of Nepal Servo Motor and Drive Market Revenues for the Period 2018-2028F
- Historical data & forecast of Nepal Servo Motor and Drive Market Revenues, By Types, for the Period 2018-2028F
- Historical data & forecast of Nepal Servo Motor and Drive Market Revenues, By Power Rating, for the Period 2018-2028F
- Historical data & forecast of Nepal Servo Motor and Drive Market Revenues, By End-Users, for the Period 2018-2028F
- Nepal Servo Motor and Drive Market Drivers
- Nepal Servo Motor and Drive Market Restraints
- Nepal Servo Motor and Drive Market Trends and Industry Life Cycle
- Nepal Servo Motor and Drive Market Covid-19 Impact Analysis
- Nepal Servo Motor and Drive Market Price Trend Analysis
- Market Opportunity Assessment
- Market Competitive Landscape
- Key Strategic Recommendations
Market Scope and Segmentation
Thereportprovides a detailed analysis of the following market segments:
By Types
- Servo Motor
- AC Servo Motor
- DC servo Motor
- Servo Drive
- AC Servo Drive
- DC servo Drive
By Power Rating
- Low (400W – 5kW)
- Medium (5kW & Above)
By End-Users
- Healthcare
- Machine & Tools (Lathe, Milling, CNC, TNC etc.)
- Packaging
- Textile & Printing
- Others (Robotics, Petrochemicals, Automotive & Transportation, Semiconductor and Electronics)
