Low power rating segment accomplished largest revenue share in the Bangladesh Servo Motor and Drive Market – 6Wresearch
Low power rating registered the largest market share in 2021 and is expected to do the same during the forecast period, owing to the increasing focus on the packaging industry, growing textile industry, and expanding e-commerce activities. Bangladesh ranks second in the world as the largest apparel producer with a $20 billion business of which 80% is earned by exporting goods, Additionally, Bangladesh’s pharmaceutical sector is expected to grow at a compound average growth rate of 12% and reach $6 billion by 2025. Since packaging is majorly used in the packaging of pharmaceutical products and the apparel industry, growth in the sector would create a demand for the low power rating servo motor and servo drive in the country. The Bangladesh Servo Motor and Drive Industry has been gaining success and will continue to attain more success in the years to come as this market has been meeting the needs of key consumer industries.
According to 6Wresearch, Bangladesh Servo Motor and Drive Market size is anticipated to grow at a CAGR of 11.0% during 2022-2028. Government of Bangladesh launched draft of Agro-Food Processing Policy in 2021 which aims to reduce food wastage, increase employment and reduce poverty by providing capital assistance, interest subsidies and other benefits to attract investors in agro-food processing sector. Such initiatives would act as a catalyst to propel the growth of this sector in the coming years. The developments are expected to provide necessary impetus for automation during the forecast period which is expected to result in augmenting demand for servo motors in the country. A number of growth factors are there owing to which the sector is growing effortlessly in the nation.
According to Ravi Bhandari, Research Head, 6Wresearch, Alternating Current (AC) is anticipated to have the largest revenue share during the expected period due to its widespread usage in the automobile as well as packaging industry. To encourage entrepreneurs to develop vehicle manufacturing in Bangladesh, the government has issued a strategy that includes tax and export incentives.
Alternating Current (AC) dominated the Bangladesh servo motor and drive market in 2021. AC is likely to dominate the sector in the years to come owing to its rising demand in major key consumer industries of the nation.
“The Bangladesh Servo Motor and Drive Market (2022-2028)” report provides an in-depth analysis with 25 figures and 8 tables, covered in 79 pages. The report on the Servo Motor and Drive Market in Bangladesh comprehensively covers the industry by servo types, power rating, and end-users. The report provides a detailed as well as unbiased analysis of the on-going growth drivers, opportunities/high growth areas, and trends of the market which are anticipated support the stakeholders to align and devise their market strategies according to the latest and future market dynamics.
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