Advancement in automation technology coupled with adoption of energy efficient equipment with high accuracy, better productivity, and low error rates are some of the key factors which are driving the demand for Servo motors and Drives market in India. Additionally, rising adoption of servo motors and drives across applications pertaining to computerized numerical controllers, motion control, and robotics have further propelled the market for Servo Motors and Drives in India over the past few years.
According to 6Wresearch, India Servo Motors and Drives market is projected to grow at a CAGR of more than 9.2% during 2017-23. In India’s Servo Motors and Drives market, AC servo motors segment captured substantial share of the market revenues on account of low maintenance, lesser stability issues, and smoother manufacturing operations across various applications in the market. This segment is further likely to dominate due to rising integration of AC servo motors and drives across various applications.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch. "With increasing implementation of faster and economic solutions, along with high precision process across various applications including robotics, automation, textiles motion control and others, the demand for servo motors and drives is anticipated to increase over the coming years."
"In terms of voltage, as a result of rising integration of low voltage servo motors and drives solutions across various applications, the low voltage servo motors and drives segment is leading the overall market and is likely to dominate over the coming years as well," He Further Added.
According to Mr. Alam, Owner, Sanatech Automation. "In India, servo motors and drives market is growing at a rapid pace. Moreover, with Make in India initiative, domestic manufacturing for servo motors and drives have increased which has further fueled the overall growth of the market."
He further added, "India servo motors and drives market is likely to experience positive growth rate over the next few years. The market would witness an average growth rate between 7-11% over the next 4-5 years".
According to Anuj Mehrotra, Senior Research Analyst, Research and consulting, 6Wresearch. "Over the last few years, rapid industrialization and globalization has increased the demand for high quality products and has propelled the implementation of automated systems resulting in rising need for servo motors and drives in the country."
"However, fluctuating prices and non-availability of raw materials for complex manufacturing process may portray a challenge for the growth of servo motors and drives market in India," He concluded.
Some of the major companies in India Servo Motors and Drives market includes Panasonic, Delta Electronics, Fuji Electric, Mitsubishi Electric, ABB, Schneider Electric, Bosch Rexroth, Siemens, and Rockwell Automation.
India Servo Motors and Drives Market (2017-2023) report provides in-depth analysis with 54 figures and 4 tables, covered in 96 pages. The report estimates and forecast the overall India Servo Motors and Drives Market by servo motors and drives types, communication protocol, voltage Range, and Applications. The report provides an unbiased and detailed analysis of the on-going trends, opportunities, high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.