The servo motors and drives market is projected to witness substantial growth by 2027 owing to soaring product utilization across diverse applications. Moreover, increasing focus on technological advancement is set to further support market growth over the forecast timeline.

Recently, industry players have been expanding their offerings to fortify their market standing and improve customer reach in key regions. Companies are also adopting different measures to make their processes more sustainable, which has been favorable for industry outlook.

For instance, in March 2021, Yaskawa Electric, a leading manufacturer of industrial robots and automation technologies, launched its AC servo drives ??-X Series, the successor to its popular ??-7 Series. The ??-X Series has been designed to add functions of utilizing sensing data, along with other advanced performance and functions. The product launch came at the heels of the company's announcement about its new target to achieve carbon neutrality by 2050 and the introduction of renewable energy at its plants.

Furthermore, market participants have also been focusing on product development to cater to consumer requirements in diverse industries, which has positively influenced the global business landscape. To cite an instance, in March 2021, Allied Motion Technologies, a key company in the motion control sphere, introduced its H Series brushless servo motor drive, which is equipped with multi-feedback device support, Hiperface DSL, and Safe Torque Off (STO) safety options. The H-Drive includes a digital, DSP-based design that helps in accurate motor control and easy commissioning, and promises excellent servo motion performance in medical, robot, industrial, and automation applications.

The servo motors and drives market has been segmented based on category, drive, voltage, application, and region. From the application perspective, the market has been segregated into oil & gas, metal cutting & forming, packaging and labeling machinery, material handling equipment, rubber & plastics machinery, robotics, medical robotics, warehousing, automation, AGV, extreme environment applications, electronics, semiconductor machinery, and others.

The servo motors and drives market size from the automation application segment is anticipated to see robust growth by 2027, progressing at a sizable CAGR through the assessment timeframe. In 2020, Japan's automation segment accounted for over 6% of the servo drive & motors market in terms of revenue and is calculated to expand at a steady pace over 2021-2027.

On the regional spectrum, the Middle East & Africa servo motors and drives market is speculated to observe notable growth through the study timeframe. In 2020, Saudi Arabia's oil & gas sector held around 5% share in the regional market revenue and is slated to grow considerably through the following years.

Latin America holds a major share in the servo motors and drives market and is estimated to register prominent revenue growth by the end of 2027. Increased deployment across budding industries like packaging and labelling as well as robotics is likely to drive regional market expansion in the future.