December 8, 2020 04:48 ET | Source: Research and Market Research and Market
Dublin, December 8, 2020 (Global News Agency)-"Servo Motors and Drives-Global Market Tracks and Analysis" report has been added to ResearchAndMarkets.com's products. COVID-19 has led to the accelerated adoption of automation technology that is expected to return to growth faster. Servo motors and drives will reach US$17.1 billion The global market for servo motors and drives is expected to decline by -9.5% in 2020, and thereafter will recover and grow to US$17.1 billion by 2027, lagging behind the compound annual growth rate after COVID-19 During the analysis period from 2020 to 2027, there is an increase of 3.6%. An important part of robotics, automation and CNC machining, servo motors and drives are facing the sluggish manufacturing industry and the COVID-19 outbreak. However, the pandemic rapidly shifted the world to the fourth industrial revolution by accelerating the digital development of industries and companies. The long-predicted robotics and automation boom is expected to be much faster than earlier forecasts, and will play a key role in facilitating a faster and faster recovery in growth. Automation plays a key role in process improvement by eliminating duplication and redundancy, reducing production time and costs, increasing production uptime, reducing the risk of human error, improving employee productivity, and ensuring high compliance with environmental, occupational safety and health regulations. The adoption of automation technology enables companies to improve the quality of manufactured products, increase employee productivity, increase output and reduce material waste, and save capital and operating costs. In addition to the ongoing coronavirus crisis, the global industrial sector is also facing other urgent challenges, including raw material price fluctuations, a strict regulatory environment, globalization-driven issues, and declining profitability. In order to remain competitive, manufacturers are increasingly focusing on improving operational efficiency and productivity by modifying and modernizing production processes and infrastructure. Manufacturers tend to automate processes and systems to facilitate factory supervisors, managers, engineers, and workers to monitor and manage factory operations in a more effective and resourceful way. In order to obtain the benefits of automation, process engineers are deploying advanced machine vision, human-machine interface (HMI), machine-machine interface (MMI), Internet of Things control and data aggregation technologies, embedding dedicated monitoring and data acquisition software (SCADA), which helps For complete control of complex operations and processes. Machine vision and HMI infrastructure systems have become commonplace in programmable logic controllers (PLCs) and industrial control panels because these tools enable technicians to select and determine pre-planned results from automation equipment and its applications. By deploying technologies such as HMI, PLC, industrial control board, and machine vision, industrial entities can automate various functions such as industrial valve switches, sensors, and alarms; view and monitor key data in dashboards; control IoT devices and machines; and execute Push messages, reports and KPIs; transform mechanical operations into visual processes to identify and diagnose problems, etc. Automation will play a vital role in enabling companies to recover from the adverse effects of the COVID-19 pandemic. In the long run, due to the growing demand for automation in industrial facilities, the prospects remain promising. As the process industry focuses on factory automation to increase productivity, reduce downtime, and save energy, the demand for servo motors and drives designed to support process automation will increase. The main topics covered: I. Introduction, methodology and scope of the report II. Executive Summary 1. Market overview
4. Global Market Outlook III. Market Analysis
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