Rise in demand for metal forming operations, surge in investments in the automotive industry, and growth of the electrical and electronics sector drive the growth of the global servo press market.
PORTLAND, Ore., Feb. 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Servo Press Market by Type (Crank and Screw), Capacity (Below 200T, 201T - 500T and Above 500T) and End-user Industry (Automotive, Aerospace, Electrical & Electronics, and Other): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global servo press industry generated $667.8 million in 2020, and is expected to reach $1.06 billion by 2030, witnessing a CAGR of 4.8% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Rise in demand for metal forming operations, surge in investments in the automotive industry, and growth of the electrical and electronics sector drive the growth of the global servo press market. However, variations in raw material prices restrain the market growth. On the other hand, technological advancements in digital servo press create new opportunities in the coming years.
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Covid-19 Scenario
- Owing to the lockdown measures taken place in many countries, there have been delays in production activities of crushing, screening, and mineral processing equipment used in construction, foundries, smelters, and mining applications. This reduced the demand for servo press.
- The demand from end-use industries such as automotive, aerospace, electrical & electronics, and others decreased significantly due to stoppage of daily activities during the lockdown. However, the demand for servo press is expected to regain post-lockdown.
The screw segment to maintain its lead position by 2030
Based on type, the screw segment accounted for the highest market share in 2020, contributing to more than three-fifths of the global servo press market, and is estimated to maintain its lead position by 2030. Moreover, this segment is projected to manifest the highest CAGR of 5.3% during the forecast period. This is due to its full speed and huge force that can be applied at desired position and usage in applications such as extrusion that need quick motions at the end of the cycle or longer process strokes. The report also analyzes the crank segment.
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The automotive segment to maintain its leadership status in terms of revenue by 2030
Based on end-user industry, the automotive segment held more than three-fifths of the global servo press market in 2020, and is expected to maintain its leadership status in terms of revenue by 2030. This is attributed to surge in use of servo presses in automotive applications as manufacturers focus on producing lightweight and fuel-efficient vehicles to reduce carbon emissions. However, the electrical and electronics segment is expected to portray the fastest CAGR of 7.2% during the forecast period, owing to application of servo presses for installation of connectors with large volume compliant pins on PCBs and bushing and spark plug tubes for various small assemblies.
Asia-Pacific, followed by North America, to maintain its dominance throughout the forecast period
Based on region, Asia-Pacific, followed by North America, contributed to the highest market share in 2020, accounting for more than two-fifths of the total market share of the global servo press market, and is estimated to maintain its dominance throughout the forecast period. Moreover, this region is projected to witness the highest CAGR of 5.7% during the forecast period. This is attributed to rise in demand for formability materials, accelerating sales of digital servo presses for progressive forming applications, and usage in manufacturing electric vehicles in the region.
Leading Market Players
- Amino Corporation
- Hitachi Zosen Fukui Corporation
- ISGEC Heavy Engineering Ltd.
- Japan Automatic Machine Co., Ltd.
- Komatsu Ltd.
- Nidec-Shimpo Corporation
- Promess Incorporated
- Schuler AG.
- SIMPAC Corp.
- Tox Pressotechnik GmbH & Co. KG
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