The Digital Servo Press Market is expected to grow at an exponential CAGR of around 5% from 2021-to 2027.
A comprehensive overview of the Digital Servo Press market is recently added by UnivDatos Market Insights to its humongous database. The Digital Servo Press report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Digital Servo Press market. The Digital Servo Press report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates Digital Servo Press at the global and regional levels. The Digital Servo Press Market is expected to grow at an exponential CAGR of around 5% from 2021-to 2027.
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Market Overview
To design lightweight products, automotive OEMs are accelerating the adoption of aluminum and high tensile strength steel, which in turn is projected to propel the demand for servo press and create significant growth opportunities for manufacturers of servo press across various geographies. Recent growth in battery production has been highly influenced by the changing government policies in many countries as they are taking big steps to decarbonize their economy by shifting the energy supply and demand to sustainable power sources. Governments around the world are implementing policies to promote electric vehicles to reduce oil consumption, climate-related emissions, and local air pollution and to stake out an industrial leadership position in the new advanced technology. As per IEA, Consumers spent USD 120 billion on electric car purchases in 2020, a 50% increase from 2019, which breaks down to a 41% increase in sales and a 6% rise in average prices. In 2020, the global average BEV price was around USD 40,000 and USD 50,000 for a PHEV.
Further, several governments provided or extended fiscal incentives that buffered electric car purchases from the downturn in car markets. Thus, an increase in the adoption of e-mobility would increase the demand for batteries. Battery recycling companies have ample opportunities due to the large end-user base of batteries in the current scenario and would increase at a significant rate during the forecast year. For instance, global battery demand is expected to increase 14-fold by 2030.
COVID-19 Impact
During the COVID-19, the digital servo press market faced an adverse impact due to the lockdown across cities, border closure, and shortage of raw materials. All the manufacturing activities were on temporary halt, due to which the market of digital servo press witnessed a steep down. However, global manufacturing production continues to recover, following a major drop during the first half of 2020 due to COVID-19. The pace of recovery is unequal. While manufacturing production in some countries, such as China, has reached and exceeded its pre-crisis production level, other countries still show only weak signs of recovery, as revealed by UNIDO.
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The Digital Servo Press Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Motor Type, the market is primarily bifurcated into
• Continuous Rotation
• Linear Rotation
• Position Rotation
The linear rotation segment grabbed XX% market share in 2020 and dominated the market. The wide application of these motors across several industries owing to numerous benefits such as no mechanical contact, the transmission force is generated in the air gap, in addition to the linear motor rail without any other friction, simple and small size, etc. is leading to the growth of the market.
By Application, the market is primarily bifurcated into
• Automotive
• Aerospace
• Electronics
• Others
The automotive segment grabbed XX% market share in 2020. Emerging demand for the electric vehicle coupled with the popularity of advanced features in the vehicles is leading to the growth of this segment. However, the electronics industry would witness a considerable CAGR during the forthcoming years. In the first half of 2021, the global consumer electronics market grew by +18%, registering US$42.8 billion in revenue
Digital Servo Press Market Geographical Segmentation Includes:
· North America
· Europe
· Asia-Pacific
· Rest of the World
Based on the estimation, Asia pacific grabbed XX% market share in 2020. The booming automotive sector in the region is contributing to the growth of the market. In 2021, the automobiles & auto parts sector topped the Asia PMI sector output rankings in January. It registered the fastest rate of growth of all categories for the third time in the past six months. In addition, household & personal use products and machinery & equipment registered faster growth and expected to grow in the forecasted period as well.
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The major players targeting the market includes
• ABB Ltd
• Badger Meter, Inc
• Emerson Electric Co
• Endress+Hauser AG
• General Electric Co
• Honeywell International Inc
• Krohne Messtechnik GmbH
• McCrometer, Inc
• Omega Engineering Inc
• Siemens AG
The degree of competition among prominent regional companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Digital Servo Press market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Digital Servo Press Market?
· Which factors are influencing the Digital Servo Press market over the forecast period?
· What are the global challenges, threats, and risks in the Digital Servo Press Market?
· Which factors are propelling and restraining the Digital Servo Press Market?
· What are the demanding global regions of the Digital Servo Press Market?
· What will be the global market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by global companies?
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