The North America Servo Press Market would witness market growth of 4.3% CAGR during the forecast period (2021-2027).
Companies are developing their servo presses manufacturing and production by expanding their operations into new nations. For example, Hitachi Zosen Fukui launched its second machine facility in April 2019. It's a key component of the main product, a super-large press machine which can process up to 80 tonnes, an increase of one size above the previous model, with the objective of enhancing productivity by 20%.
Servo motors regulate the output shaft's speed and location. It also incorporates a closed-loop feedback mechanism that manages the cycle rate hundreds of times more accurately and efficiently, making it perfect for heavy moulding loads. Sheet moulding processes employ servo presses because of their flexibility, controllability, and ease of usage. The servo press's main benefits are its extended mould life and low energy consumption, which results in a considerable savings in manufacturing costs.
Servo motors are being used in a variety of production processes in the United States, which require high accuracy and repeatability. Servo motors, unlike induction Motors or hydraulic pumps, are turned on and off during operation to save energy (saving up to 65 percent ). Due to their brushless design, the servo motors have found applications in a variety of harsh and demanding industries, including food and beverage, defence, and subsea and oil & gas, and subsea and oil and gas.
The US market dominated the North America Servo Press Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $157.1 million by 2027. The Canada market is anticipated to grow a CAGR of 6.7% during (2021 - 2027). Additionally, The Mexico market would showcase a CAGR of 5.8% during (2021 - 2027).
Based on Type, the market is segmented into Screw, and Crank. Based on Industry, the market is segmented into Automotive, Aerospace, Electrical & Electronics and Others. Based on Capacity, the market is segmented into Above 500 T, 201 -500 T and Below 200 T. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Servo Press Market is Estimated to reach $865.6 Million by 2027, at a CAGR of 4.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Komatsu Ltd., Nidec Corporation, SIMPAC, Inc., Isgec Heavy Engineering Ltd., Hitachi Zosen Corporation, ANDRITZ Group (Schuler Group GmbH), TOX PRESSOTECHNIK GmbH & Co.KG, Japan Automatic Machine Co., Ltd., and Promess, Incorporated.
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