Bangladesh Servo Motor and Drive Market (2022-2028) | Trends, Value, Revenue, Outlook, Forecast, Size, Analysis, Growth, Industry, Share, Segmentation & COVID-19 IMPACT

Bangladesh Servo Motor and Drive Market Synopsis

Bangladesh Servo Motor and Drive Market witnessed significant growth in recent years owing to an increase in demand for servo motor and drive due to rising investments across sectors such as pharmaceutical, textile and apparel, and packaging, among others. For instance, the pharmaceutical industry growth recorded 17 percent during 2014-2020, with exports accounting for USD 169 million in FY2020-21. Moreover, in 2020, exports of readymade garment products stood at around USD 27.4 billion, contributing to a market share of 6.30 per cent out of the total global apparel export market. However, the outbreak of Covid-19 in 2020 led to a halt in several sectors during the nationwide lockdown by the government to prevent the spread of coronavirus which disrupted the supply chain, and manufacturing processes and a halt to all the developmental activities across the sectors. Henceforth, the market is recovering and is expected to return to a healthy growth rate with a resumption of manufacturing and import of raw materials.

According to 6Wresearch, Bangladesh Servo Motor and Drive Market size is anticipated to grow at a CAGR of 11.0% during 2022-2028. Bangladesh’s servo motor and drive market grew significantly during 2017-19 on account of a rise in exports, investments and economic zone development. Bangladesh’s servo motor and drive market is likely to experience rapid growth in the forecast period on account of several government policies and increased investments in pharmaceutical, packaging, textile and apparel across the country. For instance, the Government of Bangladesh introduced an Active Pharmaceutical Ingredient policy with the objective to produce and reduce import dependency to 80 per cent by 2032. The Servo Motor and Drive Market in Bangladesh is growing at a faster pace and a number of factors has been supporting the growth of this market in the industry. The sector will gain more growth over the forecast period since the usage of servo motor and drives is growing more. The Bangladesh Servo Motor and Drive Industry is gaining more success.

Market by Types

For the year 2021, Alternating Current (AC) dominated the Bangladesh servo motor and drive market, and this trend is projected to continue in the future due to its widespread use in industries such as automobiles, packaging, and machine and tool manufacturing. Moreover, Alpla Group, a leading worldwide packaging and recycling company, proposes to construct a packaging factory in Bangladesh. Alpha sees a lot of potential in the Bangladesh market and wants to enhance its share of packaging and related products that are compatible with Bangladesh's future readymade garment (RMG) sector and other export items and since servo motor and drive is widely used in packaging, therefore the demand for servo motor and drive market would augment in coming years.

Market by Power Rating

Low power ratings dominated the Bangladesh servo motor and drive market revenues for the year 2021, and the same trend is expected to continue in the upcoming years owing to the usage of low power ratings in a wide-range of applications such as packaging, textile & printing and the pharmaceutical industry. Furthermore, around 1,600 garment accessory and packaging units are already operational, primarily in and around the cities of Dhaka and Chittagong. In coming years, the growth rate in the packaging sector would be around 10 per cent and after meeting the domestic demand, Bangladesh export products to various countries including China, Malaysia, South Korea and Vietnam, which would simultaneously, boost the demand for the low power rating servo motor and drive in the forecast period.

Market by End-Users

By end users, machines and tools account for a significant share in the Bangladesh servo moto market on the back of the healthy industrial sector of the country which is backed by government initiatives such as the ambitious target of setting up 100 economic zones in the next 15 years with a view to creating one crore jobs and exporting $40 billion worth of goods and services from the enclaves.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2018 to 2028.
• Base Year: 2022
• Forecast Data until 2028.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Bangladesh Servo Motor and Drive Market Overview
• Bangladesh Servo Motor and Drive Market Outlook
• Bangladesh Servo Motor and Drive Market Forecast
• Historical data & Forecast of Bangladesh Servo Motor and Drive Market Revenues for the Period 2018-2028F
• Historical data & Forecast of Bangladesh Servo Motor and Drive Market Revenues, By Types, for the Period 2018-2028F
• Historical data & Forecast of Bangladesh Servo Motor and Drive Market Revenues, By Power Rating, for the Period 2018-2028F
• Historical data & Forecast of Bangladesh Servo Motor and Drive Market Revenues, By End-Users, for the Period 2018-2028F
• Bangladesh Servo Motor and Drive Market Drivers
• Bangladesh Servo Motor and Drive Market Restraints
• Bangladesh Servo Motor and Drive Market Trends And Industry Life Cycle
• Bangladesh Servo Motor and Drive Market Covid-19 Impact Analysis
• Market Opportunity Assessment
• Market Competitive Landscape
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Types

• Servo Motor
• AC Servo Motor
• DC servo Motor
• Servo Drive
• AC Servo Drive
• DC servo Drive

By Power Ratings

• Low (400W – 5kW)
• Medium (5kW & Above)

By End Users

• Automotive & Transport
• Healthcare & Pharmaceuticals
• Manufacturing (Machine and Tools, CNC, TNC etc.)
• Packaging
• Textile & Printing
• Others (Robotics, Petrochemicals, Oil & Gas, Automotive & Transportation, Semiconductor and Electronics. etc.)