The market for electromechanical joining servo presses was valued at approximately US$ 138.02 million in 2023 and is projected to grow to US$ 216.36 million by 2031, reflecting a compound annual growth rate (CAGR) of 5.8% from 2023 to 2031.
This market is categorized into five primary regions: North America, Europe, Asia Pacific (APAC), The Middle East & Africa (MEA), and South America. In 2023, the Asia Pacific region led the market, followed by Europe and North America.
Within the Asia Pacific region, countries such as Australia, China, Japan, South Korea, India, and others contribute significantly to the market. This region is home to several developing economies, including India, China, Thailand, Vietnam, Singapore, Taiwan, and New Zealand, which are driving the demand for electromechanical joining servo presses. These nations are gradually adopting advanced manufacturing technologies, which is further supported by favorable conditions such as low labor costs, minimal taxes and tariffs, and a robust business environment that attracts global manufacturers to establish or expand their operations.
The automotive, electrical and electronics, and medical device sectors are particularly influential in boosting the demand for electromechanical joining servo presses in Asia Pacific. These presses are known for their advantages, including improved product quality, enhanced productivity, reduced operational costs, and high energy efficiency, along with a decrease in carbon emissions.
According to the OICA, countries like China, India, Australia, and South Korea experienced an average increase of 10% in new vehicle registrations from 2022 to 2023. This trend is expected to further stimulate the growth of the electromechanical joining servo press market from 2023 to 2031. The Asia Pacific region is also a central hub for electronics manufacturing, which is a vital component of the manufacturing export sector for several economies, including South Korea, mainland China, Japan, Malaysia, Singapore, the Philippines, Taiwan, Thailand, and Vietnam. Additionally, the rising demand for medical devices in the region, driven by increased consumer spending and health awareness, is likely to contribute to the market's expansion during the forecast period.
In China, the growth of the electromechanical joining servo press market is significantly influenced by the medical device manufacturing sector, electronic equipment production, and automotive component manufacturing. The medical device industry is expanding in China due to the presence of adequate manufacturing infrastructure and ongoing research and development initiatives. China has long been a leader in electronics manufacturing, and despite challenges such as trade tensions with the US and the impacts of COVID-19, it continues to be a major player in this field, exporting nearly half of the world's cell phones and laptops and producing many essential subcomponents.
The global electromechanical joining servo press market is segmented by stroke length into categories: Upto 100 mm, 101-200 mm, 201-400 mm, 401-600 mm, and Above 601 mm. Each segment is tailored to meet specific application requirements, ranging from compact presses for precision tasks in electronics to robust models for large-scale manufacturing in sectors like aerospace and automotive. The segments differ in stroke lengths, offering unique capabilities such as faster cycle times, increased force, and versatility in handling various workpieces. Notably, the 101-200 mm segment held the largest market share in 2023, driven by demand from the aerospace, automotive, and other industries. This subsegment provides electromechanical joining servo presses with stroke lengths between 101 and 200 millimeters, commonly used for medium-sized components in automotive and consumer electronics sectors.
Key players in the electromechanical joining servo press market include RARUK Automation Ltd., Kistler, Janome, IAI Industrieroboter GmbH, Coretec, Dai-Ichi Dentsu Ltd., HIKI TEC., JSC., SCHMIDT Technology GmbH, TOX PRESSOTECHNIK GmbH & Co. KG, and PROMESS INC., all of which are profiled in this market analysis.
The overall size of the electromechanical joining servo press market has been determined through a combination of primary and secondary research methods. Extensive secondary research was conducted using both internal and external sources to gather qualitative and quantitative data regarding the market size. This process also aids in providing an overview and forecast of the market across all segments. Additionally, numerous primary interviews were held with industry stakeholders to validate the data and gain deeper analytical insights. This included discussions with industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the electromechanical joining servo press market.