At 5.5% CAGR, North America Electromechanical Joining Servo Press Market is Projected to be WWorth US$ 50.59 Million by 2031 says Business Market Insights

According to Business Market Insights’ research, the North America electromechanical joining servo press market was valued at US$ 33.07 million in 2023 and is expected to reach US$ 50.59 million by 2031, registering a CAGR of 5.5% from 2023 to 2031. Growing electrical and electronics sectors and digitalization and integration of advanced technologies are among the critical factors attributed to drive the North America electromechanical joining servo press market.

The growing operations in the electronics sector, including industrial electronics and personal mobile devices, have led to serious environmental problems by contributing 4% to global greenhouse gas emissions as per the US EPA. With global electricity demand expected to increase by 30% by 2030 as per the IEA, the electronics industry must achieve better energy efficiency for greater sustainability.

Production by global electronics and IT sectors is expected to grow by 1% year-on-year by JEITA. As per the insights from the Japan Electronics and Information Technology Industries Association (JEITA), during 2012–2022, global production growth ranged from US$ 422.1 billion to $ 511.4 billion in the field of telecommunications equipment (including smartphones and 5G and other telecommunications infrastructure) and US$ 291.6 billion to US$ 580.1 billion in semiconductors. Furthermore, the global electronics and IT sectors reached US$ 3,436.8 billion in 2022, with an increase in production by 3% in 2023, i.e., US$ 3,526.6 billion.

Economic uncertainties and inflation have led to a slowdown in consumption, production, and digitalization investments in the electronics sector; however, digitalization through more sophisticated data usage and automation is expected to grow in the coming years. Growth can also be expected with electronic components, owing to the transition from conventional to electric vehicles (EVs), and the growing share of electrical components in vehicles, and the trend is increasing demand for environmentally friendly products.

Therefore, the growing electronics and electrical sector across the globe is expected to increase the production of equipment and devices, which, in turn, is expected to bring new trends to the electromechanical joining servo press market in the coming years.

On the contrary, high initial investment and additional costs hampers the growth of North America electromechanical joining servo press market.

Based on stroke, the North America electromechanical joining servo press market is segmented into upto 100 mm, 101-200 mm, 201-400 mm, 401-600 mm, and Above 601 mm. The 101-200 mm segment held 27.6% market share in 2023, amassing US$ 9.14 million. It is projected to garner US$ 13.53 million by 2031 to register 5.0% CAGR during 2023–2031.

By application, the North America electromechanical joining servo press market is segmented into automotive industry, electric and electronic industry, medical device manufacturing, and others. The automotive industry segment held 46.7% share of North America electromechanical joining servo press market in 2023, amassing US$ 14.84 million. It is projected to garner US$ 23.63 million by 2031 to expand at 6.0% CAGR from 2023 to 2031.

Based on country, the North America electromechanical joining servo press market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 65.2% share of North America electromechanical joining servo press market in 2023. It was assessed at US$ 21.56 million in 2023 and is likely to hit US$ 34.29 million by 2031, registering a CAGR of 6.0% during 2023 to 2031.

Key players operating in the electromechanical joining servo press market are RARUK Automation Ltd, Kistler Group, JANOME Corporation, IAI Industrieroboter GmbH, CORETEC Inc, Dai-ichi Dentsu Ltd, Bosch Rexroth AG, SCHMIDT Technology GmbH, TOX PRESSOTECHNIK GmbH & Co.KG, and PROMESS INC., among others.

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