Electromechanical Joining Servo Press Market is expected to reach US$ 216.36 Million by 2031

Growing demand for Medical Device Across the Globe Bolsters Electromechanical Joining Servo Press Growth

According to our latest study on "Electromechanical Joining Servo Press Market Analysis to 2031 – Geography Analysis – by Stroke, and Application," the market was valued at US$ 138.02 million in 2023 and is projected to reach US$ 216.36 million by 2031; it is anticipated to record a CAGR of 5.8% from 2023 to 2031. The report includes growth prospects owing to the current electromechanical joining servo press market trends and their foreseeable impact during the forecast period.

In the medical device manufacturing industry, electromechanical joining servo presses are employed for the assembly of various medical equipment, such as surgical instruments, prosthetics, and diagnostic devices. The precision and control offered by these presses are essential for ensuring the consistent quality and reliability of these critical medical products. The expansion of the global medical device market, particularly in emerging economies, presents significant growth opportunities for electromechanical joining servo presses. As the demand for specialized and personalized medical devices increases, the flexibility and customization capabilities of these presses can be leveraged to meet the diverse requirements of the medical industry. Europe has notable demand for the electromechanical joining servo presses in medical industry owing to stringent government regulations and presence of some of the largest medical device industries in the region. According to the data published by French Association for Medical Devices in 2023, the medical device industry in France was valued at US$ 40.4 billion in 2023 and is expected to record a CAGR of 2% in the next 5 years. Further, with more than 3,000 medical device manufacturers, the UK is among the largest markets in the world, producing various types of medical devices focused on orthopedic, imaging, diagnostics, and cardiovascular. On the other hand, owing to growing healthcare industry in Asia Pacific, the demand for electromechanical joining servo press industry in medical device industry is expected to grow significantly during the forecast period. The medical device industry is a growing market in China owing to the availability of suitable manufacturing infrastructure and research and development efforts toward the development of medical devices. Moreover, Australia's aging population will significantly impact healthcare demand, and products that serve the aging population are likely to witness increasing demand for medical devices, which, in turn, is expected to boost the electromechanical joining servo press market growth in the coming years.

Electromechanical Joining Servo Press Size — by Region, 2023

Source: The Insight Partners Analysis

The geographic scope of the electromechanical joining servo press market report offers a detailed country analysis. North America, Europe, and Asia Pacific are major regions witnessing significant growth in the electromechanical joining servo press market. Europe holds a significant electromechanical joining servo press market share. The electromechanical joining servo press market in Europe is segmented into France, Germany, Italy, Russia, the UK, and the Rest of Europe. The region has a well-established manufacturing industry for automotive, electronics, and medical equipment that uses cutting-edge technologies, such as automation, robotics, and Industry 4.0. Europe is one of the most important automobile manufacturers in the world. The presence of world-leading automobile manufacturers such as Volkswagen AG, Stellantis NV, Mercedes-Benz Group AG, Bayerische Motoren Werke AG, and Renault SA is driving the automotive industry's growth. As per the European Automobile Manufacturers Association (ACEA), new vehicle (all types) registrations in Europe increased by 18.7% from 15.08 million units in 2022 to 17.9 million units in 2023. Germany accounted for the highest share in new vehicle registration in the region, followed by France, UK, and Italy. Such a rise in vehicle sales in the region is expected to fuel the demand for electromechanical joining servo press in joining operations. Other sectors fueling the growth of the electromechanical joining servo press market are the medical devices and electronics equipment manufacturing sectors. As per the insights from MedTech Europe (European Trade Association), the Europe medical device market accounted for ~26% of the total market share in the world in 2023. Top countries contributing to the medical device sector growth include Germany, France, Italy, and the UK, with more than 50% of the total share in Europe; however, as per the insights from IPC International, Inc., the electronics manufacturing sector is expected to witness a decline in market share worldwide from 16.5% in 2023 to 15% by 2035. This decline is projected to limit the demand for electromechanical joining servo presses from the electronics sector during the forecast period. Government initiatives to boost electronics production are expected to fuel the market growth from 2023 to 2031.

Germany is the largest economy in Europe and houses several leading industry verticals, including automotive, electronics, and medical devices, among others. As per the European Automobile Manufacturers Association (ACEA), new car registrations in Germany increased by ~7% to reach ~2.84 million units in 2023 from 2.65 million units in 2022. It is the largest automotive hub in Europe, accounting for over 25% of all passenger car production and ~20% of all new vehicle registrations in 2023. Germany was Europe's leading passenger vehicle producer in 2023; also, manufacturing plants in the country recorded the manufacturing of approximately 3.10 million units at ~17% annual increase. Germany has a well-established ecosystem for automobile manufacturing. The electromechanical joining servo press is used in automotive applications, including joining gear wheels on shafts, joining dowel pins in housings, and joining outer bearing rings in bearing housings, among others. In addition, the benefits associated with electromechanical joining servo press are less energy utilization, carbon emission reduction, accurate force, etc. Electromechanical joining servo press systems also monitor, control, and optimize joining and press fitting operations in the automotive industry. The growing applications of electromechanical joining servo press systems in the automotive industry are projected to boost the market growth from 2023 to 2031.

The electromechanical joining servo press market in North America is segmented into the US, Canada, and Mexico. In North America, technological advancements have led to high competition in the manufacturing industry. As per the National Institute of Standards and Technology (NIST), the manufacturing sector in the US was valued at US$ 2.3 trillion and registered an 10.2% share of the total US GDP in 2023. In manufacturing machinery and equipment, the US is the second largest country in the world. Also, the country is one of the leading manufacturers of automobiles in the world. All these factors drive the demand for electromechanical joining servo presses in North America, thereby propelling the market growth. US dominated the North America electromechanical joining servo press market. The US manufacturing sector contributed ~US$ 2.3 billion and accounted for more than 11.4% of the total US GDP in 2023, as per the National Institute of Standards and Technology. The US recorded the second-largest manufacturing and industrial production levels in the world after China. Raising the industrial output at a consistent pace requires a continuous inflow of investments in infrastructure development, adoption of new manufacturing tools and techniques, and expansion of production spaces. Thus, the growing operations in the manufacturing sector create a demand for electromechanical joining servo presses in joining applications in automotive, electronics, and other industries.

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. are among the key players profiled in the electromechanical joining servo press market report. Companies operating in the electromechanical joining servo press market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.    

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