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Stepper Motor Market Overview
The global stepper motor market was valued at $1.9 billion in 2017 and is forecasted to witness a CAGR of 4.6% during 2018–2023. The growing use of these motors in packaging and labeling machinery and the increasing penetration of waterproof steppers in various application areas are two key trends that have been observed in the market in recent years.
GLOBAL STEPPER MOTOR MARKET, BY TYPE, $M (2013–2023)
On the basis of type, the market has been categorized into rotary, fully enclosed, and integrated lead screw stepper motors. Of these, rotary steppers contributed the largest share, amounting to more than 70%, in the stepper motor market in 2017. This can be attributed to the surge in the demand for hybrid technology-based rotary motors.
Based on technology, the stepper motor market has been categorized into permanent magnet, hybrid, and variable reluctance. During the forecast period, the market for steppers based on the hybrid technology is expected to witness the fastest growth. The market for this category was valued at $351.4 million in 2017 and is expected to register a CAGR of 6.6% during the forecast period. This market growth in this category can be attributed to the advantages associated with these motors, such as high torque, high efficiency at low speed, and low stepping rate.
The worldwide growth of the stepper motor market is expected to be slow during the forecast period, as compared to that of the past three years, owing to high dependency on application areas of industrial machinery and semiconductors. After witnessing a significant fall in revenue during the economic slowdown, the market gained a little momentum during 2013–2015. APAC accounted for the largest share in the global market in 2017, owing to the increased use of steppers in motion control systems in Japan and China. During the forecast period, the market is expected to witness the slowest growth in Europe, owing to the gradual migration of manufacturing industries to APAC.
The market in developed countries is reaching its maturity and is expected to witness an average growth rate during the forecast period, owing to slow growth of end-use industries in these countries. Therefore, high price sensitivity and competition can be expected in the market in the coming years. Moreover, a high degree of threat from substitutes, such as servo motors in semiconductor-manufacturing processes, is expected to hamper the market growth. During the forecast period, APAC is expected to be the fastest-growing stepper motor market, globally, with packaging and labeling industry as the major end-user of these motors in the region.
Stepper Motor Market Dynamics
One of the major trends shaping the stepper motor market is the increasing demand for these motors in the packaging and labeling industry. The growth of the packaging and labeling industry has spurred the demand for integrated motors in the last few years. The packaging and labeling industry is expected to witness a double-digit growth in APAC in the next five-to-six years, which is expected to drive the growth of the market.
Besides, the pharmaceutical and drug packaging industry is witnessing high growth and increasing its use of steppers in packaging lines such as routing, sorting, filling, cartooning, and sealing. The stepper motor market in emerging countries is growing at a substantial rate, owing to an increase in the demand from the food service, paper goods, bakery products, and novelties industries.
Increasing demand for miniature steppers is one of the major factors having a positive impact on the growth of the stepper motor market. The demand for miniature steppers has grown significantly in recent years, owing to their increased penetration in several electronic applications. These motors are increasingly becoming a preferred choice in electronic applications where size is a constraint.
Surge in the demand for miniature motors for digital cameras and lenses, electronic toys and games, industrial automation systems, computer peripherals, and automobile electronics is expected to boost the growth of the stepper motor market during the forecast period.
Miniature steppers also play a key role in aerospace and defense applications, where high precision is required with the use of steppers that have low weight and that consume less space. The increasing demand for miniature unipolar motors for robotics and automated trailer machines (ATMs) is also expected to drive the growth of the stepper motor market in the coming years.
Stepper Motor Market Competitive Landscape
The intensity of rivalry in the stepper motor market is high because of the presence of a large number of small regional players in the market. Moreover, the slow growth of the market and high fixed cost associated with stepper motor manufacturing intensify the competition among the industry players.
To stay ahead of competition, most of the companies operating in the stepper motor market are launching new products. The main objectives behind these product launches are increasing the service offerings and improving the product quality. For instance, in April 2018, Oriental Motor Co. Ltd. introduced the new 1.8° PKP Series high-torque stepper motor with a new lead-wire mini connector.