The global closed loop stepper motor market is expected to register a CAGR of 6.3% during 2017–2023 (forecast period). Major factors driving the growth of the market include increased focus on mechanization, implementation of standards emphasizing energy efficiency, and comparatively low cost of closed loop stepper motors than servo motors.
Insights into the market segments
Based on end-user, the closed loop stepper motor market is classified into industrial machineries, medical equipment, packaging & labelling, semiconductor, and others. Among these, industrial machinery held the largest share in the market in 2016. This can be attributed to the evolution of industry 4.0 and increased focus on mechanization. Moreover, increasing demand for motion control components is a major factor supporting the adoption of closed loop stepper motor across the world.
Asia-Pacific was the largest market for closed loop stepper motors in 2016
Asia-Pacific (APAC) led the closed loop stepper motor market in 2016. The market in the region is mainly driven by the rising focus on automation in countries such as Japan, China, India, and South Korea. Moreover, Japan accounted for the largest share in the APAC closed loop stepper motor market, followed by China. In 2017, two Japanese machinery manufacturers named Kawasaki Heavy Industries and Mitsubishi Electric adopted factory automation products and robots in a bid to boost manufacturing readiness in China.
Focus on energy efficiency driving the closed loop stepper motor market
Standardization in manufacturing techniques to achieve energy efficiency is a major factor driving the closed loop stepper motor market, globally. In the wake of rising global warming and increasing energy costs, there has been an increased focus on standardization for achieving energy efficiency in manufacturing. In view of this, several manufacturing companies and governments have started focusing on energy-efficient manufacturing in industries. As closed loop stepper motors offer improved energy efficiency at high loads, the demand for these motors is increasing across the world.
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High intensity of rivalry among the market players
The global closed loop stepper motor market is highly fragmented in nature, with the presence of a large number of regional and international players. Moreover, regional players are striving to compete with global players in terms of product quality, functionality, features, and services. Some of the major companies operating in the closed loop stepper motor industry are Nippon Pulse Motor Co. Ltd., Schneider Electric SE, ABB Ltd., Applied Motion Products Inc., Delta Electronics Inc., Sanyo Denki Co. Ltd., National Instruments Corporation, Nidec Corporation, Lin Engineering LLC, Faulhaber Group, and Oriental Motor Co.
CLOSED LOOP STEPPER MOTOR MARKET SEGMENTATION