The ongoing technological advancements in stepper motors and increasing demand for miniature stepper motors are some key driving factors for the growth of the stepper motor market. These drivers are expected to result in $3.7 billion revenue in the global stepper motor market by 2030, propelling it at a CAGR of 3.4% during the forecast period (2020–2030).
The COVID-19 pandemic has resulted in negative gross domestic product (GDP) growth of economies, by impacting businesses worldwide. The partial and full lockdown measures implemented by governments have led to a disruption in the manufacturing of stepper motors. This is due to the loss of workforce and disruption in the supply chain of raw materials from the countries in Asia. The demand for stepper motors has reduced significantly due to a sudden halt in the manufacturing of end products, thereby negatively impacting the stepper motor market.
Hybrid Motor Category Held Largest Revenue Share in 2019
The stepper motor industry, based on type, is classified into hybrid, permanent-magnet, and variable-reluctance motors. Of these, the hybrid category held the largest market share in 2019, by revenue, and it is expected to lead the industry over the forecast period too. The growth is owed to the various advantages offered by hybrid stepper motors over others, such as greater efficiency at a lower speed, greater torque, and lower stepping rate. Additionally, a low maintenance requirement and greater reliability, due to their rugged design, make them a preferred choice for industrial applications.
The stepper motor market, in terms of end user, is categorized into industrial machinery, medical equipment, packaging and labeling machinery, and consumer electronics. Of these, the industrial machinery category held the largest market share, by revenue, in 2019. This can be owed to the growth in the use of stepper motors for various industrial automation applications. Easier component integration, and other technological advancements have led to the enhancement of motor performance, in turn, making stepper motors a popular choice.
The Asia-Pacific (APAC) region held the largest revenue share in 2019 in the stepper motor market, and it is expected to maintain its dominance during the forecast period. It is mainly due to the growing use of stepper motors in motion control systems, especially in Japan and China, and presence of major automotive manufacturers in countries such as China, Japan, India, and South Korea. Moreover, the growing medical tourism industry has led to an increase in the manufacturing of medical devices, thereby further driving the demand for stepper motors in the region.
Mergers & Acquisitions Are Strongest Strategic Developments in Stepper Motor Industry
Players in the stepper motor market are relying heavily on mergers and acquisitions, to expand their product portfolio and customer base. For instance, in April 2020, MinebeaMitsumi Inc. completed the acquisition of all shares of ABLIC Inc. With this acquisition, the former company aims to focus on super-precision processing and mass-production technologies and increase its product portfolio. the acquisition is also envisioned to enhance the development and manufacturing capabilities for products with greater performance and quality, through joint production activities.
Similarly, in November 2019, Ametek Company Inc. SCP, which provides interconnect solutions, merged with BAE systems plc, to support the development of new defense capabilities for Australia’s future submarine classes. The new company will produce high-integrity outboard and inboard submarine hull penetrators and associated integrated systems.
Browse report overview with detailed TOC on "Stepper Motor Market Research Report: By Type (Permanent Magnet, Variable Reluctance, Hybrid), Motion Control (Open Loop, Closed Loop), End Use (Industrial Machinery, Medical Equipment, Packaging & Labeling Machinery, Consumer Electronics) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/stepper-motor-market
Some of the major players operating in the global stepper motor market are Changzhou Fulling Motors Co. Ltd., ORIENTAL MOTOR CO. LTD., MOOG Inc., MinebeaMitsumi Inc., Shinano Kenshi Co. Ltd., Nippon Pulse Motor Co. Ltd., ABB Ltd., Applied Motion Products Inc., Phytron GmbH, Microchip Technology Incorporated, and Shanghai MOONS Electric Co. Ltd.