Global stepper motor market is expected to reach $2,556.3 million by 2023, according to P&S Market Research.
Major factors propelling the growth of the market are increasing mechanization, technological advancements, and growing demand for miniature motors. Moreover, the less cost of stepper motors, as compared to servo motors, is another major factor supporting their adoption, especially in developing countries.
Insights on market segments
On the basis of end-use, the stepper motor market has been categorized into industrial machinery, medical equipment, packaging and labeling machinery, semiconductors, and others. Among these categories, industrial machinery contributed the largest share, of 37.2%, to the market in 2017.
Increasing use of these motors in medical equipment is expected to drive the market growth in the long run. The stepper motor market for this category was valued at $357.4 million in 2017 and is expected to register the fastest CAGR, of 6.7%, during the forecast period.
In recent years, the stepper motor market has witnessed a high demand for steppers for the manufacturing of X-ray machines, IV pumps, and blood analyzers. In the healthcare industry, oxygen concentrators use these motors in fans for cooling. The compact size and low noise of these motors make them a preferred choice for medical applications.
Browse report overview with 65 tables and 51 figures spread through 126 pages and detailed TOC on "Stepper Motor Market by Type (Rotary Stepper Motors, Fully Enclosed Stepper Motors, Integrated Lead Screw Stepper Motors), by Technology (Permanent Magnet, Hybrid, Variable Reluctance), by Motion Control (Closed Loop, Open Loop), by End-Use (Industrial Machinery, Medical Equipment, Packaging & Labeling Machinery, Semiconductors), by Geography (Japan, China, India, South Korea, U.S., Canada, Germany, Italy, U.K., Russia, France, Spain, Brazil, South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/stepper-motor-market
Technological advancements in stepper motors will drive the market growth
The motion control system market has become highly competitive owing to the increasing penetration of servo motors. The advent of the input/output (I/O) terminal, which is used as an amplifier for small stepper motors, has significantly contributed to the growth of the market for small-sized stepper motors. The integration of the I/O terminal offers operational advantages, such as reduced electrical cabinet space, reduced cost, and ease of use in applications with space constraints.
Advancements in integrated motion control systems, such as reduced cable volume, owing to the use of a single cable for motor control interference, and improved accuracy of hybrid stepper motors for closed-loop motion control applications, have also contributed to the growth of the stepper motor market in the last three-to-four years. The advent of low-cost microcontrollers and digital signal processor (DSP) based motor control systems has resulted in commercially successful motor control systems for closed-loop stepper motor control. Such technological advancements are expected to increase the growth of the market during the forecast period.
Stepper motor market competitiveness
The research shows that the structure of the stepper motor market is fragmented, with the presence of a large number of regional and international players, due to which the market is extremely competitive. Also, it is difficult for the regional players to challenge their international counterparts in terms of quality, functionality, features, and services.
Some of the major companies operating in the global stepper motor market 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 Motor Corporation, and Oriental Motor Co. Ltd.
Stepper Motor Market Segmentation
By Motion Control