The global stepper motor market is expected to reach $2,556.3 million by 2023, registering a CAGR of 4.6% during the forecast period (2018–2023). Major factors supporting the market include increasing mechanization, technological advancements, and growing demand for miniaturized motors.
Insights into market segments
On the basis of type, the stepper motor market is categorized into rotary, fully enclosed, and integrated lead screw stepper motors. Of these, the category of fully enclosed stepper motors held the second-largest share in the market in 2017. Technological advancements in these motors have led to their shorter product life cycle, which, in turn, has resulted in their increased demand in the past few years.
Based on technology, the stepper motor market is classified into permanent magnet, hybrid, and variable reluctance motors. Among these, permanent magnet motors contributed the highest revenue to the market in 2017. This can be attributed to the large-scale deployment of low-resolution permanent magnet motors by end users, such as the industrial machinery, semiconductors, and robotics industries.
On the basis of motion control, the stepper motor market is categorized into closed-loop and open-loop motors. Between the two, the closed-loop motors held the larger share in the market in 2017. This can be ascribed to the high demand for these motors in the industrial machinery, and packaging and labeling industries of the North American and Asia-Pacific (APAC) regions.
Based on end use, the stepper market is categorized into industrial machinery, medical equipment, packaging and labeling machinery, semiconductors, and others, wherein others include telecommunications, textiles, 3d printing, and robotics. Among these, the medical equipment category is expected to register the fastest growth during the forecast period, owing to the increasing investments in the healthcare sector in countries such as India, China, Brazil, South Africa, and the U.K.
Market to register the fastest growth in APAC
Geographically, the market is expected to witness the fastest growth in APAC during the forecast period. This can be attributed to the increasing demand for stepper motors in the packaging and labeling industry of the region. The upsurge in consumption of ready-to-eat products and processed food in urban areas has boosted the demand for packaging machinery, which, in turn, has driven the growth of the stepper motor market across the APAC region.
Technological advancements in stepper motors to drive market growth
The stepper motor technology has witnessed a number of advancements in recent years. The advent of input/output (I/O) terminal, which is used as an amplifier for small steppers motors, has significantly contributed to the market demand for small-sized stepper motors. The integration of I/O terminal in stepper motors offers operational advantages, such as reduced cost and ease of use in applications with space constraints. Thus, the growing usage of I/O terminals is expected to drive the growth of the stepper motor market during the forecast period.
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
Stepper motor market competitiveness
The global stepper motor market is highly competitive in nature, with the presence of numerous players. Some of the key companies operating in the 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.
GLOBAL STEPPER MOTOR MARKET SEGMENTATION
By Motion Control
By End Use