According to the new research report published by The Insight Partners, titled “Stepper Motor Market Forecast to 2027- COVID-19 Impact and Analysis By Type (Integrated Lead Screw Stepper Motor, Rotary Stepper Motor, and Fully Enclosed Stepper Drives); Technology (Permanent Magnet Stepper Motor, Hybrid Stepper Motor, and Variable Reluctance Stepper Motor; and End-user (Semiconductor, Packaging and Labeling, Medical Equipment, Industrial Machineries, Others); and Geography,” the market was valued at US$ 1,992.8 million in 2019 and is projected to reach US$ 2,803.6 million by 2027; it is expected to grow at a CAGR of 4.85% from 2020 to 2027.
Stepper motor is a highly versatile machine predominantly used in diversified industries—such as semiconductor, packaging and labeling, medical equipment, industrial machineries, food & beverages, and many more—for performing many linear manufacturing processes repeatability, with high torque at low speeds, as well as minimal maintenance. Some of the linear manufacturing processes applications are rail positioning, conveyers, and X-Y tables. The continuous growth of the automation and robotics industry is boosting the demand for stepper motors, which can be fitted in limited spaces. The motors manufactures are constantly increasing their focus on optimizing the design as well as manufacturing processes so as to deliver superior products with enhanced efficiency. Additionally, the streamlined manufacturing process, as well as the upgraded model of the stepper motors with miniaturization, boosted the adoption of stepper motor across various applications such as robotics, automobile, and semiconductor industries. All these industries demand high torque speed, high precision, and better efficiency. Moreover, the stepper motor market is endorsing tremendous growth attributed to the upsurge in automobile production globally, as well as the demand for motors integrated into a particular vehicle. Further, the integration of smart and advanced technology into the stepper motors is projected to be a trend offering ample growth opportunities to the manufacturers.
The global stepper motor market has been segmented into five major regions: North America, Europe, APAC, MEA, and SAM. APAC holds the dominant share in the stepper motor market, and Europe is expected to be the fastest-growing region in the global market.
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The top five companies in the stepper motor market include ABB Ltd., Applied Motion Products Inc., Faulhaber Group, National Instruments Corporation, Nidec Corporation. The above listing of key players is derived by considering multiple factors such as overall revenue, current stepper motor solution portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global industrial battery market ecosystem, such as Delta Electronics Inc. Faulhaber Group, Nippon Pulse Motor Co. Ltd., Oriental Motor Co. Ltd., Sanyo Denki Co. Ltd., and Schneider Electric SE.
Most of the market initiatives were observed in North America and Europe region, which have a high potential for stepper motor market-related solutions. Few of the important market initiatives and product developments from the industry are mentioned below:
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