The Stepper Motor Market size is projected to reach US$ 3,317.91 million by 2031 from US$ 2,358.45 million in 2023. The market is expected to register a CAGR of 4.4% in 2023–2031. Shifting manufacturers' preference towards the adoption of the Industry 4.0 concept is likely to remain key stepper motor market trends.
The stepper motor market is growing at a rapid pace due to the growing adoption of stepper motor in the production of medical equipment and increasing demand for cost-efficient & high precision products among customers. The market is expanding steadily, driven by rapid digitalization and industrial automation. Moreover, technological advancement and expansion of the robotics industry are providing lucrative opportunities for market growth.
A stepper motor is an electromechanical system that converts an electrical signal to a mechanical one. These motors are designed to make a defined movement and attain a certain position. This movement in stepper motors is achieved by using a magnetic field generated by coils and sensed by magnets, which forces the rotating part to respond and align itself in the lowest energy state (equilibrium), resulting in motion. Thus, stepper motors are often constructed up of a fixed element (the stator) made of cyclically energized coils and a moving part (the rotor) made of ferromagnetic material or magnets.
Stepper motors are utilized in a range of applications, including robotics and semiconductors, which require high precision, torque speed, and efficiency due to their superior design and streamlined manufacturing process. In addition, stepper motors are making their way into medical applications like X-ray scanners and blood analyzers. Favorable investments in medical and healthcare and the growing adoption of technologically advanced products are boosting overall market growth.
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Stepper Motor Market: Strategic Insights
Motors are also a vital component of medical equipment. Rising demand for stepper motors in the production of X-ray equipment and blood analyzers is expected to boost the market over the projected period. Expansion and recent advances in the healthcare industry, such as oxygen concentrator increases the use of stepper motors in fans to cool. These motors are ideal for medical applications due to their tiny size and low noise is fueling the market.
Technological advancements in the stepper motors market encourage manufacturers to develop waterproof stepper motors, which is expected to generate significant opportunities in the market. The waterproof stepper motors are highly demanded and preferred in the packaging industry for corrosion-free operation. The expansion of the packaging industry is creating noteworthy opportunities in the market during the forecast period. Furthermore, significant benefits offered by stepper motors, such as low noise, reliable operation, low torque, quick start-up response, and low machine cost, assist the user in operating the machine efficiently. These factors are anticipated to present new opportunities for the market during the forecast period.
Key segments that contributed to the derivation of the stepper motor market analysis are type, technology, and end user.
The geographic scope of the Stepper Motor market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, Asia Pacific accounted for the largest stepper motor market share. The market in this region is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. These countries are well-known for their electronic materials industries, which significantly contribute to market growth. Ongoing expenditures in numerous industries, such as medical and robotic industries, are expected to boost the market during the forecast period. Furthermore, significant increases in the use of robotics in several industries of India in recent years are creating demand for stepper motors for simplifying the production process. According to Robot Systems India Pvt Ltd, the Indian manufacturing industry has seen a significant increase in robotics adoption, with an installation of approximately 5,500 robots in 2022. This significant growth of India's robotics sector is creating opportunities for the market growth. Furthermore, continual improvements in cutting-edge technology and manufacturing capacities are expected to accelerate the growth of the robotic sector in the region, increasing market demand.
The regional trends and factors influencing the Stepper Motor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Stepper Motor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2,358.45 Million |
| Market Size by 2031 | US$ 3,317.91 Million |
| Global CAGR (2023 - 2031) | 4.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Stepper Motor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Stepper Motor Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The stepper motor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for stepper motor and strategies:
The “Stepper Motor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global stepper motor market was estimated to be US$ 2,358.45 million in 2023 and is expected to grow at a CAGR of 4.4% during the forecast period 2023 - 2031.
Growing adoption of stepper motor in the production of medical equipment and increasing demand for cost-efficient & high precision products among customers are the major factors that propel the global stepper motor market.
Shifting manufacturers' preference towards the adoption of the Industry 4.0 concept is anticipated to play a significant role in the global stepper motor market in the coming years.
The key players holding majority shares in the global stepper motor market are ABB Ltd, Applied Motion Products Inc, Delta Electronics Inc, Faulhaber Group, and National Instruments Corporation.
The global stepper motor market is expected to reach US$ 3,317.91 million by 2031.
The incremental growth expected to be recorded for the global stepper motor market during the forecast period is US$ 959.46 million.