Stepper Motor Market Forecast (2024-2031), Size, Share
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.
Stepper Motor Market Analysis
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.
Stepper Motor Market Overview
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
Market Size Value in US$ 1,992.8Million in 2019 Market Size Value by US$ 2,803.6Million by 2027 Growth rate CAGR of 4.85% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Stepper Motor Market: Strategic Insights
| Market Size Value in | US$ 1,992.8Million in 2019 |
| Market Size Value by | US$ 2,803.6Million by 2027 |
| Growth rate | CAGR of 4.85% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Stepper Motor Market Drivers and Opportunities
Growing Adoption of Stepper Motor in the Production of Medical Equipment
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 Advancement – An Opportunity in Stepper Motor
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.
Stepper Motor Market Report Segmentation Analysis
Key segments that contributed to the derivation of the stepper motor market analysis are type, technology, and end user.
- Based on type, the stepper motor market is divided into rotary stepper motor, fully enclosed stepper drives, and integrated lead screw stepper motor. The rotary stepper motor segment held a larger market share in 2023.
- By technology, the market is segmented into permanent magnet stepper motor, hybrid stepper motor, and variable reluctance stepper motor. The hybrid stepper motor segment held the largest share of the market in 2023.
- By end user, the market is segmented into semiconductor, packaging and labeling, medical equipment, industrial machineries, and others. The semiconductor segment held the largest share of the market in 2023.
Stepper Motor Market Share Analysis by Geography
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.
Stepper Motor Market Report Scope
Stepper Motor Market News and Recent Developments
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:
- In November 2023, igus GmbH launched a double-shaft stepper motor for its drylin linear technology. It can be used to drive two linear axes. Another possible application is the installation of a hand wheel on the second drive shaft. In an emergency, users can turn the motor by hand with manual zero-point calibration. (Source: igus GmbH, Press Release, 2023)
- In September 2023, Kollmorgen Corporation introduced the P80360 stepper drive, the newest addition to the company’s flagship P8000 stepper platform. The P80360 incorporates innovative step-less control technology to deliver smooth, quiet motion and optimal performance across the full speed range. The P80360 stepper drive can be used with all stepper motors with phase current up to 3.0 Arms. It is ideal for labelers, indexing tables, CNC machines, XYZ gantry systems such as 3D printers, packaging, medical lab equipment, pumps, and many other applications requiring simple point-to-point movements as well as linked motion sequences. (Source: Kollmorgen Corporation, Press Release, 2023)
- In April 2023, Nanotec Electronic GmbH & Co. KG offered low-noise planetary gearboxes for brushless DC motors and stepper motors with NEMA 17 flange (42 mm). The gearboxes are available in single- and two-stage versions with seven different reductions and offer an output torque from 0.8 to 4.9 Nm. For use in harsh environments, the gearboxes are protected against penetration by dust and liquids, according to IP54. (Source: Nanotec Electronic GmbH & Co. KG, Press Release, 2023)
Stepper Motor Market Report Coverage and Deliverables
The “Stepper Motor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Technology
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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