Stepper Motor Market Forecast, Size, and Growth 2031

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 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 Regional Insights

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.

Stepper Motor Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. ABB Ltd
2. Applied Motion Products, Inc.
3. Delta Electronics
4. FAULHABER Group
5. National Instruments Corporation
6. Nidec Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

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:

1. Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
2. Market dynamics such as drivers, restraints, and key opportunities
3. Key future trends
4. Detailed PEST/Porter’s Five Forces and SWOT analysis
5. Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
6. Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
7. Detailed company profiles