As per a report by P&S Intelligence, the global stepper motor market is predicted to attain a value of $3.7 billion in 2030, progressing at a 3.4% CAGR during the forecast period (2020–2030). The market is registering growth due to the rising demand for miniature stepper motor and ongoing technological advancements in the domain. On the basis of end user, the market is divided into packaging and labeling machinery, medical equipment, industrial machinery, and consumer electronics.
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Among all these, the industrial machinery division accounted for the largest revenue share of the stepper motor market in 2019, which is due to the growing utilization of stepper motors for several industrial automation applications. Technological advancements such as easier component integration are resulting in the improvement of the performance of these devices, and are thus, making them a popular choice.
The objective of this research includes;
Furthermore, the greater reliability and lower maintenance requirement of these motors further make them a preferred option for industrial applications. Geographically, Asia-Pacific (APAC) dominated the stepper motor market in 2019, and the situation is predicted to remain the same in the near future as well. This can be ascribed to the increasing use of stepper motors in motion control systems, primarily in China and Japan, and presence of key automotive manufacturers in various countries.
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In addition to this, the advancing medical tourism industry is resulting in the rising manufacturing of medical devices, which, in turn, is driving the demand for stepper motors in APAC. The companies in the global domain are engaging in acquisitions and mergers for expanding their customer base and product portfolio. For example, MinebeaMitsumi Inc. acquired all shares of ABLIC Inc. in April 2020, with the aim to focus on mass-production technologies and super-precision processing and increasing its product portfolio.
The research includes detailed analysis of;
Based on Type
Based on Motion Control
Based on End Use
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