The global stepper motor market was valued at $1.9 billion in 2017 and is forecasted to witness a CAGR of 4.6% during 2018–2023 and is expected to reach $2,556.3 million by 2023. Major factors propelling the growth of the market are increasing mechanization, technological advancements, and growing demand for miniature motors. Moreover, the less cost of stepper motors, as compared to servo motors, is another major factor supporting their adoption, especially in developing countries.
On the basis of end-use, the stepper motor market has been categorized into industrial machinery, medical equipment, packaging and labeling machinery, semiconductors, and others. Among these categories, industrial machinery contributed the largest share, of 37.2%, to the market in 2017.
Increasing use of these motors in medical equipment is expected to drive the market growth in the long run. The stepper motor market for this category was valued at $357.4 million in 2017 and is expected to register the fastest CAGR, of 6.7%, during the forecast period.
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In recent years, the stepper motor market has witnessed a high demand for steppers for the manufacturing of X-ray machines, IV pumps and blood analyzers. In the healthcare industry, oxygen concentrators use these motors in fans for cooling. The compact size and low noise of these motors make them a preferred choice for medical applications.
The motion control system market has become highly competitive owing to the increasing penetration of servo motors. The advent of the input/output (I/O) terminal, which is used as an amplifier for small stepper motors, has significantly contributed to the growth of the market for small-sized stepper motors. The integration of the I/O terminal offers operational advantages, such as reduced electrical cabinet space, reduced cost, and ease of use in applications with space constraints.
Some of the major companies operating in the global stepper motor market are Nippon Pulse Motor Co. Ltd., Schneider Electric SE, ABB Ltd., Applied Motion Products Inc., Delta Electronics Inc., SANYO DENKI Co. Ltd., National Instruments Corporation, Nidec Motor Corporation and Oriental Motor Co. Ltd.
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