Stepper Motor Market is Projected to Augment at a Notable CAGR During the Forecast Period

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The growing use of these motors in packaging and labeling machinery and the increasing penetration of waterproof steppers in various application areas are two key trends that have been observed in the market in recent years.

Global stepper motor market 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.

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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.

Advancements in integrated motion control systems, such as reduced cable volume, owing to the use of a single cable for motor control interference, and improved accuracy of hybrid stepper motors for closed-loop motion control applications, have also contributed to the growth of the stepper motor market in the last three-to-four years.

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The research shows that the structure of the stepper motor market is fragmented, with the presence of a large number of regional and international players, due to which the market is extremely competitive. Also, it is difficult for the regional players to challenge their international counterparts in terms of quality, functionality, features, and services.

Stepper Motor Market Segmentation

By Type

Rotary Stepper Motors
Fully Enclosed Stepper Motors
Integrated Lead Screw Stepper Motors

By Technology

Permanent Magnet
Variable Reluctance

By Motion Control

Closed Loop
Open Loop

By End-Use

Industrial Machinery
Medical Equipment
Packaging and Labeling Machinery
Others (Telecommunications, Textiles, 3D Printing, and Robotics)

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