Stepper motors find wide usage in automation equipment due to their ability to move in discrete steps. They allow precise control and positioning of mechanical components across diverse industries such as packaging, printing, medical devices, robotics, and semiconductor manufacturing.
Stepper Motors Market offer benefits like high torque at low speeds, simple functionality without feedback sensors, low maintenance, and low cost. Rising investments in factory and process automation have led to growing demand for stepper motors from equipment manufacturers.
The stepper motors market is estimated to be valued at USD 5.9 Bn in 2024 and is expected to reach USD 7.89 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.24% from 2024 to 2031.
Key Takeaways
Key players operating in the Stepper Motors market are Nidec, Minebea Mitsumi, Shinano Kenshi, Moons', Sanyo Denki, and Oriental Motor.
The global stepper motors market is primarily driven by the growing demand from industrial automation and manufacturing industry verticals. Steeper motors find widespread usage in linear actuators, pick-and-place machinery, CNC machines, printers, packaging equipment, and assembly lines owing to benefits like precision, rotational control, and positioning accuracy.
Technological advancements are allowing stepper motor manufacturers to develop smarter, powerful, and more energy-efficient motors. Integrated motor drives, IP rating for dust water protection, advanced driver chips, and remote monitoring capabilities are some features gaining traction. Efforts are also on to reduce motor size without compromising performance.
Market Trends
1. Growing Adoption of Integrated Stepper Motors: Manufacturers are integrating motor, drive, and controller components into compact modules to reduce size and simplify design. This trend is driving demand from applications with space constraints.
2. Remote Monitoring Diagnostics: Major players are offering stepper motors with integrated sensors and networking capabilities to enable remote monitoring of motor health, performance diagnostics, and predictive maintenance.
Market Opportunities
1. Usage in Medical Devices: Growing medical automation, especially in surgical tools, dental equipment and diagnostic devices is opening new growth avenues.
2. Adoption in Robotics: Advancements in collaborative robots, exoskeletons, and automation in logistics and warehousing will boost stepper motor uptake in coming years.
Impact of COVID-19 on the Stepper Motors Market Growth
The COVID-19 pandemic has significantly impacted the stepper motors market. During the initial stages of the pandemic, production and supply chain disruptions negatively affected the market. Stringent lockdowns imposed by governments worldwide to curb the spread of the virus led to temporary closure of manufacturing facilities. This resulted in reduced production volumes across industries utilizing stepper motors such as industrial equipment, semiconductor, healthcare, packaging, automotive etc. Moreover, decline in consumer spending owing to job losses and economic uncertainty also decreased demand for end-use products employing stepper motors.
However, with gradual easing of lockdowns and resumption of manufacturing activities, the market is slated to witness steady growth over the forecast period. Rising focus on automation across industries is anticipated to drive the market post-COVID. Adoption of advanced robotics for applications such as material handling, packaging etc. to ensure social distancing norms at workplaces will boost demand. Furthermore, increasing remote healthcare services, online education and work from home trend amid the pandemic is spurring investments in servers and data center infrastructure, favoring market growth. Ramping up of vaccine production globally using medical robots equipped with stepper motors presents new opportunities.
Geographical Regions With High Market Concentration
In terms of value, North America represents one of the most concentrated regions for the stepper motors market currently. This can be attributed to extensive investments in factory and building automation by prominent industrial players based in the US and Canada. Growing adoption of numerically controlled machine tools employing stepper motors in discrete manufacturing has propelled the regional market.
Another region witnessing high concentration is Asia Pacific, primarily driven by China, Japan and South Korea. Flourishing industries including electronics, semiconductor manufacturing, medical devices and automotive along with rising robotics integration is fueling demand. China, in particular, hosts large production bases of global automation solution providers and components suppliers, making it an area of concentration.
Fastest Growing Regional Market
The Asia Pacific region, excluding Japan and China, is poised to emerge as the fastest growing regional market during the forecast period. This can be accredited to ongoing industrialization and Make in India/Make in ASEAN initiatives by governments in Southeast Asian nations such as India, Vietnam, Thailand, Malaysia and Indonesia. Establishment of overseas manufacturing facilities by leading European and American firms is propelling investments in industrial robotics leveraging stepper motors. Moreover, growing medical devices production coupled with rising healthcare expenditure in the region will positively impact the market. Hence, Asia Pacific (excluding Japan and China) presents high growth potential.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
