The global stepper motors market size is anticipated to value USD 6.0 billion until 2025. It is also expected to register a CAGR of 4.1% over the forecasted years, 2019 to 2025. The surging demand across the labeling and packaging industry coupled with the need for automating manufacturing processes is expected to drive the market growth for stepper motors across the globe.
In 2018, the open-loop segment of motion control held the largest share across the global market on account of their feature of controlled pulses within regular time intervals. While the closed-loop segment is also anticipated to register substantial growth in the upcoming years due to features like enhanced stability standards and more precision.
The automotive application segment accounted for the largest share across the global market in 2018 due to its wide applications in the operation of cars, hybrid and electric vehicles. On the other hand, the industrial machinery segment is projected to account for the fastest growth over the forecasted period, 2019 to 2025 owing to rising deployment of products like feeder drives, robotics and extruders which require stepper motors for their operations.
In 2018, Asia Pacific held the largest share across the global market owing to the increasing usage of stepper motors across several motion control systems in Japan and China. While North America registered second-highest CAGR in the upcoming years owing to the rising presence of motors manufacturers across the U.S. and Canada.
The stepper motor market includes key players such as Phytron GmbH, Nippon Pulse America, Inc., AMETEK.Inc; MOONS' and MinebeaMitsumi Inc. They are investing hugely in product development and innovation to gain a competitive advantage and to widen their geographical reach.
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Further key findings from the report suggest:
• The segment of open-loop motion control accounted for highest share of approximately 60% across the global market.
• The automotive application segment accounted for the largest market share in 2018.
• In 2018, Asia Pacific held the largest share across the global market.
• The key players in this market are Phytron GmbH, Nippon Pulse America, Inc., AMETEK.Inc; MOONS' and MinebeaMitsumi Inc.
Million Insights has segmented the global stepper motors market on the basis of product type, motion control, application and region:
Stepper Motor Type Outlook (Revenue, USD Million, 2014 - 2025)
• Permanent Magnet
• Variable Reluctance
Stepper Motor Motion Control Outlook (Revenue, USD Million, 2014 - 2025)
• Closed Loop
• Open Loop
Stepper Motor Application Outlook (Revenue, USD Million, 2014 - 2025)
• Industrial Machinery
• Medical Equipment
• Packaging Machinery
Stepper Motor Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa