stepper motor Market

The stepper motor market was valued at US$ 1,992.8 million in 2019 and is projected to reach US$ 2,803.6 million by 2027; it is expected to grow at a CAGR of 4.85% from 2020 to 2027.

Motors form an essential component of medical equipment. Presently, stepper motors are one of the most common motor types used in medical analyzers. Further, there is an increasing demand for stepper motors in X-ray machines, ultrasound scanners, IV pumps, as well as blood analyzers. Recent technological developments in the healthcare industry, e.g., oxygen concentrators, use stepper motors in fans for cooling. The compact size and low noise of stepper motors make it an ideal choice for medical applications. Additionally, hybrid stepper motors are an appropriate choice for applications that require low-cost along with a fine resolution of shaft movements, such as in peristaltic pumps and medical syringe. The rising demand for medical devices worldwide owing to the increasing number of patients and governments efforts to enhance healthcare infrastructure is, in turn, propelling the growth of the stepper motors market.

Based on type, the stepper motor market is categorized into integrated lead screw stepper motor, rotary stepper motor, and fully enclosed stepper drives. In 2019, the rotary stepper motor segment dominated the stepper motor market. Rotary stepper motors are brushless and synchronous electric motors, which split a full rotation of the motor into several numbers of steps. They are considered to act as synchronous AC motors comprising several poles, which are mounted on both rotor and stator. These motors are used in a wide range of systems in industrial setup, including multi-axis machines, CNC machines, rotation stages, high-speed pick-and-place equipment, constantly driving linear actuators, linear stages, lead screws or ball screws, and mirror mounts. While selecting a rotary stepper motor, one should consider parameters such as required speed range, desired rotary or linear step resolution and step accuracy, maximum loading in each direction, and type of load (frictional, inertial, mechanical spring, or shock load). These motors can be customized or engineered as per the requirement of applications.

The stepper motor market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. APAC held the largest share of the global stepper motor market, followed by North America and Europe, in 2019. The largest share of this region in the stepper motor market is mainly attributed to countries such as India, China, and South Korea have robust automotive sectors. These countries are also among the leading vehicle manufacturing countries in the world. Further, the region is becoming prime manufacturing hub for medical devices, with China and India being the leaders. Developing economies, such as Vietnam, are also witnessing growth in the manufacturing of medical devices. China and Japan have prominent aerospace manufacturing industries.

ABB Ltd., Applied Motion Products Inc., Delta Electronics Inc. Faulhaber Group, National Instruments Corporation, Nidec Corporation, Nippon Pulse Motor Co. Ltd., Oriental Motor Co. Ltd., Sanyo Denki Co. Ltd., and Schneider Electric SE are among the major players in the global stepper motor market.

Impact of COVID-19 Pandemic on Stepper Motor Market

COVID-19 outbreak, which began in Wuhan (China) in December 2019, has rapidly spread across the globe. It has badly affected China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US in terms confirmed cases and reported deaths as of March 2020. The continuous growth of infected individuals has led the government to impose lockdown across the nation's borders. The majority of the manufacturing plants are shut down, municipalities are functioning slowly as compared to the past, and the automotive and semiconductor industries are at a halt, which is negatively impacting the stepper motor market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage in comparison with the US. However, the manufacturing plants, the semiconductor industry, and several other businesses are functioning slowly, which is negatively impacting on the stepper motor market.

The overall global stepper motor market size has been derived in accordance to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the stepper motor market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the stepper motor market.