Stepper Motors Market Size, Share, Global Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Stepper Motors Market


The global stepper motors market size was valued at USD 4.6 billion in 2018, expanding at a CAGR of 4.1% during the forecast period. Rising growth of the robotics and automation industry has increased the need for stepper motors that can fit in confined spaces. Motors designers have been observed to be increasingly emphasizing on optimizing design and manufacturing processes for delivering better products with improved efficiency. Further, the improved design and streamlined manufacturing process of miniature motors results in their adoption in various applications such as automobile, robotics, and semiconductor industries, which require high precision, high torque speed, and improved efficiency. Besides, the market is witnessing tremendous growth ascribed to the increase in automobile production and the number of motors used in a particular vehicle.

Motors also form an integral part of medical equipment. Rising demand for stepper motors for the manufacturing of X-ray machines, and blood analyzers is anticipated to drive the market over the forecast period. Recent developments in the healthcare industry, such as oxygen concentrators, use these motors in fans for cooling. The small size and low noise of these motors make them the preferred choice for medical applications.

The technological innovation in stepper motors have led to the introduction of the waterproof stepper motors, which are highly preferred in the packaging industry to facilitate corrosion-free operations. Besides, factors such as stable operation, low torque, low noise, fast start-up response, and low cost of the machine helps the user to operate the machine efficiently. These factors are thereby propelling the market among consumers.

The market in developed countries is about to reach its maturity, thereby is expected to witness an average growth during the forecast period. Moreover, the high threat of substitutes, such as servo motors in the automotive industry is anticipated to hamper the market growth in the near future. However, several advantages of stepper over servo motors, such as high torque density, detent torque, and capability to handle high inertia loads are expected to reduce the effect of such hindrances on the market, eventually.

Type Insights of Stepper Motors Market

Hybrid motors dominated the type segment, accounting for the highest market share in 2018. This is ascribed to the combination of variable reluctance (VR) and permanent magnet (PM) methods, which thereby helps to achieve determined power in a small package size. The hybrid technology offers various benefits such as high torque, high efficiency at low speed, and low stepping rate, which in turn is contributing to the growth of the segment. Moreover, the hybrid stepper motors is primarily used in medical equipment and industrial machinery. In medical equipment, it is used in medical pumps, ventilation equipment, and surgical hand tools, whereas, the high accuracy control provided by hybrid stepper motors have boosted its adoption in industrial machinery.

Permanent magnet type accounted for a considerable share in 2018. The permanent magnet motors has high detent torque as compared to VR motors and requires low power, which is ascribed to the absence of a physical commutator and brushes. Permanent magnet reduces the manufacturing cost as the rotor used in this motors does not require external current and produces more torque per ampere stator current. In several applications, permanent magnet provides significant benefits in terms of power density, reduced weight, and lower emissions. Furthermore, the motorss response to digital input pulses provides open-loop control, making it less costly and simpler to operate. They are used in computer peripherals, solar array tracking system, motion control, and robotics, among others.

Motion Control Insights

Based on motion control, the stepper motors market has been categorized as a closed-loop and open loop. The open-loop segment accounted for a substantial market share of over 60.0% in 2018. Stepper motors are fundamentally open-loop devices and are controlled by a pulse sequence with a limited time interval. With small step sizes accurate motorss position can be determined without any complicated control schemes or the need for a feedback device. Besides, this kind of control of stepper motors has full acceptance in applications of speed and position control and is less expensive than closed-loop motion control.

However, the open-loop control cannot evade the drawbacks of the stepper motors itself, that is, step loss, resonance, fluctuation, and challenging to attain high speed. Therefore, the need for a closed-loop control system, offering more precision and stability standards in the system is anticipated to propel the market growth over the forecast period. Furthermore, the higher speed with more stability and smooth rotation of closed-loop motion control offers quick response and is capable of providing instant acceleration. These are the few factors which are expected to boost the closed-loop segment expansion over the forecast period.

Application Insights of Stepper Motors Market

Based on application, the market is segmented into industrial machinery, medical equipment, packaging machinery, automotive, and others. The automotive application segment accounted for a largest market share in 2018 and is likely to witness steady growth over the forecast period. Stepper motors are used in various vehicles, such as electric vehicles, hybrid vehicles, and cars. The rising level of efficiency and simple cooling requirements makes stepper motors suitable for hybrid and electric vehicles. In vehicles, they are used in power steering, engine cooling fans, and power windows.

The industrial machinery segment is anticipated to witness fastest growth over the forecast period. The growth is ascribed to increasing product deployment in complex industrial applications, such as extruders, feeder drives, and robotics. These motors are used in retrofit kits and computerized numerical control (CNC) machines. Also, they motors are used in machine tools and automated production equipment, which can be single or multi-axis controllers. Other industrial applications include consumer electronics, office equipment, scientific instrumentation, and the gaming industry.

Regional Insights of Stepper Motors Market

By region, the market is categorized as North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. There are various government regulations, which have mandated safety features in vehicles, including anti-lock braking system, airbags, and start-stop systems. These safety feature components require motors installation, which is anticipated to increase product demand in the near future. The Asia Pacific region accounted for the largest revenue share in 2018 and is estimated to exhibit the fastest growth over the forecast period. This is ascribed to the increased use of these motors in motion control systems in China and Japan.

North America is expected to emerge as the second fastest-growing region during the forecast period. The strong presence of stepper motors manufacturers, along with discrete industries in Canada and the U.S are key factors driving the market in North America over the forecast period. Also, growing robotic and automation technologies are boosting market growth. Europe is also likely to be one of the key regional market due to the considerably high production of vehicles in Germany, France, and Italy. Besides, the growing demand for more capable infotainment units in vehicles is expected to be a key driver for the market in Europe over the forecast period.

Market Share Insights of Stepper Motors Market

The key players included in the study are Nippon Pulse America, Inc.; AMETEK.Inc.; ORIENTAL MOTORS USA CORP.; MOONS; Nidec Corporation; MinebeaMitsumi Inc.; Shinano ABV Technologies Pvt. Ltd.; Nanotec Electronic GmbH & Co. KG; Changzhou Fulling Motors Co., Ltd.; and Phytron GmbH. Companies are focusing on expanding and diversifying their product offerings. For instance, in September 2019, ORIENTAL MOTORS USA CORP. announced an expansion of its PKP Series stepper motors product line with the introduction of a 51 mm (2.0 in.) frame size harmonic gear. This new series complements the 60 mm (2.36 in.) frame size. Besides, it also provide neodymium magnet in its rotor design that produces less vibration compared to the original PKP Series.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Stepper Motors Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For the purpose of this study, this market research report has segmented the global stepper motors market report based on type, motion control, application, and region:

Type Outlook (Revenue, USD Million, 2019 - 2030)

  
Permanent Magnet
  
Hybrid
  
Variable Reluctance

Motion Control Outlook (Revenue, USD Billion, 2019 - 2030)

  
Closed Loop
  
Open Loop

Application Outlook (Revenue, USD Billion, 2019 - 2030)

  
Industrial Machinery
  
Medical Equipment
  
Packaging Machinery
  
Automotive
  
Others