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Stepper Motor Market - Growth, Trends, And Forecasts (2023 - 2028)
The stepper motor market is expected to register a CAGR of 3.11% during the forecast period. As stepper motors do not have integrated electronics or brushes and can be controlled in an open loop, they have the advantage of being very simple to control and need no encoder or special driver to monitor the position of the rotor.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Stepper Motor Market - Growth, Trends, And Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06420680/?utm_source=GNW
Stepper motors come in different sizes and styles; hence, there are various types of stepper motors available today. Some of the most used stepper motors include permanent magnet stepper motors, hybrid stepper motors, and variable reluctance stepper motors.
The low cost and precise movement features of stepper motors significantly expand the application area of these motors. Stepper motors are available in many familiar industrial and commercial applications. Some typical domestic applications of these motors include applications in air conditioning louvers, driving electrically operated drapes, turning pipe valves on or off, and the zoom and autofocus mechanisms in digital or phone cameras. In the commercial sector, these motors can commonly be found in ATMs, rotating security cameras, etc.
Factors such as the growing penetration of automation and robotics solutions in the industrial and manufacturing sectors and the expanding medical equipment industry are driving the market’s growth.
Medical equipment is another major sector wherein stepper motors are increasingly used for brushless commutation. An optimized gearing and high-quality bearing system in stepper motors provide long life, making them suitable for critical lifesaving applications. Medical scanners, samplers, digital dental photography, respirators, fluid pumps, and blood analysis machinery are among the common medical equipment wherein stepper motors are used.
Some limitations of stepper motors are operational limitations at extremely high speeds, the requirement of a dedicated control circuit, and using more current than D.C. motors, among others.
Stepper motors are one of the most widely used motors across various end-user industries, as these motors offer excellent speed control, repeatability of movement, and precise positioning. The absence of any contact brush makes these motors highly reliable as it minimizes mechanical failure and maximizes the operation lifespan of the motor.
Stepper Motor Market Trends
Growing Adoption of Robotics and Automation Solutions
The transition to Industry 4.0 is expected to bring many advances in efficiency and productivity and change how industrial processes work. The connectivity of the network to the manufacturing process and the enhancement of efficiency in production by automation are expected to change traditional business operations and create ample opportunities in the future.?
A higher labor cost and competitive rivalry have also triggered the demand for automated systems in recent years. For instance, according to the Bureau of Labor Statistics (BLS) December 2022 report, the compensation costs for private industry workers increased by 5.1% over the year in the United States. According to Eurostat, in the second quarter of 2022, hourly labor costs in the euro area rose by 4.3%.
Rapid industrialization in emerging economies like China, Japan, India, Brazil, and South Korea has boosted innovations and the adoption of efficient industrial equipment. According to the National Bureau of Statistics of China, in 2021, China’s industrial production increased by about 3.6% compared to 2020. China aims to achieve an automobile output of up to 35 million units by 2025, from 22.3 million units in 2018. With the recent tax incentives and the ’Made in China 2025’ initiative, manufacturing units in the country are expected to increase rapidly.
According to the Federal Reserve Bank of Dallas, in May 2022, global industrial production, excluding the United States, grew by 4% compared to the same time in 2021, based on three-month moving averages. Such trends are creating a favorable growth scenario for the market studied. The rise of automation in the manufacturing sector has driven the growth of the market studied. According to the International Federation of Robotics, the annual installation of industrial robots increased from 391,000 in 2019 to 517,000 in 2021. According to the IFR forecasts, global adoption is expected to increase significantly beyond 518,000 industrial robots operational across factories all around the world, and industrial robot installations in Asia/Australia are expected to reach 70,000 units by 2024.
North America is Expected to Witness Significant Growth
North America is expected to remain a significant market for stepper motors. The presence of mature medical and industrial equipment, robotics, and computing is expected to be among the main drivers of the market’s growth in this region.
North America, comprising the United States and Canada, has some of the best healthcare infrastructure and is among the primary markets for advanced medical equipment. According to the Advanced Medical Technology Association (AdvaMed), the United States is among the leading medical device markets in the world, comprising 40% of the global MedTech market.
With healthcare expenditures by public and private sources steadily growing across the entire medical supplies and devices distribution chain in North America, the medical equipment industry is expected to drive the demand for stepper motors significantly during the forecast period. For instance, in November 2022, the Center for Disease Control and Prevention (CDC) awarded USD 3.2 billion in funds to help local, territorial, and state jurisdictions across the United States strengthen their public health infrastructure and workforce. This funding is awarded directly to health departments at different levels to provide the people, systems, and services needed to promote and protect health in US communities.
In October 2022, USDA announced USD 110 million in grants to improve healthcare facilities in rural towns in the United States. These grants are intended to help 208 rural healthcare organizations expand critical services for about 5 million people in 43 states and Guam.
The United States is expected to hold a dominant market share in the medical equipment sector. For instance, according to a US Census Bureau survey, the industry revenue of medical equipment and supplies manufacturers in the United States was anticipated to grow from USD 43.23 billion in 2020 to USD 43.51 billion by 2024.
Stepper Motor Market Competitor Analysis
The stepper motor market is fragmented, with the presence of major players like Kollmorgen (Altra Industrial Motion Corp.), Faulhaber Oriental Motor, Shinano Kenshi Co. Ltd, and Portescap. Players in the market are adopting strategies such as partnerships, innovations, investments, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
In October 2022, Kollmorgen Automation formed a strategic partnership with the Spanish Association of Mobile Robotics (ARME) to offer high-quality integration solutions for AGVs and mobile robots based on the NDC8 platform.
In September 2022, MOONS’, one of the leading providers of stepper motors, officially started operations at its Taicang Plant located at Taicang Port. According to the company, the plant contains a total construction area of around 120,000 sq. m. and covers an area of 150 mu (about 10.005 hectares). The new plant mainly produces stepper motors, brushless DC motors, Servo drives, Servo motors, intelligent LED drivers, harnesses, and power supplies. Once in total production, the company plans to double the manufacturing capacity in the new factory to its Shanghai facility.
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