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Closed Loop Stepper Motor Market Revenue, Share, Competitor Analysis, Growth Rate and Demand by 2023
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Major factors propelling the growth of the global closed loop stepper motor market include brisk increase in mechanization, integration of motion control components and standardization of energy efficiency. Moreover, its low price in comparison with servo motors is a major factor supporting their adoption, especially in developing countries.
Some of the major end-users of closed loop stepper motors comprise industrial machineries, medical equipment, packaging and labelling, factory automation, textile and robotics, of which industrial machineries have been the largest user, owing to the rapid growth in mechanization and evolution of industry 4.0. Moreover, uninterrupted demand for motion control components across the globe is one of the major factors behind the adoption of closed loop steppers.
Asia-Pacific has been the largest contributor to the global closed loop stepper motor market. The anticipated growth in the market is attributable to the surging demand for automation in developing countries such as Japan, China, India and South Korea; among which, Japan contributes the largest to the Asia-Pacific closed loop stepper market, closely followed by China.
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Some of the major companies operating in the global closed loop stepper motor market include Nippon Pulse Motor Co. Ltd., Schneider Electric SE, ABB Ltd., Applied Motion Products Inc., Delta Electronics Inc., Sanyo Denki Co. Ltd., National Instruments Corporation, Nidec Corporation, Lin Engineering LLC, Faulhaber Group and Oriental Motor Co.
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