Global Stepper Motor Market Expected to Reach Tremendous Growth by 2023 with Key Players Like ABB Ltd,Applied Motion Products Inc,Delta Electronics Inc, Faulhaber Group

The use of stepper motors for packaging and labeling purposes and that of waterproof steppers in different application areas are gaining popularity in the stepper motor market.

In 2017, the market attained a size of $1.9 billion, and it is predicted to progress at a CAGR of 4.6% during the forecast period (2018-2023). Technological advancements and the rising demand for miniature devices are two of the major factors driving the growth of the market.

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Stepper motors are digitally controlled and help in exact positioning in different machines. They help in controlling the rotation angle and speed in equipment that demand various motion axes.

On the basis of technology, the stepper motor market is categorized into hybrid, permanent magnet, and variable reluctance.

Out of these, in 2017, the hybrid category made a contribution of $351.4 million to the market, and during the forecast period, it is expected to exhibit the fastest growth at a CAGR of 6.6%. This is attributed to the benefits attached with these motors, including high efficiency at low speed, high torque, and low stepping rate.

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Based on type, the market is classified into fully enclosed, rotary, and integrated lead screw. Among these, in 2017, the rotary classification held the largest share of more than 70.0% in the stepper motor market, and it is predicted to maintain its dominance during the forecast period owing to the increasing need for hybrid technology-based rotary stepper motors.

These motors can be customized to fulfil the integration and special engineering requirements according to the application, and these are designed to provide improved efficiency and high torque.

The expanding packaging and labeling industry has escalated the demand for integrated motors in the recent years. This industry is predicted to witness a massive growth in Asia-Pacific, which is anticipated to drive the stepper market progress

Besides, the pharmaceutical and drug packaging domain is observing rapid growth, resulting in the increasing installation of these motors in packaging lines for cartooning, routing, and sealing purposes.

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The surging demand for miniature motors for electronic toys and games, digital cameras and lenses, computer peripherals, industrial automation systems, and automobile electronics is expected to augment the stepper motor market growth.

Unlike high-speed and high-power stepper motors, low-power miniature variants face less replacement threat from servo motors.

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This release was published on openPR.