Stepper Motor Market worth US$ 2,803.6 million by 2027 - Exclusive Report by The Insight Partners

According to our latest market study on "Global Stepper Motor Market Forecast to 2027- COVID-19 Impact and Analysis By Type (Integrated Lead Screw Stepper Motor, Rotary Stepper Motor, and Fully Enclosed Stepper Drives); Technology (Permanent Magnet Stepper Motor, Hybrid Stepper Motor, and Variable Reluctance Stepper Motor; and End-user (Semiconductor, Packaging and Labeling, Medical Equipment, Industrial Machineries, Others); and Geography," the 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.

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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.

Competitive Landscape: Stepper Motor Market:
• 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.
• Schneider Electric SE

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. Additionally, the 3D printing technology illustrates a huge opportunity to assist medical companies in empowering a rapid production of medical implants, as well as transforming the way of planning procedures by surgeons and doctors. Moreover, 3D-printed anatomical models are becoming gradually more useful tools in the current practice of precision medicine as well as for personalized treatments.

In the coming years, 3D-printed implantable organs will possibly be available, thereby minimizing the waiting lists and scaling up the number of lives saved. Also, additive manufacturing for the healthcare industry is still, to a great extent, an ongoing process; however, it has already been applied in several different techniques in the medical field. The developments in the medical field have resulted in increased applications of stepper motors, thus propelling its demand.

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Furthermore, small stepper motors are expected to witness continuous adoption in several applications, including robotic handling, medical devices, 3D printing, and industrial motion designs. Further, in hybrid stepper motor category, the latest trends include the addition of a linear screw as well as nut on this shaft for providing a complete linear-motion solution. It makes these motors a more ready-to-go solution for customers. Other technological advancements include surge in double-shafted stepper motors and steppers with gearboxes. Also, a development of closed-loop systems is noticed making stepper motors full-fledged servos.

COVID-19 IMPACT
While there are diverse viewpoints on the damage, which COVID-19 may cause, the fact remains that COVID-19 is spreading worldwide. New cases are rising in locations such as the US, Canada, Europe, Africa, the Middle East, India, Australia, South Korea, India, and Japan. Though the complete impact of COVID-19 is still unidentified, the impact across the electronics value chain will probably be far-reaching and strongly affecting parties involved with semiconductor manufacturing.

The Key Highlights of the Report:
• Estimates on market size by key regions/countries, product type and application, history data from 2020 to 2027, and forecast to 2027.
• The structure of global Stepper Motor market by identifying its various sub-segments
• Analysis of the value, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
• Detailed information about the key factors influencing the growth of the market including growth potential, opportunities, drivers, industry-specific challenges and risks.

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About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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