June 26, 2020
As per the report titled ‘Stepper Motor Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Technology End User, available with Market Study Report LLC, global stepper motor market was valued at USD 1992.8 million in 2019 and is projected to surpass USD 2803 million by the year 2027, expanding with a CAGR of 4.85% throughout.
Surging demand for medical devices across the globe, in tandem with burgeoning number of patients and increasing government focus towards improving healthcare infrastructure are the major growth drivers of global stepper motor market.
Notably, stepper motor is a vital component of medical analyzers owing to its compact form-factor and low noise. Rising usage of these motors in ultrasound scanners, X-ray machines, IV pumps, and blood analyzers will sustain the industry growth in the coming years. Moreover, introduction of novel equipment in healthcare industry such as oxygen concentrators utilizes stepper motors in fans for cooling. Extensive use of hybrid stepper motors in applications requiring low-cost and fine resolution of shaft movements such as in peristaltic pumps and medical syringe is further boosting the industry growth.
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As per the report, the COVID-19 pandemic has led to shutdown of majority of manufacturing plants across various industry verticals, which in turn, has hampered the production of stepper motors. Although Canada and Mexico aren’t as severely affected in comparison to the U.S., limited operation of manufacturing plants, semiconductor industry, and several other businesses are restraining the market growth.
Based on type, rotary stepper motor segment held substantial market share in 2019. It is a brushless & synchronous electric powered motor, which divides a full rotation of the motor into multiple steps. These motors can be customized as per the requirement and find application in an array of systems in industrial setups like CNC machines, multi-axis machines, rotation stages, continuous driving linear actuators, high-speed pick-and-place equipment, linear stages, ball screws or lead screws, and mirror mounts.
On the geographical front, Asia Pacific accounted for majority share of global stepper motor market in 2019, followed by North America and Europe. Rapid growth of automotive industry, strong manufacturing capabilities for medical devices in India and China, and well-established aerospace production sector in China and Japan will continue to foster APAC market growth.
Prominent industry players include Schneider Electric SE, Sanyo Denki Co. Ltd., Oriental Motor Co. Ltd., Nippon Pulse Motor Co. Ltd., Nidec Corporation, National Instruments Corporation, Faulhaber Group, Delta Electronics Inc., Applied Motion Products Inc., and ABB Ltd.