RoboInd market brief: Stepper Motors Market is estimated at USD 4.6 billion in 2018. The report cites a CAGR of 4.1% over 2019–2025.
Market snapshot
- USD 4.6 billion in 2018
- USD 4.9 billion in 2020
- USD 6 billion in 2025
Stated compound annual growth rate: 4.1% (2019–2025).
Market overview
The global stepper motors market size was valued at USD 4.6 billion in 2018, expanding at a compound annual growth rate (CAGR) of 4.1% from 2019 to 2025. Rising growth of the robotics and automation industry has increased the need for stepper motors that can fit in confined spaces. Motors designers have been observed to be increasingly emphasizing on optimizing design and manufacturing processes for delivering better products with improved efficiency. Further, the improved design and streamlined manufacturing process of miniature motors result in their adoption in various applications such as automobile, robotics, and semiconductor industries, which require high precision, high torque speed, and improved efficiency. Besides, the market is witnessing tremendous growth ascribed to the increase in automobile production and the number of motors used in a particular vehicle.
Market drivers and constraints
- Public report growth driver 1: Motors also form an integral part of medical equipment. Rising demand for stepper motors for the manufacturing of X-ray machines, and blood analyzers is anticipated to drive the market over the forecast period. Recent developments in the healthcare industry, such as oxygen concentrators, use these motors in fans for cooling. The small size and low noise of these motors make them the preferred choice for medical applications.
- Public report growth driver 2: The market in developed countries is about to reach its maturity, thereby is expected to witness an average growth during the forecast period. Moreover, the high threat of substitutes, such as servo motors in the automotive industry is anticipated to hamper the market growth in the near future. However, several advantages of stepper over servo motors, such as high torque density, detent torque, and capability to handle high inertia loads are expected to reduce the…
Applications and segments
- Public report segmentation list
Competitive landscape
Public report coverage names Nippon Pulse America, Inc., Shinano ABV Technologies Pvt. Ltd., Nanotec Electronic GmbH & Co. KG, Changzhou Fulling Motors Co., Ltd.. The list reflects participants identified by the source and is not a ranking.
Reading the figures: Values follow the market definition and forecast period stated in the source report. Estimates using different scopes should not be combined without normalization.