The global stepper motors market was valued at US$4.82 billion in 2023. The market value is expected to reach US$6.17 billion by 2029. A stepper motor is a type of brushless electromechanical device that converts electrical pulses into precise rotational movements. It operates by moving its shaft in discrete steps, with each pulse corresponding to a specific angle of rotation. This capability allows for accurate positioning and control, making stepper motors ideal for applications in robotics, CNC machinery, and printers, where precise motion control is essential.
The major drivers for the stepper motors market include increasing demand for automation across diverse industries, advancements in motor technology, and the expanding applications of stepper motors. As manufacturing processes become more sophisticated, the adoption of specialized stepper motor systems is likely to increase, which is anticipated to drive revenue growth and establish a strong foundation for the industry's expansion in the foreseeable future. Furthermore, a growing focus on energy efficiency and sustainability is prompting industries to adopt more efficient motor solutions, positioning stepper motors as a preferred choice for precise motion control in diverse applications. The market is expected to grow at a CAGR of approx. 4% during the forecasted period of 2024-2029.
Hybrid technology has several advantages, including high torque, high efficiency at low speeds, and a low stepping rate, which is helping the segment grow. The segment is projected to show remarkable growth during the forecast years due to increasing concerns about industrial security and safety, the rise of information technology-enabled stepper motors, and the ongoing adoption of industrial robotics and automation solutions.
By Motion Control: The global stepper motors market has been further analyzed based on motion control: Open Loop and Closed Loop. The open loop segment held the dominant share in the market attributed to the wide utilization in applications requiring speed and position control, owing to its simplicity and cost-effectiveness compared to closed-loop methods.
This straightforward and reliable control mechanism of stepper motors has established them as a dependable choice in various industrial and automation settings, contributing to their significant market presence and ongoing adoption. Furthermore, the growing trend toward miniaturization in electronic devices enhances the appeal of stepper motors, which can deliver precise control in compact designs. As these factors continue to evolve, the market for stepper motors is expected to expand further.
By Application: The global stepper motors market has been further analyzed based on application: Industrial Equipment, Robotics, Computing, Medical Equipment and Others. The industrial equipment segment held the dominant share in the market, driven by several factors, including the rise in automation across manufacturing processes, which increases the demand for stepper motors due to their precise control and reliability.
Additionally, their cost-effectiveness compared to other motor types makes them a popular choice for industrial applications. Furthermore, the ongoing shift towards smart manufacturing and Industry 4.0 is fostering more sophisticated applications for stepper motors, integrating them into IoT systems that enable enhanced monitoring and control for better overall performance, hence, supporting the segment's expansion in coming years.
By Region: In the report, the global stepper motors market is divided into four regions: Asia Pacific (China, Japan, India, South Korea, and rest of Asia Pacific), Europe (Germany, France, The UK, Italy, and Rest of Europe), North America (the US, Canada, and Mexico), and Rest of the World. In 2023, the Asia Pacific region led the stepper motors market, propelled increasing industrial automation, a growing demand for precision machinery, and advancements in technology. The region's robust manufacturing sector and rising investments in robotics also contributed significantly to this growth.
During 2024-2029, the US is forecasted to maintain its lead within North America, owing to the country's robust industrial landscape, high levels of investment in technology development, and a culture of continuous improvement in manufacturing practices. Canada is witnessing a surge in demand for stepper motors, fueled by the country's commitment to modernizing its industrial sector and enhancing operational efficiencies.
The shift towards automation in manufacturing processes, driven by the need for efficiency and productivity, is a significant growth driver. Stepper motors are integral to robotic arms, CNC machines, and automated assembly lines due to their precision and reliability. The transition towards automation in manufacturing and industrial sectors is a key driver of growth for the stepper motor market, as organizations strive to enhance efficiency and productivity.
Challenges: However, the market growth would be negatively impacted by various challenges such as availability of alternative solutions, limitations in torque and speed, etc.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as escalating trend of smartphone usage, rising integration with Internet Of Things (IoT) & smart technologies, cost-effectiveness of stepper motors, advancements in technology, etc. Stepper motors offer several advantages over servo motors, driving growth in the global stepper motors market.. Additionally, stepper motors provide precise positioning, making them ideal for applications like 3D printing, CNC machining, and robotics. Their ability to maintain high torque at low speeds is advantageous in environments requiring steady motion, such as automated assembly lines and medical devices.
Furthermore, lower maintenance needs due to the absence of complex feedback systems enhance their long-term practicality. These combined benefits, including high torque density and capability to manage high inertia loads, position stepper motors as a preferred choice in the evolving automation landscape, supporting their anticipated market growth in the coming years.
It supports a peak phase current of up to 3A and operates within an input voltage range of 100-240 VAC single-phase, making the P80360 compatible with all stepper motors. Similarly, in October 2023, Faulhaber launched the AM3248 stepper motor, highlighting its exceptional speed and torque. This new motor surpasses comparable models by a factor of five, achieving an impressive maximum speed of up to 10,000 rpm.
The major drivers for the stepper motors market include increasing demand for automation across diverse industries, advancements in motor technology, and the expanding applications of stepper motors. As manufacturing processes become more sophisticated, the adoption of specialized stepper motor systems is likely to increase, which is anticipated to drive revenue growth and establish a strong foundation for the industry's expansion in the foreseeable future. Furthermore, a growing focus on energy efficiency and sustainability is prompting industries to adopt more efficient motor solutions, positioning stepper motors as a preferred choice for precise motion control in diverse applications. The market is expected to grow at a CAGR of approx. 4% during the forecasted period of 2024-2029.
Market Segmentation Analysis:
By Type: The report provides the bifurcation of the global stepper motors market into three types: Hybrid, Permanent Magnet and Variable Reluctance Stepper Motors. The hybrid stepper motors segment held the highest share of the market. The market is experiencing significant growth and is poised to continue expanding in the coming years due to several key factors. Firstly, these motors are exceptionally reliable and require little maintenance due to their sturdy and simple construction.Hybrid technology has several advantages, including high torque, high efficiency at low speeds, and a low stepping rate, which is helping the segment grow. The segment is projected to show remarkable growth during the forecast years due to increasing concerns about industrial security and safety, the rise of information technology-enabled stepper motors, and the ongoing adoption of industrial robotics and automation solutions.
By Motion Control: The global stepper motors market has been further analyzed based on motion control: Open Loop and Closed Loop. The open loop segment held the dominant share in the market attributed to the wide utilization in applications requiring speed and position control, owing to its simplicity and cost-effectiveness compared to closed-loop methods.
This straightforward and reliable control mechanism of stepper motors has established them as a dependable choice in various industrial and automation settings, contributing to their significant market presence and ongoing adoption. Furthermore, the growing trend toward miniaturization in electronic devices enhances the appeal of stepper motors, which can deliver precise control in compact designs. As these factors continue to evolve, the market for stepper motors is expected to expand further.
By Application: The global stepper motors market has been further analyzed based on application: Industrial Equipment, Robotics, Computing, Medical Equipment and Others. The industrial equipment segment held the dominant share in the market, driven by several factors, including the rise in automation across manufacturing processes, which increases the demand for stepper motors due to their precise control and reliability.
Additionally, their cost-effectiveness compared to other motor types makes them a popular choice for industrial applications. Furthermore, the ongoing shift towards smart manufacturing and Industry 4.0 is fostering more sophisticated applications for stepper motors, integrating them into IoT systems that enable enhanced monitoring and control for better overall performance, hence, supporting the segment's expansion in coming years.
By Region: In the report, the global stepper motors market is divided into four regions: Asia Pacific (China, Japan, India, South Korea, and rest of Asia Pacific), Europe (Germany, France, The UK, Italy, and Rest of Europe), North America (the US, Canada, and Mexico), and Rest of the World. In 2023, the Asia Pacific region led the stepper motors market, propelled increasing industrial automation, a growing demand for precision machinery, and advancements in technology. The region's robust manufacturing sector and rising investments in robotics also contributed significantly to this growth.
During 2024-2029, the US is forecasted to maintain its lead within North America, owing to the country's robust industrial landscape, high levels of investment in technology development, and a culture of continuous improvement in manufacturing practices. Canada is witnessing a surge in demand for stepper motors, fueled by the country's commitment to modernizing its industrial sector and enhancing operational efficiencies.
Market Dynamics:
Growth Drivers: The global stepper motors market growth is predicted to be supported by numerous growth drivers such as increasing automation across industries, growing demand from consumer electronics, expanding automotive sector usage, surging demand for precision and accuracy in various applications, rapidly expanding global supply chain and many other factors.The shift towards automation in manufacturing processes, driven by the need for efficiency and productivity, is a significant growth driver. Stepper motors are integral to robotic arms, CNC machines, and automated assembly lines due to their precision and reliability. The transition towards automation in manufacturing and industrial sectors is a key driver of growth for the stepper motor market, as organizations strive to enhance efficiency and productivity.
Challenges: However, the market growth would be negatively impacted by various challenges such as availability of alternative solutions, limitations in torque and speed, etc.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as escalating trend of smartphone usage, rising integration with Internet Of Things (IoT) & smart technologies, cost-effectiveness of stepper motors, advancements in technology, etc. Stepper motors offer several advantages over servo motors, driving growth in the global stepper motors market.. Additionally, stepper motors provide precise positioning, making them ideal for applications like 3D printing, CNC machining, and robotics. Their ability to maintain high torque at low speeds is advantageous in environments requiring steady motion, such as automated assembly lines and medical devices.
Furthermore, lower maintenance needs due to the absence of complex feedback systems enhance their long-term practicality. These combined benefits, including high torque density and capability to manage high inertia loads, position stepper motors as a preferred choice in the evolving automation landscape, supporting their anticipated market growth in the coming years.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has had a significant impact on the global stepper motor market, owing to the disruptions in global supply chains due to lockdowns, restrictions on movement, and factory closures. This affected the production of stepper motors and related components, resulting in delays and shortages. Many industries that use stepper motors, such as automotive, manufacturing, and aerospace, experienced slowdowns or temporary shutdowns during the pandemic. This decline in industrial activities resulted in reduced demand for stepper motors. The market for stepper motors has slowed due to a drop in demand, but eventually returned to pre-COVID levels in the following year.Competitive Landscape:
The global stepper motors market is highly fragmented in nature, with numerous manufacturers offering a wide range of products. The key players in the global stepper motors market are:- Regal Rexnord Corporation (Kollmorgen)
- Ametek Inc.
- Nidec Corporation
- Shanghai Moons' Electric Co., Ltd.
- Minebea Mitsumi Inc.
- Schneider Electric SE
- Bosch Rexroth AG
- Oriental Motor Co., Ltd.
- Faulhaber Drive Systems
- Maxon Motor AG
- ASPINA Group (Shinano Kenshi Co. Ltd.)
- Nanotec Electronic GmbH & Co. KG
- Changzhou Fulling Motor Co., Ltd.
It supports a peak phase current of up to 3A and operates within an input voltage range of 100-240 VAC single-phase, making the P80360 compatible with all stepper motors. Similarly, in October 2023, Faulhaber launched the AM3248 stepper motor, highlighting its exceptional speed and torque. This new motor surpasses comparable models by a factor of five, achieving an impressive maximum speed of up to 10,000 rpm.
Table of Contents
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
List of Figures
Companies mentioned
Some of the key companies profiled in this Global Stepper Motors Market report include:- Regal Rexnord Corporation (Kollmorgen)
- Ametek Inc.
- Nidec Corporation
- Shanghai Moons' Electric Co., Ltd.
- Minebea Mitsumi Inc.
- Schneider Electric SE
- Bosch Rexroth AG
- Oriental Motor Co., Ltd.
- Faulhaber Drive Systems
- Maxon Motor AG
- ASPINA Group (Shinano Kenshi Co. Ltd.)
- Nanotec Electronic GmbH & Co. KG
- Changzhou Fulling Motor Co., Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | October 2024 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value ( USD | $ 5.02 Billion |
| Forecasted Market Value ( USD | $ 6.17 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 14 |
