Stepper Motor - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2024 - 2029

The Stepper Motor Market size is estimated at USD 1.14 billion in 2024, and is expected to reach USD 1.33 billion by 2029, growing at a CAGR of 3.11% during the forecast period (2024-2029).

Key Highlights

• As stepper motors do not have integrated electronics or brushes and can be controlled in an open loop, they have the advantage of being very simple to control and need no encoder or special driver to monitor the position of the rotor. Stepper motors come in different sizes and styles; hence, various types of stepper motors are available today. Some of the most used stepper motors include permanent magnet, hybrid, and variable reluctance stepper motors.
• The low cost and precise movement features of stepper motors significantly expand the application area of these motors. Stepper motors are available in many familiar industrial and commercial applications. Some typical domestic applications of these motors include applications in air conditioning louvers, driving electrically operated drapes, turning pipe valves on or off, and the zoom and autofocus mechanisms in digital or phone cameras. In the commercial sector, these motors can commonly be found in ATMs, rotating security cameras, etc.
• Factors such as the growing penetration of automation and robotics solutions in the industrial and manufacturing sectors and the expanding medical equipment industry are driving the market's growth.
• Medical equipment is another major sector wherein stepper motors are increasingly used for brushless commutation. An optimized gearing and high-quality bearing system in stepper motors provide long life, making them suitable for critical lifesaving applications. Medical scanners, samplers, digital dental photography, respirators, fluid pumps, and blood analysis machinery are among the common medical equipment wherein stepper motors are used.
• Some limitations of stepper motors are operational limitations at extremely high speeds, the requirement of a dedicated control circuit, and using more current than D.C. motors, among others.
• Furthermore, the availability of alternatives, such as servo motors that perform better in applications with complex requirements, such as CNC machinery, as it requires high accuracy, also challenges the studied market's growth.

Stepper Motor Market Trends

Growing Adoption of Robotics and Automation Solutions

• The transition to Industry 4.0 is expected to result in significant improvements in productivity and efficiency and a shift in industrial processes' operations. Connecting the network to the manufacturing process and increasing production efficiency through automation are expected to change traditional business operations and create numerous opportunities in the future.
• In recent years, increased labor costs and competitive rivalry have fueled demand for automated systems. For example, according to the Bureau of Labour Statistics (BLS) December 2022 report, compensation costs for private industry workers in the United States increased by 5.1 percent yearly. According to Eurostat, hourly labor costs in the eurozone were estimated to rise by 4.3 percent in the second quarter of 2022.
• Rapid industrialization has boosted innovation and the adoption of efficient industrial equipment in emerging economies such as China, Japan, India, Brazil, and South Korea. According to the National Bureau of Statistics of China, industrial production in China increased 3.7 percent year-on-year in July 2023. China aims to produce up to 35 million automobiles by 2025, up from 22.3 million units in 2018. Moreover, the manufacturing units in the country are expected to grow rapidly due to recent tax breaks and the 'Made in China 2025' initiative.
• According to the Federal Reserve Bank of Dallas, global industrial production, excluding the United States, increased by 4 percent in May 2022 compared to 2021. Such trends are creating a favorable growth scenario for the market under consideration. Furthermore, the rise of automation in the manufacturing sector has fueled the market's growth.
• As stepper motors are used where precise movement is required, the growing adoption of automation and robotics solutions in the industrial sector also facilitates the studied market's growth. For instance, according to IFR forecasts, global adoption will exceed 518,000 industrial robots operational across factories worldwide by 2024, with Asian/Australian installations expected to reach 370,000 units.

North America is Expected to Witness Significant Growth

• North America is expected to remain a significant market for stepper motors. The presence of mature medical and industrial equipment, robotics, and computing is likely to be the main drivers of this region's growth.
• North America, comprising the United States and Canada, has the best healthcare infrastructure and is among the primary markets for advanced medical equipment. According to the Advanced Medical Technology Association (AdvaMed), the United States is among the leading medical device markets in the world, comprising 40% of the global MedTech market.
• With healthcare expenditures by public and private sources steadily growing across North America's entire medical supplies and devices distribution chain, the medical equipment industry is expected to drive the demand for stepper motors significantly during the forecast period. For instance, in November 2022, the Center for Disease Control and Prevention (CDC) awarded USD 3.2 billion to help local, territorial, and state jurisdictions across the United States strengthen their public health infrastructure and workforce. This funding is awarded directly to health departments at different levels to provide the people, systems, and services needed to promote and protect health in US communities.
• Similarly, in October 2022, USDA announced USD 110 million in grants to improve healthcare facilities in rural towns in the United States. These grants will help 208 rural healthcare organizations expand critical services for about 5 million people in 43 states and Guam. As medical devices are anticipated to comprise a significant portion of such investments, these trends positively influence the studied market's growth.
• The United States is expected to hold a dominant market share in the medical equipment sector. For instance, according to a US Census Bureau survey, the industry revenue of medical equipment and supplies manufacturers in the United States was anticipated to grow from USD 43.23 billion in 2020 to USD 43.51 billion by 2024.
• Furthermore, the North American region is also among the leading adopters of industrial automation and robotics solutions. This creates a favorable outlook for the growth of the studied market, as stepper motors are widely used in automation and robotics equipment. According to IFR, total installations of industrial robots in the North American manufacturing sector grew by about 12 percent, reaching 41,624 units in 2022.

Stepper Motor Industry Overview

The stepper motor market is highly fragmented, with major players such as Kollmorgen (Altra Industrial Motion Corp.), Shinano Kenshi Co. Ltd, Faulhaber Oriental Motor, and Portescap present. Partnerships, innovations, investments, and acquisitions are among the strategies used by market participants to improve their product offerings and gain a sustainable competitive advantage.

In July 2023, Researchers of Sona College, Tamil Nadu, India, developed a stepper motor that was used in India's space mission "Chandrayan 3". The SonaSpeed's simplex permanent magnet stepper motor was used in the actuator assembly of the LVM 3 rocket for controlling the rocket engine's liquid oxidizer and fuel mixture ratio.

In January 2023, Kollmorgen launched its new P80630-SDN stepper drive. The company decided to introduce additional stepper drives and features in the coming months, building upon the flagship P8000 stepper drive platform.

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