Global Stepper Motor Market to Cross $3.7 Billion Revenue by
NEW YORK, Sept. 7, 2020 /PRNewswire/ -- The key factor propelling the global stepper motor market to prosperity is the increasing demand for miniature versions of these energy-conversion devices. As a result, the size of the stepper motor industry is set to rise from $2.5 billion in 2019 to $3.7 billion by 2030, at a 3.4% CAGR between 2020 and 2030, according to P&S Intelligence. Miniature stepper motors are designed to meet the size constraints of electronic products, including those that are deployed for sensing and position control purposes.
In addition, the stepper motor market is also expanding due to the rapid integration of miniature stepper motors in electronic toys and games, digital cameras and lenses, computer peripherals, and industrial automation systems. For instance, the adoption of such motors has led to a decrease in the size of hard disk drives from 20.32 cm to 6.35 cm, despite an increase in the storage capacity.
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The growth of the stepper motor market has slowed down, on account of the coronavirus pandemic, as the manufacturing of these devices has halted. In addition, even the supply of components and raw materials from Japan, China, and other Asian countries has been affected, due to these countries implementing lockdown measures and curtailing trade activities. However, this slowdown is predicted to be temporary, with the sale of motors reaching pre-COVID levels soon.
In the years to come, the closed-loop bifurcation, under the motion control segment, is expected to experience the faster growth in the stepper motor market, at a CAGR of 3.8%. This is attributed to the smooth functioning, low resistance, better high-load energy efficiency, higher low-revolutions per minute (RMP) torque, less transient time and packaging, and cost-efficiency of closed-loop stepper motors.
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Asia-Pacific (APAC) is the largest and fastest-growing stepper motor market, on account of the rising incorporation of these devices in motion control systems in China and Japan and existence of a productive automotive sector in Japan, China, South Korea, and India. In addition, the expanding food & beverage and aerospace & defense sectors in the region are driving the demand for stepper motors. Similarly, several medical device manufacturing hubs are emerging in China, Vietnam, Singapore, and India.
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Companies operating in the stepper motor market are introducing new and improved variants of such energy-conversion devices, in an effort to enhance their position in the industry.
For instance, in May 2020, the new PJE series of bipolar hybrid stepper motors, which offer higher torque, was launched by Nippon Pulse America Inc.
The major players in the global stepper motor market are Sanyo Denki Co. Ltd., Changzhou Fulling Motors Co. Ltd., MinebeaMitsumi Inc., ORIENTAL MOTOR CO. LTD., Nippon Pulse Motor Co. Ltd., Shinano Kenshi Co. Ltd., Applied Motion Products Inc., ABB Ltd., Shanghai MOONS Electric Co. Ltd., Phytron GmbH, and Microchip Technology Incorporated.
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