Summary

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.

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.

The key players follow several strategies to improve their market position, such as new launches, partnerships, innovations, investments, and acquisitions to improve their product offerings and gain a sustainable competitive advantage. For instance, in December 2023, Kollmorgen introduced the P80360 stepper motor, an advanced solution featuring closed-loop operation for real-time position correction. 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.
 

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Table of Contents

1. Executive Summary

2. Introduction

2.1 Stepper Motors: An Overview
2.1.1 Introduction to Stepper Motors
2.1.2 Types of Stepper Motors

2.2 Stepper Motors Segmentation: An Overview
2.2.1 Stepper Motors Segmentation

3. Global Market Analysis

3.1 Global Stepper Motors Market: An Analysis

3.1.1 Global Stepper Motors Market: An Overview
3.1.2 Global Stepper Motors Market by Value
3.1.3 Global Stepper Motors Market by Type
3.1.4 Global Stepper Motors Market by Motion Control
3.1.5 Global Stepper Motors Market by Application
3.1.6 Global Stepper Motors Market by Region

3.2 Global Stepper Motors Market: Type Analysis

3.2.1 Global Stepper Motors Market by Type: An Overview
3.2.2 Global Hybrid Stepper Motors Market by Value
3.2.3 Global Permanent Magnet Stepper Motors Market by Value
3.2.4 Global Variable Reluctance Stepper Motors Market by Value

3.3 Global Stepper Motors Market: Motion Control Analysis

3.3.1 Global Stepper Motors Market by Motion Control: An Overview
3.3.2 Global Open Loop Stepper Motors Market by Value
3.3.3 Global Closed Loop Stepper Motors Market by Value

3.4 Global Stepper Motors Market: Application Analysis

3.4.1 Global Stepper Motors Market by Application: An Overview
3.4.2 Global Industrial Equipment Stepper Motors Market by Value
3.4.3 Global Robotics Stepper Motors Market by Value
3.4.4 Global Computing Stepper Motors Market by Value
3.4.5 Global Medical Equipment Stepper Motors Market by Value
3.4.6 Global Others Stepper Motors Market by Value

4. Regional Market Analysis

4.1 Asia Pacific Stepper Motors Market: An Analysis

4.1.1 Asia Pacific Stepper Motors Market: An Overview
4.1.2 Asia Pacific Stepper Motors Market by Value
4.1.3 Asia Pacific Stepper Motors Market by Region
4.1.4 China Stepper Motors Market by Value
4.1.5 Japan Stepper Motors Market by Value
4.1.6 India Stepper Motors Market by Value
4.1.7 South Korea Stepper Motors Market by Value
4.1.8 Rest of Asia Pacific Stepper Motors Market by Value

4.2 Europe Stepper Motors Market: An Analysis

4.2.1 Europe Stepper Motors Market: An Overview
4.2.2 Europe Stepper Motors Market by Value
4.2.3 Europe Stepper Motors Market by Region
4.2.4 Germany Stepper Motors Market by Value
4.2.5 France Stepper Motors Market by Value
4.2.6 The UK Stepper Motors Market by Value
4.2.7 Italy Stepper Motors Market by Value
4.2.8 Rest of Europe Stepper Motors Market by Value

4.3 North America Stepper Motors Market: An Analysis
4.3.1 North America Stepper Motors Market: An Overview
4.3.2 North America Stepper Motors Market by Value
4.3.3 North America Stepper Motors Market by Region
4.3.4 The US Stepper Motors Market by Value
4.3.5 Canada Stepper Motors Market by Value
4.3.6 Mexico Stepper Motors Market by Value

4.4 Rest of the World Stepper Motors Market: An Analysis
4.4.1 Rest of the World Stepper Motors Market: An Overview
4.4.2 Rest of the World Stepper Motors Market by Value

5. Impact of COVID-19

5.1 Impact of COVID-19 on Global Stepper Motors Market
5.2 Post COVID-19 Impact on Global Stepper Motors Market

6. Market Dynamics

6.1 Growth Drivers
6.1.1 Increasing Automation Across Industries
6.1.2 Growing Demand from Consumer Electronics
6.1.3 Expanding Automotive Sector Usage
6.1.4 Surging Demand for Precision and Accuracy
6.1.5 Rapidly Expanding Global Supply Chain

6.2 Challenges
6.2.1 Availability of Alternative Solutions
6.2.2 Limitations in Torque and Speed

6.3 Market Trends
6.3.1 Escalating Trend of Smartphone Usage
6.3.2 Rising Integration with Internet Of Things (IoT) & Smart Technologies
6.3.3 Advancements in Technology
6.3.4 Advantages of Stepper Motors Over Servo Motors
6.3.5 Cost-Effectiveness of Stepper Motors

7. Competitive Landscape

7.1 Global Stepper Motors Market Players: Key Developments

8. Company Profiles

8.1 Regal Rexnord Corporation (Kollmorgen)
8.1.1 Business Overview
8.1.2 Operating Segments
8.1.3 Business Strategies

8.2 Ametek Inc.
8.2.1 Business Overview
8.2.2 Operating Segments
8.2.3 Business Strategies

8.3 Nidec Corporation
8.3.1 Business Overview
8.3.2 Operating Segments
8.3.3 Business Strategies

8.4 Shanghai Moons' Electric Co., Ltd.
8.4.1 Business Overview
8.4.2 Operating Segments
8.4.3 Business Strategies

8.5 Minebea Mitsumi Inc.
8.5.1 Business Overview
8.5.2 Operating Segments
8.5.3 Business Strategies

8.6 Schneider Electric SE
8.6.1 Business Overview
8.6.2 Operating Segments
8.6.3 Business Strategies

8.7 Bosch Rexroth AG
8.7.1 Business Overview
8.7.2 Operating Region
8.7.3 Business Strategies

8.8 Oriental Motor Co., Ltd.
8.8.1 Business Overview
8.8.2 Business Strategies

8.9 Faulhaber Drive Systems
8.9.1 Business Overview
8.9.2 Business Strategies

8.10 Maxon Motor AG
8.10.1 Business Overview
8.10.2 Business Strategies

8.11 Aspina Inc.
8.11.1 Business Overview
8.11.2 Business Strategies

8.12 Nanotec Electronic GmbH & Co. KG
8.12.1 Business Overview
8.12.2 Business Strategies

8.13 Changzhou Fulling Motor Co., Ltd.
8.13.1 Business Overview

List of Figures

Figure 1: Types of Stepper Motors
Figure 2: Stepper Motors Segmentation
Figure 3: Global Stepper Motors Market by Value; 2019-2023 (US$ Billion)
Figure 4: Global Stepper Motors Market by Value; 2024-2029 (US$ Billion)
Figure 5: Global Stepper Motors Market by Type; 2023 (Percentage, %)
Figure 6: Global Stepper Motors Market by Motion Control; 2023 (Percentage, %)
Figure 7: Global Stepper Motors Market by Application; 2023 (Percentage, %)
Figure 8: Global Stepper Motors Market by Region; 2023 (Percentage, %)
Figure 9: Global Hybrid Stepper Motors Market by Value; 2019-2023 (US$ Billion)
Figure 10: Global Hybrid Stepper Motors Market by Value; 2024-2029 (US$ Billion)
Figure 11: Global Permanent Magnet Stepper Motors Market by Value; 2019-2023 (US$ Billion)
Figure 12: Global Permanent Magnet Stepper Motors Market by Value; 2024-2029 (US$ Billion)
Figure 13: Global Variable Reluctance Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 14: Global Variable Reluctance Stepper Motors Market by Value; 2024-2029 (US$ Billion)
Figure 15: Global Open Loop Stepper Motors Market by Value; 2019-2023 (US$ Billion)
Figure 16: Global Open Loop Stepper Motors Market by Value; 2024-2029 (US$ Billion)
Figure 17: Global Closed Loop Stepper Motors Market by Value; 2019-2023 (US$ Billion)
Figure 18: Global Closed Loop Stepper Motors Market by Value; 2024-2029 (US$ Billion)
Figure 19: Global Industrial Equipment Stepper Motors Market by Value; 2019-2023 (US$ Billion)
Figure 20: Global Industrial Equipment Stepper Motors Market by Value; 2024-2029 (US$ Billion)
Figure 21: Global Robotics Stepper Motors Market by Value; 2019-2023 (US$ Billion)
Figure 22: Global Robotics Stepper Motors Market by Value; 2024-2029 (US$ Billion)
Figure 23: Global Computing Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 24: Global Computing Stepper Motors Market by Value; 2024-2029 (US$ Billion)
Figure 25: Global Medical Equipment Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 26: Global Medical Equipment Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 27: Global Others Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 28: Global Others Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 29: Asia Pacific Stepper Motors Market by Value; 2019-2023 (US$ Billion)
Figure 30: Asia Pacific Stepper Motors Market by Value; 2024-2029 (US$ Billion)
Figure 31: Asia Pacific Stepper Motors Market by Region; 2023 (Percentage, %)
Figure 32: China Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 33: China Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 34: Japan Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 35: Japan Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 36: India Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 37: India Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 38: South Korea Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 39: South Korea Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 40: Rest of Asia Pacific Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 41: Rest of Asia Pacific Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 42: Europe Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 43: Europe Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 44: Europe Stepper Motors Market by Region; 2023 (Percentage, %)
Figure 45: Germany Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 46: Germany Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 47: France Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 48: France Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 49: The UK Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 50: The UK Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 51: Italy Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 52: Italy Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 53: Rest of Europe Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 54: Rest of Europe Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 55: North America Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 56: North America Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 57: North America Stepper Motors Market by Region; 2023 (Percentage, %)
Figure 58: The US Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 59: The US Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 60: Canada Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 61: Canada Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 62: Mexico Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 63: Mexico Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 64: Rest of the World Stepper Motors Market by Value; 2019-2023 (US$ Million)
Figure 65: Rest of the World Stepper Motors Market by Value; 2024-2029 (US$ Million)
Figure 66: Global Installations of Industrial Robots; 2016-2023 (Thousand)
Figure 67: Global Consumer Electronics Market Revenue; 2019-2026 (US$ Billion)
Figure 68: Global Motor Vehicle Production; 2019-2023 (Million)
Figure 69: Global Number of Smartphone Users; 2020-2027 (Billion)
Figure 70: Global Active IoT Connections (Installed Base); 2015-2027 (Billion)
Figure 71: Regal Rexnord Corporation Net Sales by Segments; 2023 (Percentage, %)
Figure 72: Ametek Inc. Net Sales by Segment; 2023 (Percentage, %)
Figure 73: Nidec Corporation Net Sales by Product Group; 2023 (Percentage, %)
Figure 74: Shanghai Moons' Electric Co., Ltd. Revenue by Segments; 2023 (Percentage, %)
Figure 75: Minebea Mitsumi Inc. Sales by Segments; 2023 (Percentage,%)
Figure 76: Schneider Electric SE Revenue by Segments; 2023 (Percentage, %)
Figure 77: Bosch Rexroth Total Sales by Region; 2023 (Percentage, %)
Table 1: Global Stepper Motors Market Players by Product Launches & Key Developments