Stepper Motors Market Segmentation, and Growth outlook Report By 2025
The global stepper motors market size is anticipated to value USD 6.0 billion until 2025. It is also expected to register a CAGR of 4.1% over the forecasted years, 2019 to 2025. The surging demand across the labelling and packaging industry coupled with the need for automating manufacturing processes is expected to drive the market growth for stepper motors across the globe.
In 2018, the open-loop segment of motion control held the largest share across the global market on account of their feature of controlled pulses within regular time intervals. While the closed-loop segment is also anticipated to register substantial growth in the upcoming years due to features like enhanced stability standards and more precision.
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The automotive application segment accounted for the largest share across the global market in 2018 due to its wide applications in the operation of cars, hybrid and electric vehicles. On the other hand, the industrial machinery segment is projected to account for the fastest growth over the forecasted period, 2019 to 2025 owing to rising deployment of products like feeder drives, robotics and extruders which require stepper motors for their operations.
In 2018, Asia Pacific held the largest share across the global market owing to the increasing usage of stepper motors across several motion control systems in Japan and China. While North America registered second-highest CAGR in the upcoming years owing to the rising presence of motors manufacturers across the U.S. and Canada.
Further key findings from the report suggest:
- The segment of open-loop motion control accounted for highest share of approximately 60% across the global market.
- The automotive application segment accounted for the largest market share in 2018.
- In 2018, Asia Pacific held the largest share across the global market.
COVID-19 Impact Insights
The market growth has been hindered globally due to the ongoing COVID-19 crisis. This can be associated with the fact that a large number of key players operating in this market are located in China. Thus, the imposition of lockdown and restrictions over cargo movement by several countries has obstructed the supply chain. Also, stagnancy across automobile and other manufacturing sectors owing to the unavailability of labors is projected to impact the market growth negatively. But, rapid technological advancements undertaken by manufacturers for improving the operational efficiency are anticipated to restore the market growth in the post-pandemic period.
Global Stepper Motors Market: Key Players
Phytron GmbH, Nippon Pulse America, Inc., AMETEK.Inc; MOONS’ and MinebeaMitsumi Inc.
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