---

Market Overview

---

A stepper motor is a brushless and synchronous electric motor that converts digital pulses into mechanical shaft rotation. These motors are capable of converting electrical power into precise rotation, allowing control over both the distance and speed of the motion.

The Stepper Motor Market is expected to experience significant growth during the forecast period from 2023 to 2028. The market size is estimated to be USD 1,109 million in 2023 and projected to reach USD 1,292 million by 2028, with a compound annual growth rate (CAGR) of 3.11%.

Stepper motors possess certain advantages due to their design. They lack integrated electronics or brushes, which allows for open-loop control. Consequently, they are easier to control and require no encoder or specialized driver to monitor rotor position. Moreover, stepper motors come in various sizes and styles, resulting in different types such as permanent magnet stepper motors, hybrid stepper motors, and variable reluctance stepper motors.

These motors find extensive application due to their affordability and precise movement capabilities. Stepper motors are commonly used in industrial and commercial settings. In domestic applications, they are found in air conditioning louvers, electrically operated drapes, pipe valves, and camera mechanisms for zoom and autofocus. In the commercial sector, stepper motors are utilized in ATMs, rotating security cameras, and more.

The growth of the stepper motor market is driven by factors such as increasing automation and robotics implementation in the manufacturing and industrial sectors, as well as the expanding medical equipment industry. Stepper motors are particularly favored in medical equipment due to their brushless commutation, optimized gearing, and high-quality bearing system, which ensure reliability and longevity. They are employed in medical scanners, samplers, digital dental photography, respirators, fluid pumps, blood analysis machinery, and other critical lifesaving applications.

However, stepper motors also have certain limitations. They may have operational constraints at extremely high speeds, require dedicated control circuits, and consume more current compared to DC motors, among other drawbacks.

Despite these limitations, stepper motors remain widely utilized across various industries. Their ability to offer excellent speed control, repeatable movement, and precise positioning makes them highly reliable. Additionally, the absence of contact brushes minimizes mechanical failures and extends the operational lifespan of the motor.

---

Market Segmentation

---

The market is segmented based on various factors, including type of motor, application, end user, distribution channel, and region.

Segmentation by Type of Motor
Hybrid
Permanent Magnet
Variable Reluctance

Segmentation by Application
Medical Equipment
Robotics
Industrial Equipment
Computing
Other Applications

Segmentation by Region
North America
Europe
Asia-Pacific
Rest of the World

The hybrid motor segment holds the largest market share, accounting for 56.09% of revenue in 2022. It is projected to reach a value of USD 743 million by 2028, with a compound annual growth rate (CAGR) of 3.53% during the forecast period. Hybrid stepper motors offer superior performance due to their combined principles of permanent-magnet and variable reluctance variants, resulting in higher output torque, pulse rate, acceleration, response, and lower noise levels. They are also known for their reliability and low maintenance requirements, thanks to their robust construction. The widespread use of hybrid motors in industrial applications, particularly in office machines like printers, copiers, scanners, and fax machines, will drive the growth of the stepper motor market. Hybrid motors play a significant role in expanding the market due to their ability to deliver a specific amount of power in a compact package, achieved by employing both permanent magnet (PM) and variable reluctance (VR) methods. The advantages of hybrid technology, such as high torque, high efficiency at low speeds, and low stepping rates, contribute to the growth of this segment. Additionally, hybrid stepper motors find extensive utilization in industrial machinery and medical equipment, where precision control is crucial.

In terms of application, the industrial equipment segment dominates the market with a revenue share of 38.25% in 2022. It is expected to reach a value of USD 480 million by 2028, with a CAGR of 2.59% during the forecast period. The industrial equipment market is witnessing significant growth driven by increased adoption in complex applications such as extruders, feeder drives, and industrial robotics. These motors are utilized in computerized numerical control (CNC) tools, retrofit kits, and single- or multi-axis controllers for automated production machinery. Furthermore, industrial applications encompass a wide range of sectors, including office supplies, scientific equipment, consumer electronics, and the video game industry. Stepper motors are extensively used in warehouse and distribution equipment such as welding equipment, conveyor belts, and 3D printing machines. They are also found in small industrial machines like laser engravers and office equipment like laser printers. Industrial applications typically employ 200-step-per-revolution, 2-phase hybrid stepper motors, which can provide precise movement based on the number of teeth on the rotor and stator.

Geographically, the Asia-Pacific region holds the largest share of the market and exhibits the highest growth rate. In 2022, it accounted for 35.58% of revenue and is projected to reach USD 445 million by 2028, with a CAGR of 2.56% during the forecast period. The Asia-Pacific region has experienced significant growth in its industrial sector over the past few decades. With China serving as the global manufacturing hub and countries like India, Vietnam, and Taiwan witnessing robust industrial growth, this region presents tremendous potential for market expansion. The manufacturing sector contributes significantly to the GDP of many Asia-Pacific countries, prompting investments and initiatives to support its growth. For example, the World Bank reports that the value added by the manufacturing sector to the GDP of East Asia and the Pacific increased from 23% in 2020 to 25% in 2021. Despite economic uncertainty caused by the pandemic, stable growth is still expected in the Asia-Pacific region, albeit slightly lower than pre-COVID predictions. The IMF forecasts a 4% growth rate for Asia and the Pacific in 2022 and 4.3% in 2023, following a strong rebound of 6.5% in 2021. Moreover, the region is expected to contribute approximately 60% of global GDP growth by 2030, according to IMF estimations. These factors create a favorable growth environment for the stepper motor market in the region.

North America is another significant market for stepper motors. The region boasts mature industries in medical and industrial equipment, robotics, and computing, which are key drivers of market growth. The United States and Canada, forming North America, possess top-notch healthcare infrastructure and represent major markets for advanced medical equipment. According to the Advanced Medical Technology Association (AdvaMed), the United States accounts for 40% of the global MedTech market, making it one of the world’s leading medical device markets. The demand for stepper motors in North America is expected to surge due to continuous growth in healthcare expenditures by public and private sources throughout the entire medical supplies and devices distribution chain. For example, the Center for Disease Control and Prevention (CDC) allocated USD 3.2 billion in funds to strengthen public health infrastructure across the United States in November 2022. Additionally, the United States Department of Agriculture (USDA) announced USD 110 million in grants to improve healthcare facilities in rural towns in October 2022. These investments enhance the demand for stepper motors, with the United States projected to dominate the medical equipment sector. According to a survey by the US Census Bureau, revenue for medical equipment and supplies manufacturers in the United States is expected to grow from USD 43.23 billion in 2020 to USD 43.51 billion by 2024.

---

Competitive Landscape

---

The market for stepper motors exhibits fragmentation, with the participation of significant players such as Kollmorgen (Altra Industrial Motion Corp.), Faulhaber Oriental Motor, Shinano Kenshi Co. Ltd, and Portescap. These market players are implementing various strategies, including partnerships, innovations, investments, and acquisitions, to augment their product portfolios and establish a sustainable competitive advantage.

Key companies profiled in this report include Kollmorgen (Altra Industrial Motion Corp.), Faulhaber, Oriental Motor, Shinano Kenshi Co. Ltd, Portescap, Nanotec Electronic GMBH & Co. KG, JVL AS, I.CH Motion, Changzhou Fulling Motor Co. Ltd, Shanghai MOONS’ Electric Co. Ltd.

---

Recent Industry Developments

---

In January 2023, Kollmorgen unveiled its latest product, the P80630-SDN stepper drive. The company has made the strategic decision to introduce additional stepper drives and features in the upcoming months, expanding upon the success of their flagship P8000 stepper drive platform.

In August 2022, Intelligent Automation incorporated a new generation of two-phase stepper motors into their product lineup. These NEMA 23 stepper motors, known as the Sanmotion series, offer significant advancements compared to previous motor generations. They deliver higher torque performance, resulting in improved machine speed by reducing positioning time and machine cycle duration. The company highlights that these motors are suitable for a wide range of applications, including industrial and medical devices, semiconductor manufacturing equipment, conveying machines, and index table driving. Additionally, these motors exhibit enhanced efficiency, reduced power consumption, and improved heat dissipation properties.

---

Key Questions Answered

---

What is the growth rate of the stepper motor market?
The stepper motor market is projected to grow at a compound annual growth rate (CAGR) of 3.11% over the next five years.

What is the size of the stepper motor market?
The stepper motor market is expected to reach USD 1,109 million in 2023 and is projected to grow at a CAGR of 3.11% to reach USD 1,292 million by 2028.

Which region has the highest growth rate in the stepper motor market?
North America is experiencing the highest CAGR from 2018 to 2028 in the stepper motor market.

Which region has the largest share in the stepper motor market?
Asia-Pacific holds the largest share in the stepper motor market in 2022.

Who are the key players in the stepper motor market?
The major companies operating in the stepper motor market are Kollmorgen (Altra Industrial Motion Corp.), Faulhaber, Oriental Motor, Shinano Kenshi Co. Ltd, and Portescap.