The use of stepper motors for packaging and labeling purposes and that of waterproof steppers in different application areas are gaining popularity in the stepper motor market. In 2017, the market attained a size of $1.9 billion, and it is predicted to progress at a CAGR of 4.6% during the forecast period (2018–2023).
Stepper motors are digitally controlled and help in exact positioning in different machines. They help in controlling the rotation angle and speed in equipment that demand various motion axes.
On the basis of technology, the stepper motor market is categorized into hybrid, permanent magnet, and variable reluctance. Out of these, in 2017, the hybrid category made a contribution of $351.4 million to the market, and during the forecast period, it is expected to exhibit the fastest growth at a CAGR of 6.6%.
Based on type, the market is classified into fully enclosed, rotary, and integrated lead screw. Among these, in 2017, the rotary classification held the largest share of more than 70.0% in the stepper motor market, and it is predicted to maintain its dominance during the forecast period owing to the increasing need for hybrid technology-based rotary stepper motors.
The expanding packaging and labeling industry has escalated the demand for integrated motors in the recent years. This industry is predicted to witness a massive growth in Asia-Pacific, which is anticipated to drive the global stepper market growth . Besides, the pharmaceutical and drug packaging domain is observing rapid growth, resulting in the increasing installation of these motors in packaging lines for cartooning, routing, and sealing purposes.
Hence, along with the expansion of the packaging and labeling industry, the growing use of miniature motors in various industries is helping the market prosper.