The global servo and stepper motors market 2019-2023 is expected to post a CAGR of close to 6% during the forecast period, according to the latest market research report by Technavio
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Technavio has published a new market research report on the global servo and stepper motors market from 2019-2023. (Graphic: Business Wire)
One of the key factors driving the growth of the market is the rise in demand for automated equipment in industrial premises. Industries are increasingly adopting automated equipment as it provides operational efficiency and reduces the lead time. Also, automated equipment eliminates the high owning, leasing, and maintaining the cost of traditional equipment used in industries. Moreover, the demand for automated equipment in industrial premises is growing rapidly because it is used in a diverse range of applications including cranes, robots for pick and place, and conveyors. These factors will result in the high adoption of servo and stepper motors as they are used in automated equipment for their ability to provide control and precision.
As per Technavio, the emergence of miniature stepper motors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global servo and stepper motors marketresearch report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global servo and stepper motors market: Emergence of miniature stepper motors
The demand for industrial products that are small enough to be easily installed and uninstalled is growing rapidly. This will result in the high adoption of miniature stepper motors as they can fit in confined spaces without showing any effect on performance. Moreover, the use of miniature stepper motors in a wide range of applications is increasing due to their superior efficiency, high precision, and stable operation. These factors will result in the high demand for miniature stepper motors among end-users, thus positively impacting the market.
"With the growing requirement for robotic and automation technologies, the need for miniaturized stepper motors will increase further. Also, these stepper motors will help in solving the problem of space utilization where there is a higher need for small motors with high power torque," says a senior analyst at Technavio.
Global servo and stepper motors market: Segmentation analysis
This market research report segments the global servo and stepper motors market by type (servo and stepper), end-users (process industry and discrete industry), and geographical regions (APAC, Europe, North America, South America, and MEA).
APAC led the market in 2018, followed by Europe, North America, MEA, and South America respectively. The dominance of APAC can be attributed to the growth of the aerospace and defense, food and beverages, and automotive industries in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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