New Jersey, NJ, Oct. 21, 2019 (GLOBE NEWSWIRE) -- The key contributing factors for the growth of servo and stepper motors market are need for precise control over rotor movement, increased adoption of IOT in motors, growing need for adjustable intelligent speed drives and rapid growth & advancements in automation. The global servo and stepper motors market is expected to grow from USD 11.84 billion in 2018 to USD 21.52 billion by 2026, at a CAGR of 7.08% during the forecast period 2019-2026, according to the new report published by Fior Markets.

Servo and stepper motors are used in various process industries. These motors’ specifications and tasks are a bit similar. The servo motor has advantages such as lower cost, lower torque options, require less costly cabling, and has open loop motion control component that makes machine integration simple and easy to use. The stepper motor provides high torque and higher voltages. Stepper motors are used highly due to their precision and accuracy in performing tasks. Stepper motors does not require encoders whereas servo motor requires an encoder to keep track of their position.

The need for precise control over rotor movement, increased adoption of IoT in motors, and growing need for adjustable intelligent speed drives are the key driving factors for the servo and stepper motors market. In addition, rapid growth & advancements in automation will lead the growth of servo and stepper motors market in a couple of years. The stringent electricity utilization standards may limit the growth of the market. However, growing demand for high-performance motors, increasing vehicle production worldwide, and technological advancements in motors is expected to boost the servo and stepper motors market over the forecast period.

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Key players operating in the global servo and stepper motorsmarket are ABB Ltd, Applied Motion Products, Faulhaber, Nippon Pulse, Schneider Electric, Ametek, Inc., Emerson, Mini Motor, Moog, Nidec Corporation, Phytron, TECO Electro Devices, Azbil, General Electric, Allied Motion Technologies, Inc., Siemens AG and Rockwell Automation Inc. among others.

  • The ABB Ltd, Applied Motion Products, Faulhaber, Nippon Pulse, and Schneider Electric are the top leading players of the market. These leading organizations are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain the market share.
  • Most of the firms have acquired the companies for the expansion projects to better serve the ever rising demand for Servo and Stepper Motors, to increase its product line, and to increase its market share. For instance, in 2018 Nippon Pulse acquired Arcus Performax motion controller product line. This new box controller product line would allow NPA to better serve customers who prefer  “turnkey” controller solution, or who choose the integration of PMX controllers into applications alongside other Nippon Pulse products. NPA had taken over sales and support requests for all PMX products. In addition, NPA and Arcus would be working together for the simplification of the purchasing experience for customer convenience.  Now all Arcus products would be available for purchase directly from NPA to help reducing the number of vendors needed for acquiring application components. Nippon Pulse America Inc. is the American subsidiary of Tokyo-based Nippon Pulse Motor Co., Ltd. Nippon Pulse is a global manufacturer and Tier 1 supplier for precision motion control products of original equipment manufacturers.

Servo motor segment registered the highest market share of 55.01% in 2018

The motor type segment covers servo motor and stepper motor. Servo motor segment is further segmented into servo motor type that includes AC motors and DC motors. The stepper motor is further divided into stepper motor type that includes rotary stepper motors, fully enclosed stepper motors, and integrated lead screw stepper motors. The servo motor segment registered the highest market share of 55.01% in 2018 and is anticipated to dominate market in the forecast period due to increased precision and advanced accuracy levels in the movement of the shafts in industries will contribute to the growth of servo motor segment. 

Process industry segment is expected to hold the largest share of 56.16% during the forecast period

End-user segment is categorized into process industry and discrete industry. The process industry segment is expected to hold the largest share of 56.16% during the forecast period owing to high precision level and provision to run the applications such as conveyors and CNC machines at a constant low speed for a longer time frame.

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Regional segment analysis of the Servo and Stepper Motors Market

  • North America (U.S. , Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
  • Asia-Pacific (China, Japan India, Rest of APAC)
  • South America (Brazil and Rest of South America)
  • Middle East and Africa (UAE, South Africa, Rest of MEA)

The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific region held the largest market share of approximately 39.28% in 2018 where as the North America region held the second dominant position in the global servo and stepper motors market. Increasing need for energy-efficient production processes, increasing use of stepper motors in medical equipment, advent of low-cost microcontrollers and digital signal processor (DSP) based motor control systems are some of the factors that led to the growth of servo and stepper motors market in Asia Pacific region. North America is second fastest growing region due to presence of many processes and discrete industries and largest manufacturers and consumers in servo motors, and growing robotic & automation technologies.

About the report:

The global servo and stepper motors market is analysed on the basis of value (USD Billion), volume (K Units), consumption (K Units), imports (K Units) and exports (K Units).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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