The Stepper Motor Market size is estimated at USD 1.11 billion in 2024, and is expected to reach USD 1.30 billion by 2029, growing at a CAGR of 3.08% during the forecast period (2024-2029).
A stepper motor is an electromechanical system that transduces an electrical signal into a mechanical one. These motors are designed to accomplish a discrete movement and reach a precise position. This movement in stepper motors is achieved by using a magnetic field provided by coils and sensed by magnets, which force the rotating part to respond and align itself in the lowest energy state (equilibrium), giving motion. Hence, stepper motors are generally composed of a fixed part (i.e., the stator) made of cyclically energized coils and a moving part (i.e., the rotor) made of ferromagnetic material or magnets.
The stepper motor market is highly fragmented, with major players such as Kollmorgen (Regal Rexnord Corporation), Faulhaber, Oriental Motor Co. Ltd, ASPINA Group (Shinano Kenshi Co. Ltd), and Schneider Electric SE. Partnerships, innovations, investments, and acquisitions are among the strategies used by market participants to improve their product offerings and gain a sustainable competitive advantage.
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