According to the new research report published by The Insight Partners, titled Stepper Motor Market Forecast to 2027 - COVID-19 Impact and Global Analysis, the market is expected to reach US$ 2,803.6 million by 2027, registering a CAGR of 4.8% during the forecast period 2020-2027.

APAC dominates stepper motor market and is anticipated to grow at high CAGR during forecast period 

East Asia, which includes Mainland China, South Korea, Japan, and Taiwan, has the presence of the world's most significant semiconductor players. The region has become a hub for the semiconductors industry. China, particularly, holds nearly half of global market value, divided ~50-50 between domestic demand as well as Taiwan-based, ODMs or foundries, serving global clients. China also aims to establish a self-sufficient semiconductors industry as well as the ascent to become a world powerhouse at the same time. Japan is a prominent supplier of semiconductor materials, special semiconductors, and high-end equipment. Thus, the presence of the well-established semiconductors industry is expected to boost the demand for stepper motors in the region.

Countries such as India, China, and South Korea have robust automotive sectors. These countries are also among the leading vehicle manufacturing countries in the world. Further, the region is becoming a prime manufacturing hub for medical devices, with China and India being the leaders. Developing economies, such as Vietnam, are also witnessing growth in the manufacturing of medical devices. China and Japan have prominent aerospace manufacturing industries. Moreover, with several aircraft manufacturers in the process of opening production facilities in Southeast Asian countries, the demand for stepper motors is likely to step up in the coming years.

Key findings of the study:

Various industries across the globe are implementing some automation or robotics intending to become more safe and efficient. The deployment of industrial robots in diverse industries has been increased rapidly. According to the World Robotics 2019 Industrial Robots report published by the International Federation of Robotics, the robot installations globally increased by 6% to 422,271 units in 2018. Almost every industry from automotive to consumer electronics to metal & machinery have deployed industrial robots in their manufacturing facilities.

In this age of industrial automation, robots are extensively used for managing several processes for better production quality. Also, robots are being implemented in hazardous working locations, where human life can be at risk. Stepper motors are of paramount importance in robotics as they require precise movements. Thus, with increasing implementation of robotic across industries, the demand for stepper motors is expected to increase.

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