Global Servo and Stepper Motors Market 2019-2023
About this market
One of the key driving factors for the global servo and stepper motors market is the increasing demand for automated equipment and robots in an industrial setup. The application areas of servo motors are varied and include automobile manufacturing industries, packaging machines, food processing, healthcare industries, semiconductors, and robotics. The automated material handling equipment in such industries majorly includes a diverse range of applications such as cranes, robots for pick and place, automated guided vehicles, and conveyors, which help in the transportation and storage of goods and services. Hybrid stepper motors are being widely adopted in the automated material handling equipment due to their accuracy in providing control and precision. Hence, the demand for servo and stepper motors in end-user industries is expected to increase. Technavio’s analysts have predicted that the servo and stepper motors market will register a CAGR of almost 6% by 2023.
Growing demand for high energy efficiency at low speed
Conventional motors use more energy when they are running at very low speed. However, due to technological improvements and their hybrid structure, stepper motors consume less energy even when operating at low speed. The increasing focus toward energy efficiency and the need to comply with stringent regulatory norms have increased the adoption of hybrid stepper motors in industrial premises.
Volatile oil and gas environment
The oil and gas industry is a major contributor to the global servo and stepper motors market. Hence, volatility in the oil and gas market can adversely affect the growth of the global servo and stepper motors market. However, crude oil prices witnessed a slump afterward and continue to show a decline. Therefore, expected to be slower after which investments may rise, in turn, driving the demand for servo and stepper motors in the oil and gas industry.
For the detailed list of factors that will drive and challenge the growth of the servo and stepper motors market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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