Fior Markets launched a study titled “Servo and Stepper Motors Market by Motor Type (Servo Motor, Stepper Motor), End-User (Process Industry, Discrete Industry), Region” and Global Forecast 2019-2026
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 from 2019-2026. The 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 are factors swelling the growth of the market.
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Servo motor segment registered 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 highest market share of 55.01% in 2018 and is anticipated to dominate market in 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 process industry and discrete industry. The process industry segment is expected to hold the largest share of 56.16% during the forecast periodowing 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 Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacificregion dominated theglobal servo and stepper motorsmarket with market share of USD 4.65 billion in 2018.Increasing need for energy-efficient production processes, increasing use of stepper motors in medical equipment, and 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.
The major players of market include 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, Rockwell Automation Inc., and others.
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