NEW YORK, July 03, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “ Global Closed Loop Stepper Motor Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Type (Permanent Magnet, Hybrid, and Variable Reluctance), by End-User (Industrial Machineries, Medical Equipment, Packaging and Labelling, Semiconductor and Others)” published by P&S Market Research, the global closed loop stepper motor market is projected to grow at a CAGR of 6.3% during 2017 – 2023.
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As per the research, the global closed loop stepper motor market is expected to register a CAGR of 6.3% during 2017 - 2023. Closed loop stepper motors refer to an improved version of the traditional open loop stepper motors, which abolish the constraints and drawbacks of the traditional systems. The major advantages of closed-loop technology are the feedback of control signals and power-adjusted current control. An internal encoder is used to record the rotor position, velocity and current loops in real-time. Closed loop steppers incorporate the advantages of servo and traditional stepper motor technologies and offer unique competencies and improvements over both, while at half the cost of a servo system.
Major factors propelling the growth of the global closed loop stepper motor market include brisk increase in mechanization, integration of motion control components and standardization of energy efficiency. Moreover, its low price in comparison with servo motors is a major factor supporting their adoption, especially in developing countries.
Asia-Pacific has been the largest contributor to the global closed loop stepper motor market. The anticipated growth in the market is attributable to the surging demand for automation in developing countries such as Japan, China, India and South Korea; among which, Japan contributes the largest to the Asia-Pacific closed loop stepper market, closely followed by China. For instance, in January 2017, two of the Japanese machinery manufacturers, Mitsubishi Electric and Kawasaki Heavy Industries, in a bid to boost factory readiness in China, moved to outturn robots and factory automation products.
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Global warming, surging energy costs and booming eco-friendly alertness have led to the standardization of energy efficiency, owing to which, governments and manufacturing companies are keeping energy efficient manufacturing on the top of their agenda and are looking for the most adequate measures to raise the levels of energy efficiency in all the processes.
The research states that the structure of closed loop stepper motor market is fragmented, with the presence of large number of regional and international players, due to which the market is extremely competitive. However, it is difficult for the regional players to challenge their international competitors in terms of quality, functionality, features and services.
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