LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial hybrid stepper motors market to record a revenue of over USD 1 billion by 2022, according to their latest market research report.
The increasing focus toward miniaturized stepper motors is one of the major trends being witnessed in the global industrial hybrid stepper motors market for 2018-2022. Hybrid stepper motors have a wide range of applications, from the process industry to discrete industry. Based on their needs and functionalities, hybrid stepper motors are used in many application areas. Growing robotics and automation technologies in the industry and increase in medium and small-scale industries in developing economies have increased the demand for miniaturized motors that can fit in confined spaces.
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In this report, Technavio analysts highlight the increase in demand for automated equipment in industrial premises as a key factor contributing to the growth of the global industrial hybrid stepper motors market:
Global industrial hybrid stepper motors market: increase in demand for automated equipment in industrial premises
Industrial players are increasingly emphasizing on post-manufacturing operations and exploring cost-cutting opportunities in material handling through lean management principles. Vendors are increasingly focusing on speeding up the cash cycle while improving customer satisfaction. This has necessitated the adoption of automated material handling that is expected to impact many aspects of material handling.
According to a senior analyst at Technavio for automation, “Automated material handling equipment includes a diverse range of applications such as cranes, robots for pick and place, automated guided vehicles, and conveyors. These machines help in transporting and storing goods and services. Since conventional loading is labor-intensive, it requires personnel who can manage processes such as handling of trailers.”
Global industrial hybrid stepper motors market: segmentation analysis by region and application
This market research report segments the global industrial hybrid stepper motors market into the following applications (industrial machinery and industrial robotics) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the industrial machinery segment held the largest market share in 2017, accounting for more than 68% of the market. This application is expected to dominate the global market throughout the forecast period.
APAC dominated the global industrial hybrid stepper motors market in 2017, accounting for a market share of over 32%. This region is anticipated to demonstrate the fastest growth during the period 2018-2022.
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