A new study on the global precision ball screw market has been recently published by Report Ocean. The report, titled “Precision Ball Screw Market by Type (Ground Precision Ball Screw and Rolled Precision Ball Screws) and Application (Semiconductor, Medical, Laboratory, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027” offers a detailed study of this market on the basis of its past and current performance.
The worldwide market for precision ball screws is registering a tremendous rise, thanks to the ongoing expansion in the semiconductor, medical and healthcare, and the aviation and aerospace industries. The effectiveness of these screws, when compared with conventional acme lead screws, in terms of precision, accuracy, and efficiency, has fueled their demand among consumers across the world.
According to the research study, the global precision ball screw market was valued at US$1.57 bn in 2019. Progressing at a CAGR of 5.10% during the period from 2020 to 2027, the market is projected to reach US$2.04 bn by the end of the forecast period. The high load bearing capacity, positional accuracy, and repeatability is expected to widen the application base of these screws in the years to come. However, frequent fluctuations in prices of raw materials, such as steel and iron, is affecting the profitability of manufacturers, restraining the growth of this market. Nonetheless, the increasing demand for surgical robots, thanks to the rising automation in the medical and healthcare industry, and for aerospace equipment is expected to offer lucrative growth opportunities for precision ball screw manufacturers in the near future, states the research study.
Impact of Covid 19 on Global Precision Ball Screw Market
Like many other markets, the global precision ball screw market has also been impacted by the Coronavirus pandemic. The economic slowdown has reduced the investment in research activities, which is reflected on the growth of this market. However, researchers expect that the market will begin to recover soon and regain its momentum.
Medical and Healthcare Industry Emerges as Key Application Area
In this research report, the global precision ball screw market has been analyzed on the basis of the type, application, and the region. Based on the type, the market has been classified into ground precision ball screw and rolled precision ball screw. Both the segments have gained significant momentum over the last few years due to the rising demand for end-use industries.
On the basis of the application, the market has been categorized into the semiconductor, medical and healthcare, laboratory, and several other end-use industries. Among these, the demand for these screws is significantly high from the medical and healthcare industry. However, the aviation and aerospace industry is also expected to report a high demand rate over the next few years. Regionally, the report has assessed the worldwide precision ball screw market across North America, Europe, Asia Pacific, and LAMEA.
The leading precision ball screw manufacturers, profiled in this report, Barnes Industries Inc., Bosch Rexroth, HIWIN Corporation, Koyo Machinery, Kuroda Precision Industries, Nidec Corporation, PMI Group, Schaeffler AG, SKF, and THK Co. Ltd. The product launch and acquisition are the key strategies being adopted by the key players to remain competitive in the market.
- The demand for these screws is significantly high from the medical and healthcare industry.
- The aviation and aerospace industry is expected to report a high demand rate over the next few years.
The global precision ball screw market is segmented into:
- Ground Precision Ball Screw
- Rolled Precision Ball Screw
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Middle East
Companies Mentioned in the Report
- Barnes Industries Inc.
- Bosch Rexroth
- Hiwin Corp.
- Koyo Machinery
- Kuroda Precision Industries
- Nidec Corp.
- PMI Group
- Schaeffler AG
- THK Co. Ltd.
Company Name: Report Ocean
Contact Person: Nishi Sharma
Email: Send Email
Address:BSI Business Park,H-15, Sector-63, Noida
State: UP, 201301