Demand for precision ball screws is on the rise in the semiconductor, aviation & aerospace, and medical diagnostic equipment industries
PORTLAND, OR, UNITED STATES, September 23, 2021 /EINPresswire.com/ — Growth of the global precision ball screw market is driven by growth in semiconductor, aerospace, and medical diagnostic equipment industries. Technological advancements such as industrial automation, robotic surgery, and robotic material handling is expected to boost the demand for precision ball screw across the globe.
The global precision ball screw market size was valued at $1,571.0 million in 2019, and is projected to reach $2,043.9 million by 2027, registering a CAGR of 5.1% from 2020 to 2027.
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Asia-Pacific serves as the most productive region compared to others with diverse industry verticals significantly investing for business expansion and growth in semiconductor and aerospace sectors is anticipated to boost demand for precision ball screws. Asia-Pacific dominated the market in 2019, in terms of revenue, accounting for around 46.0% of the global precision ball screw market share, followed by Europe. The economy of Asia has increased over past couple of years, owing to rapid industrialization, which boosts growth of aerospace, semiconductor, and healthcare industries.
Covid-19 Impact Analysis
The outbreak of COVID-19 has a negative impact on the manufacturing and production of precision ball screws in the first and second quarter of 2020, and is likely to hamper the growth throughout the year. This has further affected the demand for precision from developing countries, including India, China, and others; thereby, halting the production activities. In addition, the disruption of supply chains is causing hindrance in manufacturing of the precision ball screw around the globe.
Key Market Players
Barnes Industries Inc., Bosch Rexroth, Hiwin Corporation, Koyo Machinery, Kuroda Precision Industries, Nidec Corporation, PMI Group, Schaeffler AG, SKF, and THK Co. Ltd.
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The report provides an extensive analysis of the current and emerging precision ball screw market trends and dynamics.
In-depth precision ball screw market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2027.
Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing precision ball screw market opportunities.
The global precision ball screw market forecast analysis from 2020 to 2027 is included in the report.
Key Market Segments
Ground Precision Ball Screw
Rolled Precision Ball Screw
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