According to AMR, Rise in industrialization in developing countries, and increase in spending on medical device are the key trends of market.
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WILMINGTON, DELAWARE, March 4, 2024 /EINPresswire.com/ — 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. 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. They are used in industries such as semiconductor manufacturing, medical diagnostic equipment, and aviation & aerospace owing to its features and properties such as precision, accuracy, repeatability, high load bearing capacity, and low friction to movement.
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Impacting Factors:
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. This, in turn, is expected to fuel the precision ball screw market growth during the forecast period.
By type, the ground segment accounted for the largest share in the global precision ball screw market in 2019, and is expected to witness significant growth during the forecast period, owing to technical innovations and deployment in semiconductor and medical devices industries.
In terms of application, the semiconductor segment secured highest share in the precision ball screw market in 2019, and is expected to grow at a CAGR of 6.4% during the forecast period, owing to increase in the manufacturing sector around the globe. These factors are expected to provide lucrative growth opportunities to market players in developing economies.
The key players operating in the global precision ball screw market have adopted product launch and acquisition as their key developmental strategies to strengthen their foothold in the global market. For instance, in November 2019, THK Co. Ltd. has launched new ball screws under N Series. These ball screws have hollow shaft which allows forced cooling of ball screw and hence increase its working life.
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Top Players:
The key players profiled in the precision ball screw market report include Barnes Industries Inc., Bosch Rexroth, Hiwin Corporation, Koyo Machinery, Kuroda Precision Industries, Nidec Corporation, PMI Group, Schaeffler AG, SKF, and THK Co. Ltd.
Global Precision Ball Screw Market Segments
By Type –
Ground Precision Ball Screw
Rolled Precision Ball Screw
By Application –
Semiconductor
Medical
Laboratory
Others
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David Correa
Allied Market Research
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