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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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.
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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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.
Key Findings Of The Study
- The report provides an extensive the global precision ball screw market analysis of the current and emerging precision ball screw market trends and dynamics.
- Depending on type, the ground segment dominated market, in terms of revenue in 2019 and is projected to grow at a significant CAGR during the forecast period.
- By application, the semiconductor segment registered highest revenue in 2019.
- LAMEA region is projected to register the highest growth rate in the coming years.
- The key players within market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the precision ball screw industry.
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Barnes Industries Inc., Bosch Rexroth, Hiwin Corporation, Koyo Machinery, Kuroda Precision Industries, Nidec Corporation, PMI Group, Schaeffler AG, SKF, and THK Co. Ltd.