Growing usage of ball screw in airplane flaps and aircraft passenger boarding bridge is likely to upsurge the ball screw demand. High mechanical efficiency to transform circular motion into linear motion due to low friction is the key factor increasing its demand in end-use industries. Booming aviation industry along with increasing demand for luxury vehicles is expected to propel the market growth over the forecast period. Also, rising usage of ball screw in robotics & highly accurate machining tools to increase accuracy & minimize error is further raising the product demand.
As per the latest report added by Value Market Research, the Global Ball Screw Market was valued at USD 17,030.8 MN (by revenue) in 2017 and is anticipated to reach USD 28,276.7 MN by 2024 with a CAGR of 7.5%.
OEM TO GAIN TRACTION
OEM channel is anticipated to reach USD XX.X MN by the end of 2024. High adoption of OEM channel by MNCs and especially small enterprises & startups to sell their product is fueling the segment growth. Governmental support to OEM with increasing trend of MNCs towards outsourcing manufacturers especially from China due to advanced technologies & low-cost skilled labor will foster the market growth.
INDUSTRIAL ROBOTICS HAS LED THE APPLICATION SEGMENT
Industrial Robotics is anticipated to reach USD XX.X MN by the end of 2024. Industrial robotics segment is driven by factors such as rise in automation, growing need of better work efficiency, product quality & operation rate. Furthermore, rising demand of industrial robotics in automotive and engineering sector is further adding impetus growth to the segment.
AVIATION IS THE LEADING END-USE INDUSTRY
Industrial Robotics is anticipated to reach at USD XX.X MN by the end of 2024. Extensive use of ball screw in aerospace especially in actuator accessories of aircraft flap, braking system, and horizontal stabilizer is fueling segment growth.
APAC IS LEADING THE GLOBAL BALL SCREW MARKET
APAC has dominated the regional segment and is presumed to continue to the same & reach USD XX.X MN by the end of 2024. Rapid industrialization in countries such as India & China followed by rising automation and technological advancement are the key traits leading regional ball screw market.
KEY PLAYERS OF THE BALL SCREW MARKET
Bosch Rexroth AG, Hiwin Technologies Corp., KURODA Precision Industries Ltd., NSK Ltd., Schaeffler Technologies AG & Co. KG, Svenska Kullagerfabriken AB, TBI MOTION Technology Co. Ltd. and THK Co., Ltd.