Dubai, UAE, Oct. 18, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the Global Ball Screw Market size is projected to reach USD 2.46 billion by 2028 from USD 1.64 billion in 2021, exhibiting a CAGR of 5.20% from 2022 to 2028. The market's growth is primarily driven by the rising demand for automation. Moreover, the market is significantly propelled by the automotive industry, with the surging adoption of electric vehicles (EVs) acting as a catalyst for further expansion. Other factors supporting market growth include the rising demand for various applications such as linear actuators, electric injection molding machines, and lead screw assemblies on a global scale.
A ball screw consists of an inclined plane that rotates around a cylinder, constructed from a diverse range of materials. The demand for ball screws is on the rise, driven by their increasing utilization in cutting-edge technology products. Ball screws find application in various industries, such as machine tools, medical equipment, semiconductors, and laboratory apparatus. Moreover, they are used in several operations, such as at airports. To cite an instance, in the PAXWAY aircraft passenger boarding bridge, the control system for chemical plant pipework and the control system for nuclear power plant control rods.
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Competitive Landscape
The global ball screw market is highly fragmented as companies are constantly striving to enhance their industry standing by introducing innovative products. For instance, THK Co. Ltd. debuted low inertia ball screw splines, viz., the NS-V and BNS-V, in September 2019, which were devised to enhance the takt time of horizontal articulated robots.
Leading businesses in the global ball screw market are:
- NSK Ltd.
- THK CO., LTD.
- HIWIN.
- SKF Evolution
- Bosch Rexroth Corporation
- TBI MOTION TECHNOLOGY CO., LTD
- Schaeffler Group USA Inc.
- KURODA Precision Industries Ltd.
Market Segmentation
By End-User
- Aviation
- Energy & Utilities
- Fabrication
Surging Need for Efficient Components in the Aviation Sector to Boost Market Growth
The aviation segment holds the largest share of the global ball screw market and is expected to showcase robust growth in the upcoming years. The aviation industry is experiencing a rise in the demand for ball screws owing to its continuous requirement for high-precision and efficient components.
Ball screws play a crucial role in withstanding heavy loads and addressing issues such as leakage, sponginess, and other problems related to hydraulic and pneumatic systems in aircraft. As a result, the aviation sector has become a significant segment of the ball screw market, fueled by the ongoing need for precise and reliable components in aircraft manufacturing and maintenance.
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By Application
- PAXWAY
- Pipelines
- Industrial Robotics
Increasing Adoption of Ball Screws in Pipeline Applications for Enhanced Performance
The pipelines segment is dominating the market for ball screws and is projected to continue to dominate the market through the projected period. Due to their increased effectiveness, high precision, and low friction properties, which result in better performance and lower energy consumption, ball screws are increasingly in demand for pipeline applications. Their reliability and durability allow these screws to handle enormous loads and endure adverse weather conditions, they are suitable for important applications in pipeline infrastructure.
Additionally, the need for ball screws as crucial parts for accurate control and actuation has increased as pipeline operations become increasingly automated and remotely monitored. This is promoting the segment's growth by lowering maintenance needs and improving safety when handling hazardous materials in pipelines.
Growing Demand for Automation to Drive Market Expansion
The rising demand for automation across a variety of industries is a primary factor positively influencing the market for ball screws. Ball screws find widespread usage as businesses look to streamline their production methods and bolster productivity. Many automated devices, such as lead screw assemblies, linear actuators, and electric injection molding machines, depend on the use of ball screws. Furthermore, the market for ball screws is continuing to expand as a result of the surging demand for electric vehicles (EVs) in the automotive industry.
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Rapidly Growing Industrial Sectors in APAC to Support Market Progress
Asia Pacific dominated the global ball screw market in recent years and is likely to lead the market during the forecast period. This can be attributed to the region's rapid growth in industrial sectors and diverse operations. Additionally, the establishment of industries and other enterprises is rapidly accelerating in nations such as China and India, propelling product demand. In addition, there are many industries in Japan that generate a need for ball screws, which is expected to fuel market expansion through the review timeline.
Ongoing Technological Advancements in North America to Augment Industry Revenue
North America is expected to stand as the second-largest market for ball screws, majorly propelled by several factors viz., continuous technological advancements and increasing automation in diverse operations. Furthermore, the region's strong demand from end-use industries and extensive infrastructure penetration in enterprises are anticipated to contribute to its dominant market position during the forecast period.
On the other hand, both Western Europe and Eastern Europe are significant markets for ball screws, owing to their diverse range of applications. In the Middle East and Africa (MEA) and Latin America regions, the growth of the oil & gas industry, along with other industries, is driving the demand for ball screws in these regions.
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Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Ball Screw Market
Chapter 5. Global Ball Screw Market Overview, By Sales Channel, 2015 - 2028(USD Million)
Chapter 6. Global Ball Screw Market Overview, By Application, 2015 - 2028(USD Million)
Chapter 7. Global Ball Screw Market Overview, By End-User, 2015 - 2028(USD Million)
Chapter 8. Global Ball Screw Market Overview, By Geography, 2015 - 2028(USD Million)
Chapter 9. North America Ball Screw Market Overview, By Countries, 2015 - 2028(USD Million)
Chapter 10. Europe Ball Screw Market Overview, By Countries, 2015 - 2028(USD Million)
Chapter 11. Asia Pacific Ball Screw Market Overview, By Countries, 2015 - 2028 (USD Million)
Chapter 12. Middle East & Africa Ball Screw Market Overview, By Countries, 2015 - 2028 (USD Million)
Chapter 13. South America Ball Screw Market Overview, By Countries, 2015 - 2028 (USD Million)
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market
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