New Castle, Delaware, March 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Precision Ball Screw Market By Type (Ground, Rolled), Sales Channel (Offline, Online), and Application (Semiconductor Manufacturing Equipment, Medical Equipment, Laboratory Equipment, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global precision ball screw industry generated $1.6 billion in 2020, and is anticipated to generate $3.2 billion by 2032, witnessing a CAGR of 5.5% from 2023 to 2032.
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Prime determinants of growth
Development of the semiconductor industry, growth in the aviation and aerospace industry, and surge in the medical diagnostics industry drive the growth of the global precision ball screw market. However, the fluctuating cost of raw materials restricts the market growth. Moreover, technological advancements & innovations in precision ball screw represent new opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Historical Period | 2020-2021 |
| Base Year | 2022 |
| Market Size in 2022 | $1.6 billion |
| Market Size in 2032 | $3.2 billion |
| CAGR | 5.5% |
| No. of Pages in Report | 198 |
| Segments covered | Type, Sales Channel, Application, and Region. |
| Drivers | Surge in medical diagnostics industry Growth in aviation and aerospace industry Development of semiconductor industry |
| Opportunities | Technological advancements & innovations in precision ball screws |
| Restraints | Fluctuating cost of raw materials |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a negative impact on the global precision ball screw market, owing to temporary closure of manufacturing firms during the lockdown.
- Not only the production but also the sale was hampered due to the closure of end-user industry across the world, especially in the initial period of the pandemic.
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The ground segment to maintain its leadership status throughout the forecast period
Based on type, the ground segment held the highest market share in 2020, accounting for more than two-thirds of the global precision ball screw market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 5.6% from 2023 to 2032. Ground precision ball screws are increasingly being adopted in aerospace, advanced medical equipment, and robotic surgeries, owing to their high precision and high positional accuracy. Growth in aerospace and diagnosis equipment industries is expected to push the demand for ground precision ball screw during the forecast period.
The offline segment to maintain its leadership status throughout the forecast period
Based on sales channel, the offline segment held the highest market share in 2020, accounting for nearly nine-tenths of the global precision ball screw market, and is estimated to maintain its leadership status throughout the forecast period. The high share of this segment is attributed to various advantages associated with offline purchase, including lower lead time, and ability to negotiate on prices. However, the online segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032. Online stores have a large variety and a large inventory.
The semiconductor manufacturing equipment segment to maintain its lead position during the forecast period
Based on application, the semiconductor manufacturing equipment segment accounted for the largest share in 2020, contributing to nearly one-third of the global precision ball screw market revenue, and is projected to maintain its lead position during the forecast period. The same segment is expected to portray the largest CAGR of 6.2% from 2023 to 2032. Precision ball screw is used for linear motion in semiconductor equipment such as printed circuit board (PCB) and integrated circuits (IC) manufacturing machines, circuit board plotters, PCB milling machines, dicing machines, panel prober table units, glass substrate conveyor equipment, and glass edge polishing units. Thus, growth of the semiconductor industry is anticipated to accelerate growth of the precision ball screw market during the forecast period.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for nearly half of the global precision ball screw market revenue, and is likely to dominate the market during the forecast period. Machinery and equipment used in semiconductor and aerospace industries make use of precision ball screws for conversion of rotary motion to linear motion. Moreover, countries in Asia-Pacific such as India, China, Vietnam, and Indonesia are witnessing growth in industrialization, which, in turn, drives the market growth. However, the Middle East and Africa region is expected to witness the fastest CAGR of 7.4% from 2023 to 2032. Policies such as Vision 2030, and others in the Middle East and Africa region are attributed to the rapid growth of this region.
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Leading Market Players: -
- Barnes Industries Inc.
- Bosch Rexroth
- HIWIN Corporation
- Koyo Machinery
- Kuroda Precision Industries
- Nidec Corporation
- PMI Group
- Schaeffler AG
- SKF
- THK Co. Ltd.
The report provides a detailed analysis of these key players in the global precision ball screw market. These players have adopted different strategies such as new product launches, and acquisition to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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