Pune, India, April 15, 2019 (GLOBE NEWSWIRE) -- As per the Market Research Future (MRFR) report, the global linear motion system market is anticipated to witness a CAGR of 7.8% during the assessment period of 2017-2023. A linear motion system is a test and measurement system component that provides motion to a load or loads in two directions. These systems can be assembled and run on a large-scale as they are available in ready-to-install kits. With rapid industrialization across numerous verticals such as manufacturing, packaging, food & beverages, healthcare, and automotive, the demand for LMS is estimated to rise significantly.
An augmented demand for accurate motion control systems is one of the primary factors inducing growth in the linear motion systems market. Additionally, booming of economies such as India and China due to fast industrialization is also contributing heavily to the market growth for linear motion systems. Use of linear motion systems in the automotive sector for quality and repetitive movements is estimated to push the market during the forecast period. However, high maintenance costs of linear motion systems are projected to act as a hindrance in market growth.
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Market Segmentation
The global linear motion system market is segmented by MRFR based on type, application, and region for detailed and accurate analysis. Based on type, the linear motion system market is segmented into multi-axis linear motion systems and single-axis linear motion system. The multi-axis linear motion system segment is estimated to accrue market revenue of USD 5.70 billion by the end of 2023. Since the system requires less than 30 kW of power for optimized functioning, and has a multitasking ability to handle de-stacking, pick-and-place, and palletizing, the LMS market is dominated by the multi-axis linear motion systems.
By application, the linear motion systems market is segmented into material handling equipment, machine tools, packaging, and palletizing. The machine tools segment is likely to garner a market revenue of USD 2.78 billion through the forecast period. MRFR also reports a 7.7% CAGR over the forecast period within the machine tools segment. The robotics segment is estimated to gain traction during the assessment period, owing to the rapid emergence and penetration of automation in various industry verticals.
Rising Trend of BYOD to Induce Stellar CAGR in North America During Forecast Period
The global Linear Motion Systems Market is estimated to garner a revenue of USD 8.76 billion during the assessment period. Geographically, Market Research Future (MRFR) has segmented the global LMS market into North America, Asia Pacific, Europe, and Rest of the World (RoW). Asia Pacific is foreseen to spearhead the global linear motion systems market. China and India are estimated to propel the market growth in Asia Pacific, with China’s valuation at USD 804 million in 2017. China is projected to register an 11.7% CAGR between 2017-2023 owing to the rapid penetration of the automation technology in various industrial verticals. Japan and India are anticipated to follow China and emerge as leading country-specific markets in Asia Pacific.
North America is anticipated to register a stellar CAGR over the assessment period owing to a rising trend of bring-your-own-device (BYOD) technology. Further proliferating adoption of smart devices by various industries in the region is also projected to boost the linear motion systems market in North America. The emergence of the automation of industrial processes is assessed to cause an upsurge in the integration of linear motion systems across multiple industry verticals in the region.
Competitive Dashboard
The linear motion systems market appears to be highly fragmented during the forecast period. Numerous market players, both international and regional, are seen imposing themselves as market influencers. Market Research Future (MRFR) has mentioned some notable market players including Bosch Rexroth AG, Hepco Motion, Schneeberger AG, Thomson Industries, Inc., Bishop-Wisecarver, Lintech, Rollon S.p.A., Nippon Bearing Co., Ltd., SKF AB, and Schneider Electric Motion USA.
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Many market players are adopting organic as well as inorganic strategies for capturing larger market shares. Some of the inorganic strategies include mergers and acquisitions among various industrial players. Whereas, some market players are collaborating with other relevant organizations to integrate solutions and introduce a differentiated product to the market.
Organic strategies adopted by manufacturers and innovators in the LMS market include product launches and frequent participation in exhibitions to reach out to their potential clientele. For instance, Bimba demonstrated its latest technological advances at Automate 2019, from 8th to 11th April, in Chicago. These demonstrations include model applications for pick and place operations like CNC machine automation, palletizing, assembly, as well as packaging. Bimba is a leading provider of innovative pneumatic, hydraulic, vacuum and electric motion systems.
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