Portland, OR, Nov. 16, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global precision ball screw market generated $1.57 billion in 2019, and is estimated to garner $2.04 billion by 2027, witnessing a CAGR of 5.1% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, top segments, top investment pockets, regional scenario, and competitive landscape.
New developments in the semiconductor and medical diagnostics industries and rise of the aviation and aerospace sector fuel the growth of the global precision ball screw market. However, variations in foreign currencies impacting margins of profit and rise in trade wars between various countries hinder the growth up to certain extent. However, innovations and technological advancements would offer new opportunities in the coming years.
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Covid-19 Scenario:
- Manufacturing units have halted their operations to comply with government regulations of lockdown. Moreover, the supply chain has been disrupted and there is shortage of raw materials.
- Owing to lockdown, there has been scarcity of workers as they have returned to their hometowns. During the post-lockdown period, companies have restarted manufacturing activities with minimal workforce.
- The demand took a plunge from the semiconductor industry as manufacturing activities were halted. However, the demand will rise as activities begin and supply chain restores.
The report offers a detailed segmentation of the global precision ball screw market based on type, application, and geography.
By type, the ground precision ball screw segment held more than two-thirds of the total market share in 2019, and is expected to maintain its lead throughout the forecast period. Moreover, this segment is estimated to witness at the highest CAGR of 5.6% from 2020 to 2027. The research also analyzes the rolled precision ball screw segment.
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By application, the semiconductor segment accounted for nearly one-third of the total share of the global precision ball screw market in 2019, and is projected to maintain its dominant position during the study period. In addition, this segment is expected to manifest the fastest CAGR of 6.4% from 2020 to 2027. The research also discusses segments including medical, laboratory, and others.
Based on geography, Asia-Pacific contributed to the highest market share in 2019, accounting for nearly half of the total market share, and will maintain its lead position throughout the forecast period. On the other hand, LAMEA is expected to grow at the fastest CAGR of 6.5% from 2020 to 2027.
Leading players of the global precision ball screw market analyzed in the report include Barnes Industries Inc., Hiwin Corporation, Bosch Rexroth, Kuroda Precision Industries, Koyo Machinery, PMI Group, Nidec Corporation, SKF, Schaeffler AG, and THK Co. Ltd.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.