The global precision ball screw market size was valued at $1,571.0 million in 2019, and is projected to reach $2,043.9 million by 2027, registering a CAGR of 5.1%. Precision ball screw is a mechanical element, which converts rotary motion into linear motion. It produces high mechanical efficiency in transmission of motion as it works on rolling friction, which makes it a preferred option for industrial applications such as robotics, material handling, and general-purpose machines.
Demand for precision ball screws is on the rise in semiconductor, aviation & aerospace, and medical diagnostic equipment industries, owing to its high load bearing capacity, less friction, precision, and high positional accuracy. Hence, growth in semiconductor, aviation & aerospace, and medical diagnostic equipment industries is expected to drive growth of the precision ball screw market during forecast period.
Key players in the precision ball screw market are continuously taking efforts to improve their product offerings to cater to dynamic requirements of the industry. For instance, in September 2019, THK Co. Ltd. launched BNS-V and NS-V, which are low inertia ball screw splines developed to improve the takt time of horizontal articulated robots. In addition, these products are compact, light-weight, and have low inertia.
Moreover, surge in medical diagnostics industry is expected to accelerate the market. These medical diagnostics equipment need precisely controlled movements for efficient operations, which is achieved by drive train that consist of precision ball screws. In addition, precision ball screws also find their applications in high-tech medical equipment such as dental milling machines, surgical robots, and robotic endoscopy equipment. This makes precision ball screws a critical and important component in the health care industry.
Governments of developing and developed countries such as Germany, India, China, Brazil, the UK, and the U.S. have taken initiatives to develop their semiconductor and aviation & aerospace industries, which is anticipated to boost growth of the market during the forecast period. For instance, the government of South Korea launched KF-X program in 2001 for development of 4.5 generation fighter aircrafts, and the government is expected to invest $ 7 Billion until 2025 under this program. Similarly, the government of China released a plan “Made in China 2025”, according to which, the government has set a goal to reach $ 305 billion by 2030, in terms of the semiconductor industry output.
However, fluctuations in prices of steel and increase in trade wars among countries restrain the market growth. The COVID-19 pandemic has enforced many companies in the global market to halt their business operations to comply with new government regulations to curb the spread of COVID-19. This halt in operations directly impacts revenue flow of the precision ball screw market supply chain. In addition, implementation of lockdown and need to maintain social distancing during this pandemic has resulted in dearth of manpower, which, in turn, has negatively impacted the precision ball screw market revenue.
Ground segment is projected to grow at a significant CAGR
The global precision ball screw market is segmented on the basis of type, end user, and region. By type, the market is categorized into ground precision ball screw and rolled ball screw. By application, it is divided into semiconductor manufacturing, medical, laboratory, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific dominated the global precision ball screw market share in 2019, and LAMEA is anticipated to grow with high CAGR throughout the forecast period.
Semiconductor segment holds dominant position in 2019
Countries in Asia-Pacific such as India, China, Vietnam, and Indonesia are witnessing growth in industrialization, which, in turn, drives the market growth. For instance, in July 2018, the government of India has proposed a set-up for special economic zone in Telangana state for aerospace and precision engineering in Hyderabad. Similarly, the government of China released a plan “Made in China 2025”, according to which, the government has set a goal to reach $ 305 billion by 2030, in terms of semiconductor industry output. Such factor drives the global precision ball screw market growth in the region.
Key companies profiled in the report for the precision ball screw market include Barnes Industries Inc., Bosch Rexroth, Hiwin Corporation, Koyo Machinery, Kuroda Precision Industries, Nidec Corporation, PMI Group, Schaeffler AG, SKF, and THK Co. Ltd.
Product launch is the key strategy being adopted by key players to remain competitive in the market. For instance, in July 2020, THK Co. Ltd. based in Japan, launched two new products LFK-X and LFH-X under its ball spline product category. These products enable space saving and result into more compact design.
Asia-Pacific holds a dominant position in 2019 and LAMEA is expected to grow at a significant rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging precision ball screw market trends and dynamics.
- In-depth precision ball screw market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing the precision ball screw market opportunities.
- The global precision ball screw market forecast analysis from 2020 to 2027 is included in the report.
- The key players within market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the precision ball screw industry.
Global Precision Ball Screw Market Segments
- Ground Precision Ball Screw
- Rolled Precision Ball Screw
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Precision Ball Screw Market Report Highlights
Key Market Players
BARNES INDUSTRIES INC., THK CO. LTD., SKF GROUP, .KOYO MACHINERY U.S.A.,INC., ROBERT BOSCH GmbH, SCHAEFFLER AG, PMI GROUP, KURODA PRECISION INDUSTRIES LTD, HIWIN CORPORATION, .NIDEC CORPORATION
The global precision ball screw market is expected to grow at a significant rate in the near future, owing to growth in semiconductor manufacturing sector globally. The rise in investments in semiconductor, aerospace, and healthcare device industries by governments and private institutions around the globe has led to increase in demand for modern machinery, which are efficient and cost effective in operations. This is expected to push growth of precision ball screw market during the forecast period. The global precision ball screw market has witnessed considerable growth in emerging markets such as China, Latin America, and India, owing to rapid industrialization and growth in industries such as semiconductors, aviation & aerospace, and healthcare. Technological advancements such as surgical robotic and industrial automation has led to surge in manufacturing activities in many countries across the globe. Manufacturers of precision ball screws are taking continuous efforts to improve their product offerings to cater to ever changing and dynamic requirements of end users. Players operating in the market have adopted product launch as their key growth strategies to gain a stronger foothold. Thus, all these factors together are anticipated to significantly contribute toward growth of the global precision ball screw market.