The latest market report published by Credence Research, Inc. “Global Ball Screw Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2030”. The Global Ball Screw Market generated revenue of around USD 19364 million in 2022 and is anticipated to grow a CAGR of over 7.80% during the forecast period from 2023 to 2030 to reach around USD 32758.68 million in 2030.
Ball screws are mechanical devices that are used in various industrial verticals. Ball screws are used for various medical devices, and as the demand for various medical devices is growing, it is expected to aid the market growth. Increasing demand for ball bearing for manufacturing industrial robots is also driving the market growth. The government’s technological advancements and rising initiatives for the development of the aviation sector are expected to propel the market growth during the forecast period.
The global Ball Screw market is bifurcated into Type, Application, Sales Channel, and Geography. Based on type, the market is categorized into rolled and ground. Based on application, the global market is segmented into pipelines, PAXWAY, industrial robotics, and others. Based on sales channel, it is bifurcated into OEM and aftermarket. Based on end-use, the market is fragmented into aviation & aerospace, energy & utilities, fabrication, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2021, Asia Pacific dominated the global ball screw market and accounted for a major market revenue share in terms of value. Increasing manufacturing units as the demand for various products is growing and demand for ball screws is rising due to their advantages in various industrial verticals. The presence of various local manufacturers of ball screws and lower labor costs are among the other factors fueling the market growth in this region.
The ball screw market is driven by a number of factors, including the increasing demand for precision machining, the need for higher efficiency and productivity in manufacturing, and the growing popularity of automation in various industries.
Precision machining is a key driver of the ball screw market, as these products are used extensively in machine tools and other equipment where high levels of accuracy are required. The ball screw market is also being driven by the need for higher efficiency and productivity in manufacturing, as well as the growing popularity of automation in various industries.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global ball screw market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level.
- In-depth global ball screw market segmentation analysis based on type, application, sales channel, and sales channel.
- The global ball screw market report also includes analyzing the global, regional, and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.
Browse Full Report: https://www.credenceresearch.com/report/ball-screw-market
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