Accelerating Progress: Ball Screw Market Size Forecasted to Grow to USD 40.57 Billion by 2030 with 7.32% CAGR in Global Heavy Industry Sector

NEW YORK, June 12, 2023 /PRNewswire/ -- As per Zion Market Research study, The global ball screw market size was worth around USD 23.05 billion in 2022 and is predicted to grow to around USD 40.57 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.32% between 2023 and 2030.

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Ball Screw Market: Overview

A ball screw, a mechanical device, is used for the conversion of rotary motion into linear motion. It is made of a threaded rod, also known as a screw, and a nut consisting of a series of multiple ball bearings that roll along with the screw thread as it rotates. During the screw rotation, the balls move in a helical path which causes the nut to move along the screw length resulting in the production of a linear motion. The ball screw industry is responsible for designing, manufacturing, and selling extremely crucial mechanical products along with the sale of associated products and services. Some of the other products sold along with ball screws include ball screw assemblies, support bearings, and lubricants. They are used in several industries including computer numerical control (CNC) machines, robotics, medical devices, aerospace equipment, and automotive manufacturing. During the forecast period, the industry may grow at a steady rate. 

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Key Industry Insights & Findings of the Ball Screw Market Reports:

• As per the analysis shared by our research analyst, the global ball screw market is estimated to grow annually at a CAGR of around 7.32% over the forecast period (2023-2030)
• In terms of revenue, the global ball screw market size was valued at around USD 23.05 billion in 2022 and is projected to reach USD 40.57 billion, by 2030.
• The ball screw market is projected to grow at a significant rate due to the growing demand for automation
• Based on application segmentation, industrial robotics was predicted to show maximum market share in the year 2022
• Based on end-user segmentation, aviation was the leading user in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

Zion Market Research published the latest report titled "Ball Screw Market By Application (Industrial Robotics, Pipelines, And Others), By Sales Channel (OEM And Aftermarket), By End-User (Fabrication, Automotive, Aviation, And Energy & Utilities), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" into their research database.

Industry Dynamics:

Ball Screw Market: Growth Drivers

• Growing demand for automation to propel market growth.

The global ball screw market is projected to grow owing to the increasing demand for automation across industries such as automotive, aerospace, and manufacturing to name a few. There are several factors that have resulted in a high rate of automated technologies. For instance, these systems are known to be more productive since automated tasks can perform repetitive functions without any error. In addition to this, automation is known to impact overall operational costs since it can effectively reduce labor expenses. Controlling quality is easier in tasks that run on automation technology since companies can easily detect errors and manage them before more resources are invested. Furthermore, companies that run on automated systems are known to have certain competitive advantages over their contemporaries. These reasons have led to more companies, especially heavy businesses operating in the heavy industry sector to adopt automation which is expected to drive the demand for ball screws.

Ball Screw Market: Restraints

• High maintenance requirement to restrict the market growth.

The global ball screw market is expected to come across growth restrictions owing to the complex maintenance requirements of ball screws. For instance, in order to ensure the longevity of the mechanical device along with keeping up the performance of the systems, ball screws have to be consistently lubricated and cleaned. Users are required to conduct frequent inspections to avoid any major malfunction or accident. This results in increasing the overall cost and complexity of using ball screws. 

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Ball Screw Market: Opportunities

• Increasing adoption of industrial robots to provide excellent growth opportunities.

The global ball screw industry is currently at an important junction in terms of revolution as it is witnessing the rising adoption of industrial robots which is likely to impact the demand for high-precision ball screws. The motion control in industrial robots remains unmatched and with the growing investment toward the development of more efficient robots along with more quantities of artificial beings, the industry players can expect greater revenue during the forecast period. Additionally, the growing adoption of electric actuators in some of the fastest-growing sectors could also be beneficial to the industry.    

Ball Screw Market: Challenges

• Rising competition from alternative technologies to challenge market growth.

The ball screw industry faces challenges in terms of rising competition from alternative technologies that can provide the same results at a relatively lower cost. Some examples of substitutes available in the market include linear motors, belt drives, and rack and pinion systems that are known to provide either similar or better performance than ball screws. Moreover, the cost of using ball screws can be high, especially in the case of specialized or customized demand.    

Global Ball Screw Market: Segmentation

• The global ball screw market is segmented based on application, sales channel, end-user, and region.  

Based on application, the global market segments are industrial robotics, pipelines, and others. In 2022, the highest growth was observed in the industrial robotics segment which is anticipated to continue its dominance during the forecast period. These advanced robots are used in a wide variety of industries such as automotive, electronics, and aerospace, for precision positioning and motion control. With the rising revenue and applications in the end-user verticals and the growing adoption of industrial robots in these rapidly rising sectors, the demand for ball screws is projected to witness surging heights. Pipelines are another crucial segment of high revenue where they are used to build inspection robots or pigs. As per the International Federation of Robotics (IFR), more than 2.7 million industrial robots were in operation as of 2019.

Based on sales channel, the ball screw industry segments are divided into OEM and aftermarket.

Based on end-user, the global market is divided into fabrication, automotive, aviation, and energy & utilities. In 2022, the highest CAGR was in the aviation segment since the industry requires a constant supply of high-precision and efficient ball screws. Moreover, the automotive sector is delivering higher revenue in the market with the increasing use of industrial robots on assembly lines. During the forecast period, the market is projected to register a significant jump in the fabrication and energy & utilities industries with a rising number of industrial robots being built for welding, material handling, and assembly applications. As per India's Ministry of Civil Aviation, the aviation sector contributed to 2.5% of India's overall Gross Domestic Product (GDP) in 2020. 

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List of Key Players in Ball Screw Market:

• THK Co. Ltd.
• NSK Ltd.
• HIWIN Corporation
• Bosch Rexroth AG
• Kuroda Precision Industries Ltd.
• NTN Corporation
• PMI Group
• Nook Industries Inc.
• TBI MOTION Technology Co. Ltd.
• Steinmeyer Mechatronik GmbH
• Schaeffler Technologies AG & Co. KG
• Parker Hannifin Corporation
• The Timken Company
• Lintech Motion
• HepcoMotion
• Helix Linear Technologies
• AB SKF
• SKF Motion Technologies
• Bishop-Wisecarver
• Isel Germany AG
• Oriental Motor USA Corp.
• Barnes Industries Inc.
• Roton Products Inc.
• Dynatect Manufacturing Inc.
• Rolled Ball Screws Co. Ltd.
• Others.

Key questions answered in this report:

• What are the growth rate forecast and market size for Ball Screw Market?
• What are the key driving factors propelling the Ball Screw Market forward?
• What are the most important companies in the Ball Screw Market Industry?
• What segments does the Ball Screw Market cover?
• How can I receive a free copy of the Ball Screw Market sample report and company profiles?

Report Scope:

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Recent Developments

• In June 2022, NSK Ltd., a globally dominant manufacturer of bearings, announced the development of a new technology that drastically extends ball screw life that is used in high-load drive applications. The new technology is expected to drive more revenue due to a higher shift of makers of industrial machinery to electric designs. With this move, NSK has strengthened its vision of improving productivity in the industrial machinery sector.
• In June 2020, SHUTON, a manufacturer of high-performance ball screws launched their new product and presentation catalog containing recent developments in its highly popular ball screws segment. The new catalog not only provides more insights in the company's history and values but provides extensive information on product technologies.

Regional Dominance:

• Asia-Pacific to witness the highest growth.

The global ball screw market is projected to witness the highest growth in Asia-Pacific mainly due to the existing highly advanced industrial establishments along with growing efforts undertaken by regional governments to ensure that Asia continues to dominate the globe in terms of the heavy industry sector. Countries such as China, India, Japan, and Singapore are some of the leading nations.

In North America, the growth may be driven by the presence of established industries such as healthcare, aerospace, and automotive. Furthermore, the region is witnessing a surging demand for precision machinery and devices which could lead to higher adoption of ball screws. The growing research and development of industrial robots is also crucial to the market.

The presence of major automobile manufacturers in Europe is expected to cause higher growth in the region which is also striving toward developing energy-efficient machinery.

Global Ball Screw Market is segmented as follows:

Ball Screw Market: By Application Outlook (2022-2030)

• Industrial Robotics
• Pipelines
• Others

Ball Screw Market: By Sales Channel Outlook (2022-2030)

• OEM
• Aftermarket

Ball Screw Market: By End-User Outlook (2022-2030)

• Fabrication
• Automotive
• Aviation
• Energy & Utilities

Ball Screw Market: By Region Outlook (2022-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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