Precision Ball Screw Market to Reach $2.04 Bn, Globally, by 2027 at 5.1% CAGR: Allied Market Research

Precision Ball Screw Market to Reach $2.04 Bn, Globally, by 2027 at 5.1% CAGR: Allied Market Research

PR Newswire

PORTLAND, Ore., Nov. 9, 2020

Development of the semiconductor and medical diagnostics industry and growth in the aviation and aerospace sector drive the global precision ball screw market.

PORTLAND, Ore., Nov. 9, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Precision Ball Screw Market by Type (Ground Precision Ball Screw and Rolled Precision Ball Screws) and Application (Semiconductor, Medical, Laboratory, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global precision ball screw industry was estimated at $1.57 billion in 2019, and is anticipated to hit $2.04 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027.

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Drivers, restraints, and opportunities-

Development of the semiconductor and medical diagnostics industry and growth in the aviation and aerospace sector drive the global precision ball screw market. On the other hand, fluctuations in foreign currencies influenced profit margins and increase in trade wars among countries impede the growth to some extent. However, high-end technological advancements & innovations in precision ball screws are expected to create multiple opportunities for the key players in the industry.

Covid-19 scenario-

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The ground precision ball screw segment to maintain the lion's share-

Based on type, the ground precision ball screw segment accounted for more than two-thirds of the global precision ball screw market share in 2019 and is anticipated to lead the trail by the end of 2027. The same segment is also projected to grow at the fastest CAGR of 5.6% throughout the forecast period. This is attributed to the fact that ground precision ball screws are increasingly being adopted in aerospace, advanced medical equipment, and robotic surgeries, owing to its high precision and high positional accuracy.

The semiconductor segment to rule the roost-

Based on application, the semiconductor segment contributed to nearly one-third of the global precision ball screw market revenue in 2019 and is expected to retain its dominance during the study period. The same segment would also portray the highest CAGR of 6.4% from 2020 to 2027. Features such as positional accuracy, reliability, and high precision have escalated the use of precision ball screws in the semiconductor industry. This factor has propelled the segment growth.

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Asia-Pacific, followed by Europe and North America, garnered the major share in 2019 –

Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2019, generating nearly half of the global precision ball screw market, due to rapid industrialization in the province. LAMEA, on the other hand, would manifest the fastest CAGR of 6.5% till 2027. This is because the region is witnessing huge growth in foreign trade.

Key players in the industry-

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