Global Precision Ball Screw Market to Grow at a CAGR of 5.1%

Introduction

Precision ball screws translate rotational motion to linear motion. They outperform standard acme lead screws in terms of accuracy, precision, and efficiency. Because it transfers sliding friction to rolling friction, it has high efficiency in motion transfer. Because of their high load-bearing capacity, positional accuracy, and repeatability, precision ball screws are widely utilized in the semiconductor, medical device, and aerospace industries. It also enables cost and weight savings in the overall design of a mechanical system. Growth in the semiconductor, aviation and aerospace, and healthcare industries will create opportunities for industry participants. Furthermore, the rising need for robotics, notably surgical robots and aerospace equipment, is expected to create opportunities for precision ball screws.

Market Dynamics

Growth in Aviation and Aerospace Industry Drives Market Growth

Precision ball screws are becoming more popular in the aviation and aerospace industries due to their dependability in producing linear motion. Precision ball screws, for example, are utilized in aircraft flap actuators to efficiently regulate the movement of the wings and tail. It is also utilized in actuators for braking systems, motion sensors, and spacecraft and aircraft steering systems. Precision ball screws are an essential component in the aviation and aerospace industries for converting rotary motion to linear motion. Furthermore, the aviation and aerospace industries have had tremendous growth in the past and are likely to continue in the future.

Technological Advancements & Innovations Create Opportunities

The International Organization for Standardization has established precision ball screw accuracy standards for positioning and transport applications. In the medical field, lead accuracy is critical. This has created chances for precision ball screw market participants to manufacture precision ball screws with high lead accuracy. MPS Microsystems, situated in Germany, for example, provides a range of high-precision ball screws for placement less than 5 m. Furthermore, technological improvements like industrial robots, 3D printing, and factory automation create a potential for precision ball screw product innovations, which will accelerate market expansion throughout the projection period.

Regional Analysis

Asia Pacific dominates the market and is growing with a CAGR of 5.5%. Asia-Pacific countries are rapidly industrializing, which is supporting market growth. For example, the Indian government announced in July 2018 the creation of a special economic zone in Telangana state for aerospace and precision engineering in Hyderabad. Similarly, the Chinese government unveiled a "Made in China 2025" strategy to achieve $ 305 billion in semiconductor sector output by 2030. The Indian government is taking bold steps to restructure the Indian economy. Plans like Make in India have significantly aided the establishment of semiconductor production units in the country. Such reasons are projected to propel the precision ball screw market forward.

The North American market for precision ball screws is growing with a CAGR of 4.2%. The region's need for precision ball screws is increasing due to the expansion of the semiconductor, medical device, and aerospace sectors. The aerospace industry in the United States has seen significant growth in R&D efforts. Furthermore, to compete and expand their product portfolio, several manufacturers offer a wide choice of precision ball screws. During the forecast period, such factors are projected to drive the growth of the precision ball screw market in the region.

The growth in the European semiconductor industry offers lucrative growth opportunities for manufacturers of precision ball screws. Furthermore, the aerospace sector has been experiencing significant growth in Europe over the past few years. For instance, in January 2020, under the Harpia program, the government of Poland signed a procurement contract of $ 4.6 billion to purchase 32 Lockheed Martin F-35A Lightning II combat aircraft. This is expected to boost the European market growth during the forecast period.

Because of modernization, Latin America is experiencing an increase in overseas trade, which promotes the demand for precision ball screws. Furthermore, Middle Eastern countries are witnessing an increase in the adoption of technological breakthroughs such as industrial automation, IoT, and robotics. Because precision ball screws are essential components for robotic equipment, the aforementioned factors are expected to fuel market expansion. Furthermore, Africa is seeing industrialization as a new investment channel for global investors and international manufacturing enterprises. In March 2018, the African Union opened the African Continental Free Trade Area, one of the world's largest free trade zones, with the goal of unlocking manufacturing potential and facilitating industrialization in order to promote sustainable growth and jobs in Africa. Such factors are projected to drive the growth of the precision ball screw market in the region.

Key Highlights

• The global precision ball screw market was valued at USD 1,823 million in 2022. It is projected to reach USD 2,852 million by 2031, growing with a CAGR of 5.1% during the forecast period (2023–2031).
• Depending on the type, the market is divided into ground precision ball screws and rolled precision ball screws. The ground precision ball screw has the largest market share and is growing with a CAGR of 5.6%.
• Based on application, it is categorized into the semiconductor, medical, laboratory, and others. The semiconductor application segment dominates the market and is growing with a CAGR of 6.4%.
• Asia Pacific dominates the market and is growing with a CAGR of 5.5%.

Competitive Players

Competitive Players

The most prominent players in the market are Barnes Industries Inc., Bosch Rexroth, HIWIN Corporation, Koyo Machinery, Kuroda Precision Industries, Nidec Corporation, PSR Group, Schaeffler AG, SKF, and THK Co. Ltd.

Recent Developments

Market News

• In March 2021, Ewellix, formerly SKF Motion Technologies, introduced a new smooth-running, high-accuracy ball screw range for automation and heavy-duty applications, which will boost machine service life while attaining 25% higher speed limits and low noise levels.
• In July 2022, PBC Linear, a Pacific Bearing Company and a major player in linear motion solutions added Miniature Metric Ball Screw Assemblies to its extensive offering. This combination of precision-rolled screw and compact nut is generating great performance from an inexpensive package, building on the success of their lead screw technology.

Segmentation

Global Precision Ball Screw Market: Segmentation

By Type

• Ground
• Rolled

By Application

• Semiconductor
• Laboratory
• Medical
• Others

By Region

• North America
• Europe
• Asia Pacific
• LAMEA