Market Overview
Ball Screw is a mechanical device that can manufacture various devices. It is used for manufacturing devices in semiconductors, medical devices, automotive, aviation and & aerospace, food and beverages, mining, and industrial robots. The advantages offered by this device are fuelling their demand in the market. Several factors contributing to the market growth include growing manufacturing of medical devices, rising investment in the aviation & aerospace sector, and growing automation of industrial processes. Moreover, the increasing demand for industrial robots is expected to boost market growth during the forecast period. As ball screws can also be fitted in compact spaces, they are also in high demand for manufacturing miniature devices. Companies in the market are launching ball screws that meet regulatory standards and can be used for manufacturing various devices.
Key Trends
- One major trend Credence Research Inc. is expected to see in the ball screw market is the advancement of the product in such a way that they offer higher precision and speed compared to the existing devices.
- The growing need for medical devices is anticipated to aid the ball-bearing market as these are used for manufacturing various medical devices, such as dental milling machines, blood pumping devices, and surgical robots, among others.
Economic Impact Analysis
The ball screw market report, 2022-2028 is focused on a thorough analysis of the economic factors that are affecting industries worldwide. The report also covers all the factors expected to affect the market growth in 2023.
- Recession
The global ball screw market is anticipated to be significantly affected by the ongoing recession. The global market growth is already slow and is projected to decrease even further, owing to the impact of the recession on nations. According to several studies, in 2023, the world might be edging toward a worldwide recession. The majority of the manufacturers already have been seeing the effects of the recession on the lowering of production. Moreover, the cost of manufactured products is expected to be high as the cost of raw materials is rising owing to shortages. Furthermore, the shortage in labor and wages has also led to disruption in the production process. Such factors are affecting the growth of the global ball screw market.
- Ukraine-Russia War Impact
The conflict between Russia and Ukraine triggered severe disruption in the global markets. One major effect of the conflict was the increasing prices of various metals such as steel, iron, nickel, and magnets, among others. Manufacturing industries were getting back to normal after the COVID-19 impact. However, the conflict between Russia and Ukraine created more challenges for them in 2022. The supply chain was stretched beyond capacity as the demand for various products ose, but the manufacturing was lower. Additionally, the spike in oil & gas prices also escalated to energy cries on countries that were dependent on Russia and Ukraine for the same. Thus the manufacturing industries are facing a huge impact of the war.
- China COVID Outburst December 2022
The ongoing COVID-19 surge is crippling the growth of industries globally. A surge in COVID-19 cases in China has led to rising demand for healthcare products and essentials. As many workers are having COVID-19, factoring in regions such as Shanghai and Shenzhen is not operating properly. The logistics sector is heavily hit as congestion is building in Ningbo and Qingadoa ports. The manufacturing orders need to be completed because of a shortage of workers and a disrupted supply chain. Moreover, the cost of raw materials such as steel and iron is also expected to increase as there is a shortage of these materials in the market. The manager and senior working staff are warning clients to expect a delay in the delivery of the ordered products. It has been estimated that China is already facing a 40% demand collapse.
Regional Analysis
In 2022, the greatest revenue share in the ball screw market was attributed to Asia Pacific. Growing demand for the product as it is used for manufacturing various products, including semiconductors, aviation and & aerospace, automotive, medical device, and industrial robots, among others, is bolstering the market growth. Moreover, as these devices are compact, they are in high demand for manufacturing miniature devices. Companies in this region are focused on providing advanced products to cater to the rising demand for the product. Increasing manufacturing of various products coupled with the growing number of industries, especially in China, Japan, and India, is also expected to fuel the market growth during the forecast period.
STAR Analysis
- Situation
Our client wanted to understand the market trends as ball screws are used in various industrial verticals. They were focused on developing a new product in the market and hence were focused on studying the market trends.
- Task
The client wanted a report that focused on the key market trends. Also, a detailed study of the existing products in the market, such as the features and benefits offered by these products. A detailed global report was to be prepared that catered to the client’s requirements and was focused on.
- Action
The client got in touch with Credence Research Inc., which assisted the client in understanding the current market scenario and existing market trends. The report “Global Ball Screw Market, 2023-2030” published by Credence Research Inc. in 2023 thoroughly covered the factors affecting the market growth. Also, detailed profiling of the products in the market was done along with providing the features of these products. The report covered the demand-supply analysis to give an idea regarding the industrial demand for the product.
- Result
Credence Research Inc.’s thorough analysis report of the ball screw market assisted the client in understanding the features of the products already available in the market and accordingly focused on their development activities. With a thorough analysis, they could focus on developing new advanced products that can be used for various applications in the industry.
