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The Industrial Rack And Pinion Market size is estimated to grow at a CAGR of 8.6% between 2022 and 2027. The market size is forecast to increase by USD 827.85 million. The growth of the market depends on several factors, such as the growth of industrial manufacturing leading to an increase in demand for machine tools, increasing demand for actuators in process industries, and the growing number of applications in material handling.
This report extensively covers market segmentation by product (machine tools, linear actuation and guideways, and material handling), type (alloy steel, carbon steel, stainless steel, aluminum alloy, and plastic), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Industrial Rack and Pinion Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There is an increasing demand for machines in manufacturing facilities for various applications such as cutting, milling, drilling, and boring to be performed on a range of metal, wood, or plastic components. Most of these industrial activities are executed using manual or automatic machine tools. Additionally, objects need to be moved in a linear direction, especially the ones which require machining, tool posts, or carriages.
Hence, rack and pinion assembly are widely used in these industrial facilities which is one of the main linear actuation mechanisms that are utilized in machine tools to convert rotary motion into linear motion. As a result, the increase in unit sales of machine tools is expected to fuel the demand for rack and pinion assemblies for machine tool applications. Hence, such factors are expected to drive market growth during the forecast period.
Starlift can be referred to as a support to a person who experiences trouble climbing stairs. Some of the major factors which prevent people from climbing staircases include arthritis, joint stiffness, and injuries. Many industrial facilities are designed in such a way that the ground floor encompasses production processes, and a small mezzanine floor houses maintenance and other operations.
Therefore, there is an increase in stairlifts across industrial and commercial as well as residential applications. Additionally, retrofitting of elevators in these facilities is expensive. Thus, as stairlifts use very long pieces of straight and curved racks and large pinions, it is expected to significantly contribute to the market growth. Hence, such factors are expected to drive market growth during the forecast period.
A rack and pinion system is primarily a linear actuation mechanism that is widely utilized for converting rotary motion into linear motion. However, there are several alternatives for these mechanisms available in the market. Some of the main substitutes for these rack and pinion systems include ball screws, lead screws, and linear motors. Thus, there is a significant overlap between the applications of these mechanisms which is negatively impacting the market.
For instance, A ball screw system is a main alternative to the rack and pinion mechanism which provides a smooth and almost friction-free movement along a given axis, but it tends to vibrate or whip if the length of the axis is more and the ball bearing rotates faster than the critical speed of rotation. Hence, such factors can hinder the market growth during the forecast period.
The machine tools segment is estimated to witness significant growth during the forecast period. There have been significant changes in the global machine tools market, especially in end-user requirements including the increasing demand for machine tools that are highly automated and can repeat a task innumerably over thousands of cycles. As a result, it significantly fuels the demand for actuation mechanisms, such as rack and pinion systems.
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The machine tools segment was the largest segment and was valued at USD 478.73 million in 2017. There is an increasing demand for automated machine tools among end-users as it is capable of being programmed to execute machining as required. Most of the linear axes need rack and pinion systems for the conversion of the rotary motion of their handwheel or motor into linear motion. Furthermore, there is an increasing demand for these machine tools across various industries such as aerospace and defense, electronics, and medical devices industries for the manufacture of precision components. Thus, factors such as the growth of the global civil aviation market, the increasing government expenditure on acquiring defense equipment in most countries, and the rising consumer spending on consumer electronics and healthcare are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Based on type, the segment is classified into alloy steel, carbon steel, stainless steel, aluminum alloy, and plastic. Alloy steel comprises different alloy elements, including manganese, silicon, chromium, nickel, and molybdenum, in addition to carbon. These alloy elements improve the properties of the steel, such that it makes the steel stronger, more durable, and resistant to wear and corrosion. There is an increasing adoption of alloy steel in the construction of heavy-duty machinery and equipment, such as rack and pinion systems. The high tensile strength and toughness of alloy steel make it an ideal option for heavy-duty applications, where the rack and pinion system requires to withstand substantial loads and frequent movements. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 39% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Some of the key countries which are significantly contributing to the global industrial rack and pinion market include countries such as China, Japan, and India as they are the leading producers and consumers of machine tools as well as automotive. Additionally, the increasing demand for automobiles in APAC is significantly contributing to the market growth in the region.
Additionally, the large-scale manufacturing of, industrial equipment such as compressors, turbines, and pumps should cater to the requirements of discrete manufacturing industries and process industries which fuels the demand for global industrial rack and pinion in the region. Furthermore, India is planning to double its steel-making capacity during 2018-2030 according to its National Steel Policy. As a result, there is an increasing demand for require complex industrial machinery, which is manufacturing using machine tools. Hence, it is expected to positively impact the market growth in the region. Therefore, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global industrial rack and pinion market witnessed a significant slowdown, due to the temporary closure of several industries, such as automotive, cement, mining, and chemicals and petrochemicals. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the restoration of operations in industrial sectors. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Apex Dynamics Inc: The company offers industrial racks and pinions such as Precision racks.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ATLANTA Antriebssysteme GmbH, B and B Manufacturing Inc., Commercial Gear and Sprocket Co. Inc., GAM Enterprises Inc., Gudel Group AG, HMK Automation Group Ltd., Kohara Gear Industry Co. Ltd., Lomar Machine and Tool Co., MIJNO PRECISION GEARING SAS, Nexen Group Inc., P R Components Pvt. Ltd., Pearl Engineers, REDEX Group, Reliance Precision Ltd., Sati SpA, Shri Butbhavani Engineering, Statewide Bearings, Yuan Yi Chang Machinery Co. Ltd., and Nidec Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The industrial rack and pinion market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Industrial Rack And Pinion Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.6% |
Market growth 2023-2027 |
USD 827.85 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.0 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 39% |
Key countries |
US, Canada, China, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Apex Dynamics Inc., ATLANTA Antriebssysteme GmbH, B and B Manufacturing Inc., Commercial Gear and Sprocket Co. Inc., GAM Enterprises Inc., Gudel Group AG, HMK Automation Group Ltd., Kohara Gear Industry Co. Ltd., Lomar Machine and Tool Co., MIJNO PRECISION GEARING SAS, Nexen Group Inc., P R Components Pvt. Ltd., Pearl Engineers, REDEX Group, Reliance Precision Ltd., Sati SpA, Shri Butbhavani Engineering, Statewide Bearings, Yuan Yi Chang Machinery Co. Ltd., and Nidec Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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