Industrial Rack and Pinion Market to grow by USD 827.85 million from 2022 to 2027 | Growth of industrial manufacturing leading to an increase in demand for machine tools to drive the growth- Technavio

NEW YORK, Sept. 25, 2023 /PRNewswire/ -- The industrial rack and pinion market is expected to grow by USD 827.85 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 8.6% during the forecast period. The market is segmented 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). The growth of industrial manufacturing leading to an increase in demand for machine tools is a key factor driving market growth. For a wide range of metal, wood, or plastic components, it is becoming increasingly important to have machinery in production facilities for different types of work such as cutting, milling, drilling, and boring. Manual or automated machine tools are used in most of these manufacturing activities. Therefore, rack and pinion assemblies are widely used in these industrial plants, which are one of the main linear actuators used in machine tools to convert rotation into linear motion. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the industrial rack and pinion market: 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.
• Industrial Rack and Pinion Market is fragmented in nature.
• Market to observe 8.0% YOY growth in 2023.

Market Dynamics:

Major Trend

• Increasing demand for stairlifts in offices is a major trend in the market. 
• Starlift can be seen as an aid for people who have difficulty climbing stairs.
• Some of the main factors that prevent people from climbing stairs include arthritis, joint stiffness, and injury.
• Many industrial facilities are designed so that the ground floor includes the manufacturing processes and a small mezzanine for maintenance and other operations.
• As a result, the number of stairlifts in industrial, commercial, and residential applications is increasing.
• Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

• The availability of substitutes for rack and pinion systems is a significant challenge restricting market growth.
• The rack and pinion system is mainly a linear actuator that is widely used to convert rotary motion into linear motion.
• However, there are several alternatives to these mechanisms available on the market.
• Ball screws, lead screws, and linear motors are some of the main replacements for these rack and pinion systems
• For example, ball screw systems are the primary alternative to rack and pinion mechanisms that allow smooth, nearly frictionless movement along a given axis.
• Hence, these factors are expected to restrict market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The machine tools segment is estimated to witness significant growth during the forecast period. The machine tools market has undergone major changes, particularly in end users, such as increasing demand for machines that are very easy to use and can perform a wide range of tasks in several thousand cycles. Furthermore, automated machine tools are increasingly demanded by end users, since they can be programmed with the aim of performing machining as required. As a result, factors such as the growth of the civil aviation market, increased government spending on defense equipment purchases in most countries, and increased consumer spending on defense equipment, Consumer electronics, and healthcare will increase demand. Hence, these factors are expected to drive segment growth during the forecast period.

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Related Reports:

The Automotive Rack and Pinion Steering System Market size is estimated to grow at a CAGR of 5.06% between 2023 and 2027. The market size is forecast to increase by USD 5.25 billion.

The automotive bicycle rack market is estimated to grow at a CAGR of 3.24% between 2022 and 2027. The size of the market is forecast to increase by USD 457.24 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio