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/EIN News/ -- Pune, India, Feb. 01, 2023 (GLOBE NEWSWIRE) --
The global linear motion products market size was valued at USD 10.9 billion in 2021 and reached USD 11.5 billion in 2022. The market is expected to reach USD 18.1 billion by 2029, exhibiting a CAGR of 6.7% during the forecast period. The rise can be credited to the surging product usage across a range of areas, including machine tools, semiconductor manufacturing equipment, and others. Fortune Business Insights™ provides this information in its report titled “Linear motion products Market, 2022-2029.”
List of Key Players Mentioned in the Report:
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Report Coverage:
The report gives an insight into the major trends that are set to impel the business scenario across various regions. It further provides an overview of the critical steps taken by major industry participants in strengthening their market position. Additional aspects of the report include the key factors driving industry growth throughout the forthcoming years.
COVID-19 Impact:
Industry Value to Rise Driven by Healthy Product Demand and Efficient Management of Facilities
The COVID-19 pandemic resulted in a substantial decline in the revenue generation of major market players. Several companies registered a reduction in profit margins impelled by the closure of manufacturing facilities. However, healthy product demand and effective management of facilities helped in the revival of industry growth to some extent.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/linear-motion-products-market-106917
Segments:
Linear Bearings Segment to Record Lucrative Expansion Owing to Rising Product Adoption in Manufacturing Industries
Based on product, the market is segmented into actuators, bearings, linear guides & tables, linear motors and drives, ball screws, and others. The linear bearings segment is anticipated to record appreciable growth over the forecast period. The expansion can be credited to the escalating product demand across manufacturing industries. Machining Tools Segment to Register Substantial Growth Due to Mounting Production of CNC Machines
On the basis of application, the market is subdivided into semiconductor & electronics, medical and pharmaceuticals, machining tools, food & beverages, automotive, aerospace, and others. The machining tools segment is expected to record considerable growth over the forthcoming years. The rise can be attributed to the growing production of CNC machines for boring, grinding, and lathe machines.
On the basis of region, the market for linear motion products is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 6.7% |
| 2029 Value Projection | USD 18.1 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 10.9 billion |
| Historical Data | 2018 to 2020 |
| No. of Pages | 120 |
| Segments covered | By Product, Application, Region |
| Growth Drivers | Innovative Linear Motion Products with Enhanced Manufacturing Standards to Bolster Market Growth |
Market Drivers and Restraints:
Market Share to Rise Owing to an Increase in Technology Evolution
The linear motion products market growth is poised to be driven by the improved standards of production such as the use of line actuators and leadscrew assemblies to provide accurate and clean, cost-effective solutions. The industry growth can be further attributed to the considerable evolution of the technology through the recent years.
However, the industry expansion is likely to be hampered by huge costs of linear motion products.
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Regional Insights:
Asia Pacific to Lead Driven by Growing Product Demand across Various Applications
The Asia Pacific market is expected to record an appreciable rise over the ensuing years. The surge can be attributed to the escalating product demand from various applications, including automotive, aerospace, and machining tools. Additional factors favoring regional growth comprise the advantages of increased efficiency, accuracy & precision, and high productivity.
The North America linear motion products market share is estimated to register a commendable surge throughout the estimated period. The escalation can be credited to the growing investments by major industry participants in research and development operations.
Competitive Landscape:
Industry Players Launch New Solutions to Secure Competitive Edge
Several companies are undertaking research activities for the launch of various linear motion products. Besides, many market players are adopting a series of initiatives for consolidating their industry position. These include mergers, acquisitions, partnership agreements, and collaborations. Some of the additional steps include rising participation in trade fairs.
Key Industry Development:
July 2020 – NSK rolled out a new technology. The solution expanded ball screw life in high-load applications such as injection molding machines and servo presses.
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