Global Industrial Rack and Pinion Market Will Grow at a CAGR of 6% During 2019-2023 | Technavio

LONDON--()--Technavio has announced the release of their research report on the global industrial rack and pinion market for the forecast period 2019-2023. This global industrial rack and pinion market analysis report segments the market by application (machine tools, linear actuation and guideways, and material handling) and geography (APAC, Europe, MEA, North America, and South America).

Global industrial rack and pinion market size will grow by almost USD 419.4 million during 2019-2023, at a CAGR of more than 6%. The advanced machine tools used in precision manufacturing require zero-backlash. The looseness caused by backlash results in a lag between the motion driver and the follower. This is unacceptable in the components produced for aerospace and defense or medical industry. Considering this, vendors are offering rack and pinion products that have zero backlashes. For instance, Andantex USA recently launched a range of rack and pinion reducers with the near-zero backlash to ensure smooth operation. The increasing trend of adopting rack and pinion systems with zero and near-zero backlash is expected to fuel the growth of global industrial rack and pinion market during the forecast period.

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Increasing demand for actuators in process industries

Rotary valves used in process industries require rack and pinion actuators to turn them. Rotary valves such as ball valves and butterfly valves are commonly used in the oil and gas, chemical and petrochemical, and power generation industries. There is a significant growth in the global natural gas production as it is an environmentally friendly fuel. Similarly, the demand for petrochemicals used to manufacture a range of industrial and consumer goods is also increasing. Moreover, many Gulf Cooperation Council (GCC) countries are investing in refining and petrochemical complexes in countries such as China, India, and Malaysia. These factors are expected to drive the growth of the global industrial rack and pinion market.

The APAC will witness a faster growth because of the increasing demand for machine tools in the region. China and India are among the largest makers of industrial machines such as compressors, turbines, and pumps. The presence of many end-user industries in the region will increase the need for rack and pinion systems. Europe is one of the largest producers of automobiles in the world. There is a huge demand for machine tools in the European automobile industry. Many such factors will boost the growth of the global industrial rack and pinion market”, says an analyst at Technavio.

GlaxoSmithKline recently announced its plan to build a new respiratory and human immunodeficiency virus (HIV) medicine manufacturing plant in the UK. The pharmaceutical industries widely use automation equipment including rack and pinion actuators. Saudi Arabian Oil announced a joint venture signed with Honeywell International and TechnipFMC to enter petrochemical business in the US. The petrochemical industry requires many rotating industrial machines that are produced using machine tools. These developments are expected to increase the growth of the global industrial rack and pinion market during the forecast period.

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This global industrial rack and pinion industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several industrial rack and pinion manufacturers including -

  • Andantex USA Inc.
  • ATLANTA Antriebssysteme E. Seidenspinner
  • Güdel Group AG
  • HMK Automation Group Ltd
  • Nidec Corporation
  • Sati Spa.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

Technavio has announced the release of their research report on the global industrial rack and pinion market for the forecast period 2019-2023.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com