Yahoo Finance Emphasis on Repair & Maintenance in Industrial Sector to push Screw Jacks Market to US$ 378.4 Mn by 2032 | Future Market Insights, Inc.
As per the report, the U.S. screw jacks market is predicted to expand at 4.1% CAGR through 2022 & beyond. According to the study, sales of screw jacks in the U.S. are expected to reach US$ 54.1 Mn by the end of 2032. Growth in the market is primarily contributed to the development of new and innovative products in automotive and construction sector.
DUBAI, United Arab Emirates, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The global screw jacks market is projected to grow at an average CAGR of 4.7% and reach an estimated valuation of US$ 378.4 Mn by 2032. Screw jacks market is expected to reach US$ 240.2 Mn by the end of 2022. The market growth is attributed to the rising importance of repair and maintenance across the industrial sector. In addition to this, increasing focus on product development also bodes well for the market.
Screw jacks are used to elevate vehicles in order to do basic repairs and maintenance duties. Thus the booming automobile sector is likely to foster growth for the screw jacks market. Evolution of the automotive industry along with growing sales of vehicles all over the world is predicted to bolster the sales of screw jacks over the forecast period. Growing automobile manufacturing in countries like Germany and China is also contributing to the surging demand for lifting jacks as car equipment. Additionally, with heightened demand for automotive cars, screw jack sales are expected to rise exponentially as simple repairs and maintenance require lifting jacks.
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Moreover, the development of public transportation, especially in the railway and airline sectors, is also expected to supplement the rising demand for screw jacks. Screw jacks are substantially used in the repair and maintenance of rail-guided vehicles and airplanes. Hence, the rapid growth of the railway and aviation transportation sector is predicted to foster the target market growth.
Furthermore, the emergence of smart automation in the industrial sector is likely to boost the sales of screw jacks. Rising adoption of automation across multiple industry verticals like chemical, automotive, energy, and utilities will fuel the sales of screw jacks
Again, jacks are generally used for loading and unloading in civil construction, infrastructure development, and industrial equipment handling. The market for screw jacks is anticipated to advance with growing infrastructure investment, such as roads, bridges, and railroads, as well as with the expansion of the construction sector.
Other factors such as efficiency and reliability to avoid human error, as well as the rapid transformation of industries toward smart manufacturing, will positively influence the screw jacks market over the forecast period.
“Development of modular screw jack designs that enable goods to be easily assembled from common components; cost-effectively and with completely customized devices will likely supplement market growth of screw jacks over the forecast period,” says an FMI analyst.
Key Takeaways:
Expansion of the automobile industry coupled with rising adoption of automation to boost market possibilities.
The U.S. screw jacks market is anticipated to advance at 4.1% CAGR.
In India, demand for screw jacks will surpass US$ 27.7 Mn by the end of 2032.
By product type, bevel gear segment will present a market opportunity of US$ 21.8 Mn over the forecast period.
On the basis of, general industry and material handling, together, will account for 3/5th of screw jacks demand.
Competitive Landscape
Columbus McKinnon, Haacon Hebetechnik GmbH, ZIMM, Unimec SPA, ANDANTEX Ltd., Joyce Dayton, Thomson Industries Inc., Power Jacks Ltd., INKOMA Group, Nippon Gear, JM Engineering Works, Lim-Tec Beijing Transmission Equipment Co. Ltd., SIJIE Industrial Co. Ltd., Chiaravalli Group Spa, Masko Tech Engineers, ACKLETECH Enterprises, Gears and Gears drives (India) Pvt. Ltd., MAKISHINKO Co.Ltd., Osaka Jack Co.Ltd., Nuodun Group, Wanxin, Weingrill Ing, Kelston Actuation, WMH Herion Antreiebstechnik, TSUBAKIMOTO, and Rosen among others are some of the major players in the screw jacks market that are profiled in the full version of the report.
The major players in the market employ acquisition and expansion tactics to improve the screw jacks supply chain. Many leading screw jacks manufacturers are also investing in research and development activities to utilize new technologies and gain a competitive edge.
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More Insights into the Screw Jacks Market Report
In its latest report, FMI offers an unbiased analysis of the global screw jacks market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented based on lubrication type (grease lubrication, oil lubrication), product type (worm gear, ball gear, bevel gear), load capacity (up to 100kN, 101-1000kN, above 1001kN), application (general industry, material handling industry, aerospace and aircraft, automotive, others), and region.
According to the latest FMI reports, based on regional growth, North America’s screw jacks market is expected to show considerable growth primarily driven by the U.S. market. The U.S. screw jacks market is predicted to expand at 4.1% CAGR through the assessment period. The sales of screw jacks in the U.S. are anticipated to reach US$ 54.1 Mn by the end of 2032. The development of new and innovative products in the automotive industry and the expanding construction sector are responsible for the regional market growth.
The screw jacks market in India is likely to grow at a CAGR of 6.6% between 2022 and 2032. The demand for screw jacks is estimated to surpass US$ 27.7 Mn by the end of 2032. This growth is attributed to the increasing demand from garages and personnel for the repair of automotive and other industrial parts. The region is believed to be one of the fastest-growing screw jacks market. This is primarily due to the rapidly growing automotive industry.
As per the latest study by FMI, based on segmentation, the bevel gear segment is likely to dominate the market while presenting an opportunity worth US$ 21.8 Mn over the forecast period. Whereas, on the basis of application, general industry and material handling, together, are likely to lead the market with an opportunity of US$ 94.9 Mn.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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Global Screw Jacks Market by Category
By Product Type, the Global Screw Jacks Market is segmented as:
Worm Gear
Ball Screw
Bevel Gear
By Lubrication Type, the Global Screw Jacks Market is segmented as:
Grease Lubrication
Oil Lubrication
By Load Capacity, the Global Screw Jacks Market is segmented as:
Up to 100kN
101 – 1000kN
Above 1001kN
By Application, the Global Screw Jacks Market is segmented as:
General Industry
Material Handling Industry
Aerospace and Aircraft
Automotive
Others
By Region, the Global Screw Jacks Market is segmented as:
North America
Latin America
Europe
East Asia
South Asia Pacific
The Middle East and Africa
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