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
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Type
Market Segmentation by Geography
Drivers, Challenges, & Trends
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