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

LONDON--(BUSINESS WIRE)--Apr 15, 2019--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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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.

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.

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