IoT Integration and Zero Backlash Systems Fuel Innovation in the Industrial Rack and Pinion Market

DUBLIN, Oct. 9, 2023 /PRNewswire/ — The “Global Industrial Rack and Pinion Market 2023-2027” report has been added to  ResearchAndMarkets.com’s offering.

The industrial rack and pinion market is projected to grow by USD 827.85 million during the period from 2022 to 2027, with an accelerating Compound Annual Growth Rate (CAGR) of 8.6% throughout the forecast period.

The market analysis report on the industrial rack and pinion market offers a comprehensive overview, including market size and forecasts, current trends, growth drivers, challenges, and vendor analysis, covering approximately 25 vendors.

Key Market Drivers

The growth of the industrial rack and pinion market is driven by several key factors:

  1. Growth of Industrial Manufacturing: The expansion of the industrial manufacturing sector has led to an increased demand for machine tools, propelling the market’s growth.
  2. Demand for Actuators in Process Industries: There is a rising demand for actuators in various process industries, contributing to the market’s growth.
  3. Wider Range of Applications in Material Handling: The industrial rack and pinion systems find applications in material handling, further boosting market demand.

Market Segmentation

The industrial rack and pinion market is segmented as follows:

By Product:

  1. Machine Tools
  2. Linear Actuation and Guideways
  3. Material Handling

By Type:

  1. Alloy Steel
  2. Carbon Steel
  3. Stainless Steel
  4. Aluminum Alloy
  5. Plastic

By Geography:

  1. APAC (Asia-Pacific)
  2. Europe
  3. North America
  4. Middle East and Africa
  5. South America

Emerging Market Trends

The report identifies several emerging market trends, including:

  1. Increasing Demand for Stairlifts in Offices: The rising demand for stairlifts in office spaces is expected to drive the industrial rack and pinion market’s growth in the coming years.
  2. Need for Zero or Near-Zero Backlash Systems: The market is witnessing a growing need for rack and pinion systems with zero or near-zero backlash, driving demand in this segment.
  3. Integration of IoT and Condition Monitoring: The integration of IoT (Internet of Things) and condition monitoring in rack and pinion systems is expected to lead to substantial demand within the market.

Key Companies Mentioned

The report covers vendor analysis and mentions approximately 25 companies operating in the industrial rack and pinion market, including:

  • Apex Dynamics Inc.
  • ATLANTA Antriebssysteme GmbH
  • B and B Manufacturing Inc.
  • Commercial Gear and Sprocket Co. Inc.
  • GAM Enterprises Inc.
  • Gudel Group AG
  • HMK Automation Group Ltd.
  • Kohara Gear Industry Co. Ltd.
  • Lomar Machine and Tool Co.
  • MIJNO PRECISION GEARING SAS
  • Nexen Group Inc.
  • P R Components Pvt. Ltd.
  • Pearl Engineers
  • REDEX Group
  • Reliance Precision Ltd.
  • Sati SpA
  • Shri Butbhavani Engineering
  • Statewide Bearings
  • Yuan Yi Chang Machinery Co. Ltd.
  • Nidec Corp.

For more information about this report visit https://www.researchandmarkets.com/r/d6bswh

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SOURCE Research and Markets

Originally published at https://www.prnewswire.com/news-releases/iot-integration-and-zero-backlash-systems-fuel-innovation-in-the-industrial-rack-and-pinion-market-301950680.html

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