New York, NY -- (SBWIRE) -- 08/31/2017 -- The machinery is an integral part in today's era of manufacturing where both its production and maintenance is necessary. The demand for mechanical components is on the rise owing to the growth of end-use industries. For instance, manufacturers expanding their production capacity requires additional machinery which in turn aids in driving the global screw jack market. The industries such as heavy machinery, defence, shipyards, mining, construction are the major end-users responsible for screw jack consumption. Furthermore, the demand for modular designs to offer quick assembly boosts the global screw jacks market.
The global screw jack market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and the Middle East and Africa (MEA). In the Western European region, the industrial automation is extremely robust with advanced technologies and mechanical engineering is considered to be a major contributor to the region's economy. Furthermore, the mechanical engineering is also very innovative with diversified industrial base which is expected to drives the screw jacks market in the region.
Latin America and Eastern Europe regions are primarily impacted by low economic growth which has drastically affected the GDP thereby slowing down the region's manufacturing sectors. This impact is also further carried forward to the various machinery component manufacturers and hence the screw jack market is expected to grow at below average CAGR during the forecast period. In the APEJ region, the development of manufacturing industries is at the cycle of the growth phase, also due to the market saturation in the western countries, most of the manufacturers are shifting their plants in APEJ region to gain profit margin. The screw jack market in APEJ region is expected to be benefitted by various factors such as favourable economic condition, government subsidies and policies for setting up component manufacturing, growing end-use industries such as automotive, construction, food, paper etc.
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Some of the prominent players identified in the global screw jacks market include: Power Jacks Limited, Haacon Hebetechnik GmbH, Joyce Dayton, Unimec SPA, ANDANTEX Ltd, Thomson Industries, Inc., Maschinenfabrik Albert GmbH, JM Engineering Works, Lim-Tec Beijing Transmission Equipment Co., Ltd., SIJIE ININDUSTRIAL CO., LTD, ZIMM.
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