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Industrial Jacks Market will worth around USD 21.8 billion

January 19, 2023 2:00 PM ET |Source: GreyViews GreyViews

Pune India, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the industrial jacks market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the industrial jacks market are present across various countries in the above-mentioned regions. Fuse Clips

Industrial Jacks Market will worth around USD 21.8 billion

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, application and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs. The significant players operating in the global industrial jacks market Mobile Industries Inc., Hi-Force, Meyer Hydraulics Private Limited, Larzep, Kumar Machine Tools, Bva Hydraulics, Sam Hydromacs Private Limited, Power Jacks Limited, Rima Spa among others. To achieve a substantial market share in the worldwide industrial jacks market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Jack is a material handling piece of equipment that combines force to lift or move heavy loads. The term jack can refer to a wide range of lifting devices that leverage or utilise other methods of mechanical advantage to amplify force applied to provide the ability to carry loads. As a result of technological advances and high-grade raw materials, industrial jacks are manufactured by using advanced technology to lift heavy industrial loads. Screw jacks are used predominantly by industries such as heavy machinery, defence, shipyards, mining, construction, and modular designs to make quick assembly possible. As the global industrial jack market grows, end-use industries like oil & gas, chemical, pharmaceutical, automobile, construction, food & beverage, etc. in both developing and developed countries are expected to play a crucial role. The global industrial jacks market is also expected to grow during the forecast period due to its ease of operation and reduced lead times. In the forecast period, the global industrial jacks market will continue to grow due to easy installation, improved lifting capacities, and simple maintenance, repair, and storage. There are so many factors which are hampering the growth of the market such as unskilled labour and the presence of alternatives in the market.

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Scope of Industrial Jacks Market Report:

A screw jack is expected to be the fastest-growing segment in 2022. 

The type segment includes ball screw jack, screw jack and others. The screw jack segment is expected to witness the highest growth rate during the forecast period. Screw jacks are used for a wide variety of applications in industries, including food processing machinery, theatre stage setups, industrial processes, construction, and pneumatic lifting. Lifting moderately and heavy objects, such as vehicles, raising aircraft stabilizers, and supporting heavy foundations are all common uses of the screw jack.

Automotive is expected to be the fastest-growing segment in 2022. 

The application segment includes aerospace and aircraft, general industry, automotive, material handling industry and others. The automotive segment is expected to witness the highest growth rate during the forecast period. The increasing number of maintenance operations in the automotive sector is expected to increase the use of industrial jacks, boosting the global industrial jack market share. The user base of automobiles in the concerned region will likely increase, resulting in an increase in vehicle breakdowns. This will have a positive effect on the industrial jacks market.

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the industrial jacks market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

The North American region witnessed a major share. Several factors contribute to the country's significant market share in North America, such as the high demand for automotive jacks. In addition, rapid urbanization and industrialization will create more growth opportunities for the market.

Germany's industrial jacks market size was valued at USD 1.05 billion in 2022 and is expected to reach USD 1.69 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. In the automotive industry, increased automation plays a huge role, as industrial jacks are designed to lift loads with as little effort as possible, propelling the growth of the market in the country.

China’s industrial jacks market size was valued at USD 1.06 billion in 2022 and is expected to reach USD 1.74 billion by 2030, at a CAGR of 6.4% from 2023 to 2030. Considering that China's automobile production is increasing rapidly, there will be an increased demand for wheel jacks.

India's industrial jacks market size was valued at USD 0.81 billion in 2022 and is expected to reach USD 1.32 billion by 2030, at a CAGR of 6.3% from 2023 to 2030. A rapid rise in population is also expected to boost demand for water treatment capacities, which will increase liquid sodium aluminate demand. Covid-19 Impact Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the increasing demand from the automotive sector, propelling the growth of the market across the countries.

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Industrial Jacks Market will worth around USD 21.8 billion

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