The Global Precision Gearbox Market was valued at USD 2.2 Bn in 2020 and is expected to reach USD 3.8 Bn by 2027, with a growing CAGR of 8.2% during the forecast period.
Precision gearboxes are mainly designed for applications that require accuracy and precision. These gearboxes are fairly resilient and provide better car efficiency. Precision gearboxes have compact structures and function at low-frequency noises while as compared to conventional gearboxes. These pieces of equipment are used for numerous mechanical applications including packaging, material handling, robots, etc.
The increasing technological advancements in the precision gearbox is one of the prominent factors that drive the precision gearbox market growth during the forecast period. To enhance output and reduce faults and delays in the process, growing automation in the manufacturing industry can grow precision gearbox uses for numerous applications which include assembly lines, bottling, packaging, conveyor belt control, and precise positioning of the products in a manufacturing or assembly line. In addition, precision gearboxes additionally deliver smooth running, maintenance-free construction, excessive load capacity, and compact design, similarly increasing their use in robotics and medical-based applications and are expected to reinforce the market growth of precision gearbox. Furthermore, the increasing adoption electric vehicles create an attractive opportunity for the market growth. For instance, in February 2021, Eaton’s Vehicle Group (Ireland) launched electric vehicle e-drive gearing design, development and manufacturing.
Based on the product, the planetary segment is expected to dominate the market during the forecast period owing to the high use in industrial and mobile applications
Based on the product, the precision gearbox industry has been segmented into planetary, harmonic, cycloidal. The planetary segment is expected to dominate the market during the forecast period owing to the high use in industrial and mobile applications which includes track drives, mixing, pumps, auger and drilling drives, hoist drives, and cutter head drives. Moreover, their high efficiency, high power density, and low backlash make them ideal for usage in various applications like material handling equipment, machine tools, and food & beverages processing. Furthermore, planetary precision gearboxes are also used for applications that need high accuracy and reliability of the system.
Based on the application, the robotics segment is expected to grow at the highest CAGR during the forecast period due to the increasing utilization of robotic devices
Based on the propulsion, the precision gearbox market is segmented into military & aerospace, food & beverages, machine tools, materials handling, packaging, robotics, medical, others. The robotic segment of the precision gearbox market is expected to grow at the highest CAGR during the forecast period due to the increasing utilization of robotic devices. The robots have several benefits for consistency and precision, high throughput rates, and reducing waste and scrap. For instance, according to the report of the International Federation of Robotics which is published in 2020, around 2.7 Mn of robots work in factories across the globe. Thus, these facts support the growth of the robotics segment.
Based on region, the Asia Pacific region is expected to dominate the precision gearbox market during the forecast period
The Asia Pacific region is expected to dominate the market during the forecast period. The growth in the region is attributed to the increasing utilization of robotics, automation technologies, and advanced material handling equipment in various industries such as cement, metallurgy, and machine tools. The countries like China, India, and Japan are witnessing high investments by companies to increase their production capacity. For instance, according to secondary sources, around 1Mn robots are used in the region. Moreover, the advent of industry 4.0 is expected to propel the growth of the precision gearbox market in the region.
On the other hand, North America is anticipated to witness significant market growth during the forecast period owing to the increasing growth in the military and aerospace industry. In the region, US and Canada are expected to drive the market growth. Precision gearboxes are utilized in numerous military applications such as smart munitions, periscope systems, and electro-optical targeting systems. Precision gearboxes are also used in motion control systems in aircraft.
The report also provides an in-depth analysis of precision gearbox market dynamics such as drivers, restraints, opportunities, and challenges:
COVID-19 Impact on the Precision Gearbox Market Analysis:
The COVID-19 pandemic impacted various industries such as manufacturing, retail, and others owing to the strict lockdown imposed by the government to curb the spread of the virus. The supply chain of products and services was disrupted owing to the production halt from the different industries. Similarly, the precision gearbox market was significantly impacted by the COVID-19 pandemic due to restrictions over international trade and cargo transport coupled with a lack of skilled workforce is expected to limit the growth of the market. Moreover, several key players are focusing on repair and maintenance rather than buying new machines and products for increasing their operational capacities. Therefore, these conditions are open up a new avenue for local players.
*Note: A detailed analysis is specific to the precision gearbox market will be provided in the report
The report also provides an in-depth analysis of key trends in the precision gearbox market:
The report also provides an in-depth analysis of recent news developments and investments:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis