Precision Gearbox Market - By Product (Parallel, Right Angle, Planetary), By Application (Military & Aerospace, Food, Beverage & Tobacco, Machine Tools, Material Handling, Packaging, Robotics, Medical) & Forecast, 2017-2027

Industry Trends

Precision Gearbox Market size exceeded USD 1 billion in 2020 and is projected to grow at a CAGR of 5.4% from 2021 to 2027. Technological advancements in upward automation across manufacturing industries to improve operational efficiency & reliability in production and reduce delays & faults in the process will propel its usage in various applications including bottling, assembly lines, packaging, etc. Furthermore, a smooth operation, higher torque & load capacity, maintenance-free construction, and compact design will increase product penetration in robotics and medical-based applications, which require high precision movements for their operations.
 

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The availability of several substitutes including speed reducers and direct drive systems may hamper the precision gearbox industry growth. Products including direct drive systems reduce gears usage which minimizes the product weight and system complexity. It further increases efficiency with minimum energy losses. Moreover, a shifting inclination from coil-driven products towards magnet-driven gearbox has decreased product cost over recent years, which may also restrain product demand. Nevertheless, increasing product penetration in medical applications will foresee strong growth through 2027.
 

The regulations concerned with the industry mainly focus on temperature rise and coolant temperature of gearboxes during the operation. The U.S. has defined regulations regarding the use of precision gearbox in ANSI standards for robotic applications. Similarly, in Europe, the CE mark on gearbox entitles their free circulation in European Economic Boundary.
 

The buying trend is influenced by the increasing demand for automation in manufacturing facilities. The gearbox manufacturer can cater to such demand owing to the introduction of 3D modeling that design small component gearbox. The raw materials used in the gearbox are helical parallel shaft gears and bevel helical gears for current industry standards. The geometry of these components can be adjusted to provide varied strength and efficiency for reduced noise and vibration during the operation.
 

Reliability & accuracy of planetary precision gearboxes to foster market growth

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Planetary precision gearbox market revenue is set to generate around USD 1 billion by 2027 as it offers improved reliability and accuracy for various applications. Additionally, these have low backlash ratings and more than 20,000 hours of service life with low maintenance. Thereby, properties such as high power density, minimal backlash, higher efficiency, along with quiet operation are poised to fuel revenue generation.
 

Right angled precision gearboxes will witness significant growth through 2027 on account of their angular alignment of drive and output shaft. The compact design and great flexibility of these products increase their adoption for applications that operate under space limitations. The segment is also expected to see growth opportunities from upgradation activities of existing facilities as well as from new manufacturing bases.
 

Implementation of automation & robotics in developing countries

In 2020, robotics application captured around 30% of the precision gearbox market revenue share and is predicted to observe substantial growth till 2027. Growing usage of artificial joints, as well as limbs for manufacturing robots and humanoids to achieve precise movements for various industrial & service operations, is augmenting the segment demand. Spur, planetary, and zero-backlash gearboxes are used for high-torque, low noise, and precise positioning applications in the industry.

Expanding manufacturing bases in Asia-Pacific to surge market revenue

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Asia Pacific leads the precision gearbox market share and is estimated to generate more than USD 630 million in revenue by 2027. Development in manufacturing industry and growing automation in countries such as India, South Korea, China & Japan are supporting the regional market demand. The production facilities are employing these products in various applications including, machine tools, robotic welding machines, material handling equipment, among others. They not only increase the operational accuracy but also minimize the operational costs.
 

Rising investments in the regional manufacturing landscape are other key growth enabling factors in the industry. For instance, in 2020, the Government of India approved the USD 27 billion Production Linked Incentive (PLI) scheme to boost domestic manufacturing and create jobs in the country over the next five years.
 

Local manufacturers hold a significant share in various regions

Key market players, such as SEW Eurodrive, Siemens, and Brevini hold strong brand identities and hold a significant share in the industry. The precision gearbox market is fragmented as the regional manufacturers hold significant share and customer loyalty by offering cost advantages. The regional manufacturers offer unique selling propositions to consumers by investing in product development to improve product characteristics.
 

This market research report on precision gearbox includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2017 to 2027 for the following segments:

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Market, By Product

• Parallel
• Right Angle
• Planetary

Market, By Application

• Military & aerospace
• Food, beverage & tobacco
• Machine tools
• Materials handling
• Packaging
• Robotics
• Medical

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East & Africa (MEA)