Precision Gearbox Market Analysis

Precision Gearbox Market Analysis

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.
 

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.

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.